transactions - week 2 help
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Manual Accounting Practice Set
Technology Boutique, US GAAP Edition 3
Feedback: Transactions - week 2
This is a feedback page. Please review this page carefully because later pages in this practice set build on the feedback
provided here. After you have reviewed your feedback page, click Continue at the bottom of this page to move on to
the next page of your practice set.
You are now instructed to record transactions that occurred throughout the second week of June into the company's
books. The week 2 transactions are listed below:
Week 2
Date Transaction description
8 Sold 14 BlueBerry Phones to Jerry Technology for $720 each, plus 5% sales tax, Invoice No. 353.
8 Made payment of $1,153 to Integer Energy for 3 months of electricity up to and including May 31, Check No.
813.
11 Made cash sale of 6 MePod Multimedia Players for $700 each plus 5% sales tax.
11 Paid sales staff wages of $12,502 for the week up to and including yesterday, Check No. 814.
13 Paid the full amount owing to JCN Electrical, Check No. 815.
13 Radio Hut paid the full amount owing on their account.
Instructions for week 2
Record all week 2 transactions in the relevant journals.
Note that special journals must be used where applicable. Any transaction that cannot be recorded in a special
1)
Transactions - week 2 http://www.perdisco.com/elms/qsam/html/qsam.aspx
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ARC - Jerry Technology
journal should be recorded in the general journal.
Post entries recorded in the journals to the appropriate ledger accounts according to the company's accounting
policies and procedures.
Note that the relevant totals of the special journals will be posted to the general ledger accounts at the end of the
month. You will enter this before you prepare the Bank Reconciliation Statement.
Update inventory cards on a daily basis.
Back-On-Track functionality
Please note that any answers from previous pages carried through onto this page (either on the page or in a
popup information page) have been reset, if necessary, to the correct answers. Your particular answers from
previous pages are no longer shown.
Remember:
Each transaction recorded in a special journal must be entered in one line. In order to receive full points, you
must not split up the relevant transaction into more than one line in the special journal.
Enter all answers to the nearest whole dollar.
In this practice set, in order to receive full points, every transaction entered in a special journal requires an entry
in the Post Ref. column. Note that in the special journals, if the account name selected for a transaction
corresponds to the heading of one of the columns in that special journal, the post ref is to be recorded as an X.
This is because these transactions are not posted on a daily basis. In order to receive full points, you must record
only the letter X in the Post Ref. column for these transactions.
You are also required to apply the journals and ledgers instructions and the inventory cards instructions provided
in previous weeks.
Before pressing the Submit answers button, we recommend that you click the Show All tab and check that all relevant
accounting records have been completed.
Special Journals General Journal Subsidiary Ledgers General Ledger Inventory
(Q=401.salesJournalWeek2)
SALES JOURNAL
Date AccountInvoice
No.
Post
Ref.
Accounts
ReceivableSales Tax
Sales
Revenue
Cost of
Goods
Sold
Jun 6 ARC - Turbo Tech 352 110-3 10,752 512 10,240 5,760
Jun 8 353 110-6 10584 504 10080 4800
Jun
Jun
Jun
Feedback
SALES JOURNAL
Date AccountInvoice Post Accounts
ReceivableSales Tax
Sales
Revenue
Cost of
Goods
2)
3)
Show All
Transactions - week 2 http://www.perdisco.com/elms/qsam/html/qsam.aspx
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Sales Revenue
ARC - Radio Hut
No. Ref. Sold
Jun 6 ARC - Turbo Tech 352 110-3 10,752 512 10,240 5,760
Jun 8 ARC - Jerry Technology 353 110-6 10,584 504 10,080 4,800
(Q=402.purchasesJournalWeek2)
PURCHASES JOURNAL
Date Account TermsPost
Ref.
Accounts
Payable
Jun 3 APC - Pear Technology 2/10, n/30 210-1 18,400
Jun 4 APC - Mega Tech net 30 210-3 8,800
Jun
Jun
Jun
Jun
Feedback
There are no relevant entries in the purchases journal for this week.
(Q=403.cashReceiptsJournalWeek2)
CASH RECEIPTS JOURNAL
Note: In order to receive full points, for each transaction you must select an account under the column labeled
'Account', as indicated under the additional instructions above. Since all transactions in this journal affect the Cash
account, you are asked to enter the name of the appropriate account credited in these transactions into the Account
column so that the type of transaction can be determined by the name of the account entered into this column.
Date AccountPost
Ref.
Debit Credit Cost of
Goods
Sold
CashSales
Revenue
Sales
Tax
Accounts
Receivable
Other
Accounts
Jun 1 Bank Loan Payable 250 51,000 51,000
Jun 4 Sales Revenue X 28,644 27,280 1,364 13,640
Jun 11 X 4410 4200 210 0 0 1920
Jun 13 110-1 6000 0 0 6000 0 0
Jun
Jun
Jun
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Electricity Payable
Wages Expense
APC - JCN Electrical
Jun
Feedback
CASH RECEIPTS JOURNAL
Date AccountPost
Ref.
Debit Credit Cost of
Goods
Sold
CashSales
Revenue
Sales
Tax
Accounts
Receivable
Other
Accounts
Jun 1 Bank Loan Payable 250 51,000 51,000
Jun 4 Sales Revenue X 28,644 27,280 1,364 13,640
Jun 11 Sales Revenue X 4,410 4,200 210 1,920
Jun 13 ARC - Radio Hut 110-1 6,000 6,000
(Q=404.cashPaymentsJournalWeek2)
CASH PAYMENTS JOURNAL
Note: In order to receive full points, for each transaction you must select an account under the column labeled
'Account', as indicated under the additional instructions above. Since all transactions in this journal affect the Cash
account, you are asked to enter the name of the appropriate account debited in these transactions into the Account
column so that the type of transaction can be determined by the name of the account entered into this column.
Date AccountCheck
No.
Post
Ref.
Debit Credit
Accounts
Payable
Merchandise
Inventory
Wages
Expense
Other
AccountsCash
Jun 2 Merchandise Inventory 809 X 29,920 29,920
Jun 4 APC - Pony 810 210-2 8,900 8,900
Jun 4 Wages Payable 811 220 6,357 6,500 12,857
Jun 6 APC - Moon Megasystems 812 210-4 9,000 9,000
Jun 8 813 221 0 0 0 1153 1153
Jun 11 814 X 0 0 12502 0 12502
Jun 13 815 210-5 5300 0 0 0 5300
Jun
Jun
Jun
Feedback
CASH PAYMENTS JOURNAL
Transactions - week 2 http://www.perdisco.com/elms/qsam/html/qsam.aspx
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Date AccountCheck
No.
Post
Ref.
Debit Credit
Accounts
Payable
Merchandise
Inventory
Wages
Expense
Other
AccountsCash
Jun 2 Merchandise Inventory 809 X 29,920 29,920
Jun 4 APC - Pony 810 210-2 8,900 8,900
Jun 4 Wages Payable 811 220 6,357 6,500 12,857
Jun 6 APC - Moon Megasystems 812 210-4 9,000 9,000
Jun 8 Electricity Payable 813 221 1,153 1,153
Jun 11 Wages Expense 814 X 12,502 12,502
Jun 13 APC - JCN Electrical 815 210-5 5,300 5,300
(Q=405.generalJournalWeek2)
GENERAL JOURNAL
Date Account and ExplanationPost
Ref.Debit Credit
Jun
Jun
Jun
Feedback
There are no relevant entries in the general journal for this week.
(Q=410-110-1.AcctsRec1_week2)
SUBSIDIARY LEDGERS
Account: ARC - Radio Hut
Account No. 110-1
Date Description Ref. Debit Credit Balance
May 31 Balance 6,000 DR
Transactions - week 2 http://www.perdisco.com/elms/qsam/html/qsam.aspx
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Jun 13 repayment CRJ 0 6000 0
Jun
Jun
Feedback
Account: ARC - Radio Hut
Account No. 110-1
Date Description Ref. Debit Credit Balance
May 31 Balance 6,000 DR
Jun 13 Repayment CRJ 6,000 0
(Q=410-110-3.AcctsRec3_week2)
Account: ARC - Turbo Tech
Account No. 110-3
Date Description Ref. Debit Credit Balance
May 31 Balance 48,250 DR
Jun 6 Credit sale SJ 10,752 59,002 DR
Jun
Jun
Jun
Feedback
There are no relevant entries in the Turbo Tech ledger for this week.
(Q=410-110-6.AcctsRec6_week2)
Account: ARC - Jerry Technology
Account No. 110-6
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 8 Credit sale SJ 10584 0 10584 DR
Jun
Jun
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Feedback
Account: ARC - Jerry Technology
Account No. 110-6
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 8 Credit sale SJ 10,584 10,584 DR
(Q=410-210-5.AcctsPay5_week2)
Account: APC - JCN Electrical
Account No. 210-5
Date Description Ref. Debit Credit Balance
May 31 Balance 5,300 CR
Jun 13 repayment CPJ 5300 0 0
Jun
Jun
Feedback
Account: APC - JCN Electrical
Account No. 210-5
Date Description Ref. Debit Credit Balance
May 31 Balance 5,300 CR
Jun 13 Repayment CPJ 5,300 0
(Q=420-100.Cash_week2)
GENERAL LEDGER
Account: Cash
Account No. 100
Date Description Ref. Debit Credit Balance
May 31 Balance 96,780 DR
Jun
Jun
Jun
Transactions - week 2 http://www.perdisco.com/elms/qsam/html/qsam.aspx
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Feedback
There are no relevant entries in the Cash ledger for this week.
(Q=420-110.AcctsRecControl_week2)
Account: ARC - Accounts Receivable Control
Account No. 110
Date Description Ref. Debit Credit Balance
May 31 Balance 70,915 DR
Jun
Jun
Jun
Feedback
There are no relevant entries in the Accounts Receivable Control ledger for this week.
(Q=420-120.Inventory_week2)
Account: Merchandise Inventory
Account No. 120
Date Description Ref. Debit Credit Balance
May 31 Balance 167,480 DR
Jun
Jun
Jun
Feedback
There are no relevant entries in the Merchandise Inventory ledger for this week.
(Q=420-221.ElectricityPayable_week2)
Account: Electricity Payable
Account No. 221
Date Description Ref. Debit Credit Balance
May 31 Balance 1,222 CR
Jun 8 paid elec bill CRJ 1153 0 69 CR
Jun
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Jun
Feedback
Account: Electricity Payable
Account No. 221
Date Description Ref. Debit Credit Balance
May 31 Balance 1,222 CR
Jun 8 Paid electricity bill CPJ 1,153 69 CR
(Q=420-270.TaxCollected_week2)
Account: Sales Tax Payable
Account No. 240
Date Description Ref. Debit Credit Balance
May 31 Balance 18,396 CR
Jun
Jun
Jun
Feedback
There are no relevant entries in the Sales Tax Payable ledger for this week.
(Q=420-400.SalesRevenue_week2)
Account: Sales Revenue
Account No. 400
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun
Jun
Jun
Feedback
There are no relevant entries in the Sales Revenue ledger for this week.
(Q=420-500.CostOfSales_week2)
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Account: Cost of Goods Sold
Account No. 500
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun
Jun
Jun
Feedback
There are no relevant entries in the Cost of Goods Sold ledger for this week.
(Q=420-516.WagesExpense_week2)
Account: Wages Expense
Account No. 516
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun
Jun
Jun
Feedback
There are no relevant entries in the Wages Expense ledger for this week.
(Q=420-541.ElectricityExpense_week2)
Account: Electricity Expense
Account No. 541
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun
Jun
Jun
Feedback
Transactions - week 2 http://www.perdisco.com/elms/qsam/html/qsam.aspx
10 of 14 10/13/2014 3:32 PM
There are no relevant entries in the Electricity Expense ledger for this week.
(Q=430.Inventory1_week2)
INVENTORY CARDS
MePod Multimedia Players
Date
Purchases Cost of Goods Sold Balance
Units Unit Cost
($)
Total Cost
($)
Units Unit Cost
($)
Total Cost
($)
Units Unit Cost
($)
Total Cost
($)
May 31 9 320 2880
23 400 9200
Jun 11 0 0 0 6 320 1920 3 320 960
0 0 0 23 400 9200
Jun
Jun
Jun
Feedback
MePod Multimedia Players
Date
Purchases Cost of Goods Sold Balance
Units Unit Cost
($)
Total Cost
($)
Units Unit Cost
($)
Total Cost
($)
Units Unit Cost
($)
Total Cost
($)
May 31 9 320 2880
23 400 9200
Jun 11 6 320 1920 3 320 960
Transactions - week 2 http://www.perdisco.com/elms/qsam/html/qsam.aspx
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23 400 9200
(Q=430.Inventory3_week2)
Tony ZIO MLP Projectors
Date
Purchases Cost of Goods Sold Balance
Units Unit Cost
($)
Total Cost
($)
Units Unit Cost
($)
Total Cost
($)
Units Unit Cost
($)
Total Cost
($)
May 31 59 360 21240
Jun 4 20 440 8800 59 360 21240
20 440 8800
Jun 6 16 360 5760 43 360 15480
20 440 8800
Jun
Jun
Jun
Jun
Feedback
There are no relevant entries in the Tony ZIO MLP Projectors card for this week.
(Q=430.Inventory4_week2)
BlueBerry Phones
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Date
Purchases Cost of Goods Sold Balance
Units Unit Cost
($)
Total Cost
($)
Units Unit Cost
($)
Total Cost
($)
Units Unit Cost
($)
Total Cost
($)
May 31 10 320 3200
15 400 6000
Jun 8 0 0 0 10 320 3200 11 400 4400
4 400 1600 0 0 0
Jun
Jun
Jun
Feedback
BlueBerry Phones
Date
Purchases Cost of Goods Sold Balance
Units Unit Cost
($)
Total Cost
($)
Units Unit Cost
($)
Total Cost
($)
Units Unit Cost
($)
Total Cost
($)
May 31 10 320 3200
15 400 6000
Jun 8 10 320 3200 11 400 4400
4 400 1600
Manual Accounting Practice Set
Technology Boutique, US GAAP Edition 3 (VTU3q)
© 2009 - 2014 Perdisco / latin /. v., learn thoroughly
http://www.perdisco.com
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