transactions - week 2
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Transactions - Week 2TRANSCRIPT
3/24/2016 Transactions week 2
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Manual Accounting Practice SetSpecialty Sports Store, 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 feedbackprovided here. After you have reviewed your feedback page, click Continue at the bottom of this page to move on tothe next page of your practice set.
You are now instructed to record transactions that occurred throughout the second week of June into the company'sbooks. The week 2 transactions are listed below:
Week 2Date Transaction description8 Purchased 15 Extreme GPSenabled Helmets from Addax Sports for $184 each, terms net 30.9 Paid the full amount owing to Hike, Check No. 429. Payment fell outside discount period.11 Paid the full amount owing to Extreme Sports Inc, Check No. 430.11 Sold 11 Specialist Body Boards to Great Sports for $384 each, Invoice No. 898.11 Croquet and Cricket paid the full amount owing on their account. Since Croquet and Cricket has been a loyal
customer from the day the business commenced, a 10% discount was given for this early repayment.11 Paid sales staff wages of $1,953 for the week up to and including yesterday, Check No. 431.13 Made cash sale of 19 Downhill Snowboards for $544 each.14 Paid the full amount owing to J. J. Spud, Check No. 432.
Instructions for week 2
Record all week 2 transactions in the relevant journals.1)
3/24/2016 Transactions week 2
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ARC Great Sports
Note that special journals must be used where applicable. Any transaction that cannot be recorded in a specialjournal should be recorded in the general journal.
Post entries recorded in the journals to the appropriate ledger accounts according to the company's accountingpolicies and procedures.
Note that the relevant totals of the special journals will be posted to the general ledger accounts at the end of themonth. You will enter this before you prepare the Bank Reconciliation Statement.
Update inventory cards on a daily basis.
BackOnTrack functionality
Please note that any answers from previous pages carried through onto this page (either on the page or in apopup information page) have been reset, if necessary, to the correct answers. Your particular answers fromprevious pages are no longer shown.
Remember to enter all answers to the nearest whole dollar. When calculating a discount, if a discount is not awhole number, round the discount to the nearest whole dollar. Then, to calculate the cash amount, subtract the discountfrom the original amount.
Before pressing the Submit answers button, we recommend that you click the Show All tab and check that all relevantaccounting records have been completed.
Additional instructions
Inventory cards:
Each transaction recorded in the inventory cards must be entered in a pair of lines provided. You may berequired to record a transaction in a single line or two separate lines within the pair of lines provided. Whetherone or two lines are required depends on the unit costs of the items involved in that transaction. If a transactioninvolves items with the same unit cost, you must record that transaction in a single line. Alternatively, if thoseitems have two different unit costs, you are required to use a separate line within the pair of lines provided foreach different unit cost.In order to receive full points, you must not combine two transactions into the one pair of lines. See theInventory cards ~ May popup below the 'Information from previous pages' heading for an example of howinventory cards are to be completed.Note that you may enter a positive or negative number into the Units and Total Cost columns but all unit costsmust be entered as positive numbers into the Unit Cost columns.
Remember:
Each transaction recorded in a special journal must be entered in one line. In order to receive full points, youmust not split up the relevant transaction into more than one line in the special journal.In special journals, some accounting textbooks do not always require a reference to be recorded in the Post Ref.column. In this practice set, in order to receive full points, every transaction entered in a special journal requiresan entry in the Post Ref. column. Note that in the special journals, if the account name selected for a transactioncorresponds 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 mustrecord only the letter X in the Post Ref. column for these transactions.You are also required to apply the journals and ledgers instructions provided in Week 1.
Special Journals General Journal Subsidiary Ledgers General Ledger Inventory
(Q=401.salesJournalWeek2)
SALES JOURNAL
Date Account InvoiceNo.
PostRef.
AccountsReceivable
Cost ofGoodsSold
Jun 11 898 1103 4224 2376
Jun
2)
3)
Show All
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APC Addax Sports
Jun
Jun
Feedback
SALES JOURNAL
Date Account InvoiceNo.
PostRef.
AccountsReceivable
Cost ofGoodsSold
Jun 11 ARC Great Sports 898 1103 4,224 2,376
(Q=402.purchasesJournalWeek2)
PURCHASES JOURNAL
Date Account Terms PostRef.
AccountsPayable
Jun 8 net 30 2106 2760
Jun
Jun
Jun
Feedback
PURCHASES JOURNAL
Date Account Terms PostRef.
AccountsPayable
Jun 8 APC Addax Sports net 30 2106 2,760
(Q=403.cashReceiptsJournalWeek2)
CASH RECEIPTS JOURNALNote: 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 Cashaccount, you are asked to enter the name of the appropriate account credited in these transactions into the Accountcolumn so that the type of transaction can be determined by the name of the account entered into this column.
Date Account PostRef.
Debit Credit Cost ofGoodsSold
Cash SalesDiscounts
SalesRevenue
AccountsReceivable
OtherAccounts
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ARC Croquet and Cricket
Sales Revenue
APC Hike
APC Extreme Sports Inc
Jun 1 Bank Loan Payable 250 42,000 42,000
Jun 3 ARC Jump Around 1105 3,373 3,373
Jun 11 1101 4383 0 0 4383 0 0
Jun 13 400 10336 0 10336 0 0 4256
Jun
Jun
Jun
Jun
Feedback
Solution
CASH RECEIPTS JOURNAL
Date Account PostRef.
Debit Credit Cost ofGoodsSold
Cash SalesDiscounts
SalesRevenue
AccountsReceivable
OtherAccounts
Jun 1 Bank Loan Payable 250 42,000 42,000
Jun 3 ARC Jump Around 1105 3,373 3,373
Jun 11 ARC Croquet and Cricket 1101 4,383 487 4,870
Jun 13 Sales Revenue X 10,336 10,336 4,256
(Q=404.cashPaymentsJournalWeek2)
CASH PAYMENTS JOURNALNote: 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 Cashaccount, you are asked to enter the name of the appropriate account debited in these transactions into the Accountcolumn so that the type of transaction can be determined by the name of the account entered into this column.
Date Account CheckNo.
PostRef.
Debit Credit AccountsPayable
MerchandiseInventory
WagesExpense
OtherAccounts Cash
Jun 1 Prepaid Rent 424 140 9,900 9,900
Jun 3 APC Addax Sports 425 2106 4,616 4,616
Jun 4 Wages Payable 426 220 1,169 1,131 2,300
Jun 4 Office Supplies 427 130 519 519
Jun 6 Electricity Payable 428 221 719 719
Jun 9 429 2102 4287 0 0 0 4287
Jun 11 430 2105 3957 0 0 0 3957
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Wages Payable
APC J. J. Spud
Jun 11 431 220 0 0 1953 0 1953
Jun 14 432 2101 3398 0 0 0 3398
Jun
Jun
Feedback
CASH PAYMENTS JOURNAL
Date Account CheckNo.
PostRef.
Debit Credit AccountsPayable
MerchandiseInventory
WagesExpense
OtherAccounts Cash
Jun 1 Prepaid Rent 424 140 9,900 9,900
Jun 3 APC Addax Sports 425 2106 4,616 4,616
Jun 4 Wages Payable 426 220 1,169 1,131 2,300
Jun 4 Office Supplies 427 130 519 519
Jun 6 Electricity Payable 428 221 719 719
Jun 9 APC Hike 429 2102 4,287 4,287
Jun 11 APC Extreme Sports Inc 430 2105 3,957 3,957
Jun 11 Wages Expense 431 X 1,953 1,953
Jun 14 APC J. J. Spud 432 2101 3,398 3,398
(Q=405.generalJournalWeek2)
GENERAL JOURNAL
Date Account and Explanation PostRef. Debit Credit
Jun
Jun
Jun
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Feedback
There are no relevant entries in the general journal for this week.
(Q=4101101.AcctsRec1_week2)
SUBSIDIARY LEDGERS
Account: ARC Croquet and Cricket Account No. 1101
Date Description Ref. Debit Credit Balance
May 31 Balance 4,870 DR
Jun 11 Payment CRJ 4383 0 9253 DR
Jun
Jun
Feedback
Account: ARC Croquet and Cricket Account No. 1101
Date Description Ref. Debit Credit Balance
May 31 Balance 4,870 DR
Jun 11 Repayment CRJ 4,870 0
(Q=4101103.AcctsRec3_week2)Account: ARC Great Sports Account No. 1103
Date Description Ref. Debit Credit Balance
May 31 Balance 12,462 DR
Jun 11 Sales SJ 4224 0 16686 DR
Jun
Jun
Feedback
Account: ARC Great Sports Account No. 1103
Date Description Ref. Debit Credit Balance
May 31 Balance 12,462 DR
Jun 11 Credit sale SJ 4,224 16,686 DR
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(Q=4101106.AcctsRec6_week2)Account: ARC Mick's Sporting Goods Account No. 1106
Date Description Ref. Debit Credit Balance
May 31 Balance 2,032 DR
Jun
Jun
Jun
Feedback
There are no relevant entries in the Mick's Sporting Goods ledger for this week.
(Q=4102101.AcctsPay1_week2)Account: APC J. J. Spud Account No. 2101
Date Description Ref. Debit Credit Balance
May 31 Balance 3,398 CR
Jun 14 Repayment CPJ 3398 0 0
Jun
Jun
Feedback
Account: APC J. J. Spud Account No. 2101
Date Description Ref. Debit Credit Balance
May 31 Balance 3,398 CR
Jun 14 Repayment CPJ 3,398 0
(Q=4102102.AcctsPay2_week2)Account: APC Hike Account No. 2102
Date Description Ref. Debit Credit Balance
May 31 Balance 4,287 CR
Jun 9 Repayment CPJ 4287 0 0
Jun
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Jun
Feedback
Account: APC Hike Account No. 2102
Date Description Ref. Debit Credit Balance
May 31 Balance 4,287 CR
Jun 9 Repayment CPJ 4,287 0
(Q=4102105.AcctsPay5_week2)Account: APC Extreme Sports Inc Account No. 2105
Date Description Ref. Debit Credit Balance
May 31 Balance 3,957 CR
Jun 11 repayment CPJ 3957 0 0
Jun
Jun
Feedback
Account: APC Extreme Sports Inc Account No. 2105
Date Description Ref. Debit Credit Balance
May 31 Balance 3,957 CR
Jun 11 Repayment CPJ 3,957 0
(Q=4102106.AcctsPay6_week2)Account: APC Addax Sports Account No. 2106
Date Description Ref. Debit Credit Balance
May 31 Balance 4,616 CR
Jun 3 Repayment CPJ 4,616 0
Jun 8 Purchase PJ 2760 0 2760 CR
Jun
Jun
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Feedback
Account: APC Addax Sports Account No. 2106
Date Description Ref. Debit Credit Balance
May 31 Balance 4,616 CR
Jun 3 Repayment CPJ 4,616 0
Jun 8 Credit purchase PJ 2,760 2,760 CR
(Q=420100.Cash_week2)
GENERAL LEDGER
Account: Cash Account No. 100
Date Description Ref. Debit Credit Balance
May 31 Balance 71,917 DR
Jun
Jun
Jun
Feedback
There are no relevant entries in the Cash ledger for this week.
(Q=420110.AcctsRecControl_week2)Account: ARC Accounts Receivable Control Account No. 110
Date Description Ref. Debit Credit Balance
May 31 Balance 31,288 DR
Jun
Jun
Jun
Feedback
There are no relevant entries in the Accounts Receivable Control ledger for this week.
(Q=420120.Inventory_week2)Account: Merchandise Inventory Account No. 120
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Date Description Ref. Debit Credit Balance
May 31 Balance 64,088 DR
Jun
Jun
Jun
Feedback
There are no relevant entries in the Merchandise Inventory ledger for this week.
(Q=420400.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=420401.SalesReturns_week2)Account: Sales Returns and Allowances Account No. 401
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun
Jun
Jun
Feedback
There are no relevant entries in the Sales Returns and Allowances ledger for this week.
(Q=420402.SalesDisc_week2)Account: Sales Discounts Account No. 402
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Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun
Jun
Jun
Feedback
There are no relevant entries in the Sales Discounts ledger for this week.
(Q=420500.CostOfSales_week2)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=420516.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=430.Inventory1_week2)
INVENTORY CARDS
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Downhill Snowboards
DatePurchases Cost of Goods Sold Balance
Units Unit Cost($)
Total Cost($)
Units Unit Cost ($)
Total Cost($)
Units Unit Cost($)
Total Cost($)
May 31 22 224 4928
15 304 4560
Jun 13 0 0 0 0 0 0 3 224 672
0 0 0 15 304 4560
Jun
Jun
Jun
Feedback
Downhill Snowboards
DatePurchases Cost of Goods Sold Balance
Units Unit Cost($)
Total Cost($)
Units Unit Cost ($)
Total Cost($)
Units Unit Cost($)
Total Cost($)
May 31 22 224 4928
15 304 4560
Jun 13 19 224 4256 3 224 672
15 304 4560
(Q=430.Inventory3_week2)Specialist Body Boards
Date
Purchases Cost of Goods Sold Balance
Units Unit Cost Total Cost Units Unit Cost ($)
Total Cost Units Unit Cost Total Cost($)
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($) ($) ($) ($)
May 31 75 216 16200
Jun 11 0 0 0 11 216 2376 64 216 13824
0 0 0 0 0 0
Jun
Jun
Jun
Feedback
Specialist Body Boards
DatePurchases Cost of Goods Sold Balance
Units Unit Cost($)
Total Cost($)
Units Unit Cost ($)
Total Cost($)
Units Unit Cost($)
Total Cost($)
May 31 75 216 16200
Jun 11 11 216 2376 64 216 13824
(Q=430.Inventory5_week2)Extreme GPSEnabled Helmets
DatePurchases Cost of Goods Sold Balance
Units Unit Cost($)
Total Cost($)
Units Unit Cost ($)
Total Cost($)
Units Unit Cost($)
Total Cost($)
May 31 52 184 9568
Jun 8 15 184 2760 0 0 0 67 184 12328
0 0 0 0 0 0
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Jun
Jun
Jun
Feedback
Extreme GPSEnabled Helmets
DatePurchases Cost of Goods Sold Balance
Units Unit Cost($)
Total Cost($)
Units Unit Cost ($)
Total Cost($)
Units Unit Cost($)
Total Cost($)
May 31 52 184 9568
Jun 8 15 184 2760 67 184 12328
Manual Accounting Practice SetSpecialty Sports Store, US GAAP Edition 3 (VSU3q)© 2009 2014 Perdisco / latin /. v., learn thoroughlyhttp://www.perdisco.comTerms Of Use | Privacy Policy | Friday, March 25, 2016, 15:38