transactions - week 3

3/25/2016 Transactions week 3

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Manual Accounting Practice SetSpecialty Sports Store, US GAAP Edition 3

Feedback: Transactions week 3

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Using the company's records that are provided below, you are now required to record transactions that occurredthroughout the third week of June. The week 3 transactions are listed below.

Week 3Date Transaction description15 Purchased 16 Extreme GPSenabled Helmets from J. J. Spud for $248 each, terms 2/10, n/30.15 Sold 9 Tony Eagle Freestyle Skateboards to Jump Around for $368 each, Invoice No. 899.15 Mick's Sporting Goods paid $1,400 in partial payment of their account.16 Purchased 14 Downhill Snowboards from Extreme Sports Inc for $304 each, terms net 30.18 Paid sales staff wages of $1,963 for the week up to and including yesterday, Check No. 433.19 Great Sports returned 5 Specialist Body Boards that were originally sold for $384 each on 11 June. These items

cost $216 each and were not faulty or damaged. Issued a Credit Memorandum for $1,920.20 Made cash sale of 39 Pipe Dream Surfboards for a list price of $440 each. A trade discount of 20% applies.21 Received a purchase order from Mick's Sporting Goods. Created a corresponding sales order to deliver 17 Tony

Eagle Freestyle Skateboards to this customer for $368 each, Invoice No. 901.

Instructions for week 3

Record all week 3 transactions in the relevant journals.1)



ARC Jump Around

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.

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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:

Enter all answers to the nearest whole dollar. When calculating a discount, if a discount is not a whole number,round the discount to the nearest whole dollar. Then, to calculate the cash amount, subtract the discount fromthe original amount.There may be entries in the general journal that require posting to both a control account and a subsidiaryledger. In these cases, after you have posted to both ledgers, you should enter the reference for both thegeneral ledger account and the subsidiary ledger account in the Post Ref. column to indicate that you haveposted to both accounts. For example, if the reference number for the control account is 110 and the referencenumber for the subsidiary ledger account is 1101, you should type '110/1101' into the Post Ref. column.When completing the inventory cards, you may enter a positive or negative number into the Units and Total Costcolumns but all unit costs must be entered as positive numbers into the Unit Cost columns.You are also required to apply the journals and ledgers instructions and the inventory cards instructions providedin previous weeks.

Before pressing the Submit answers button, we recommend that you click the Show All tab and check that all relevantaccounting records have been completed.

Special Journals General Journal Subsidiary Ledgers General Ledger Inventory

(Q=501.salesJournalWeek3)

SALES JOURNAL

Date Account InvoiceNo.

PostRef.

AccountsReceivable

Cost ofGoodsSold

Jun 11 ARC Great Sports 898 1103 4,224 2,376

Jun 15 899 1105 3312 1440

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SALES JOURNAL

Cost of

2)

3)

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APC J. J. Spud

APC Extreme Sports Inc

Date Account InvoiceNo.

PostRef.

AccountsReceivable

GoodsSold

Jun 11 ARC Great Sports 898 1103 4,224 2,376

Jun 15 ARC Jump Around 899 1105 3,312 1,440

(Q=502.purchasesJournalWeek3)

PURCHASES JOURNAL

Date Account Terms PostRef.

AccountsPayable

Jun 8 APC Addax Sports net 30 2106 2,760

Jun 15 2/10 n/30 2101 3968

Jun 16 net 30 2105 4256

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PURCHASES JOURNAL

Date Account Terms PostRef.

AccountsPayable

Jun 8 APC Addax Sports net 30 2106 2,760

Jun 15 APC J. J. Spud 2/10, n/30 2101 3,968

Jun 16 APC Extreme Sports Inc net 30 2105 4,256

(Q=503.cashReceiptsJournalWeek3)

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

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



ARC Mick's Sporting Goods

Sales Revenue

Jun 15 1106 1400 0 0 1400 0 0

Jun 20 X 13728 3432 0 17160 0 0

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Jun

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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 15 ARC Mick's Sporting Goods 1106 1,400 1,400


(Q=504.cashPaymentsJournalWeek3)

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 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



Wages Expense

ARC Great Sports

Sales Returns and Allowances

Jun 18 433 X 0 0 1963 0 1963

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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 14 APC J. J. Spud 432 2101 3,398 3,398


(Q=505.generalJournalWeek3)

GENERAL JOURNAL

Date Account and Explanation PostRef. Debit Credit

Jun 19 1103 1920 0

19 401 0 1920

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Jun



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GENERAL JOURNAL

Date Account and Explanation PostRef. Debit Credit

Jun 19 Sales Returns and Allowances 401 1,920

Jun 19 ARC Great Sports 110/1103 1,920

(sales return)

Jun 19 Merchandise Inventory 120 1,080

Jun 19 Cost of Goods Sold 500 1,080

(sales return)

(Q=5101103.AcctsRec3_week3)

SUBSIDIARY LEDGERS

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

Jun 19 Return GJ 0 1920 14766 DR

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Account: ARC Great Sports Account No. 1103




Jun 19 Sales return GJ 1,920 14,766 DR



(Q=5101105.AcctsRec5_week3)Account: ARC Jump Around Account No. 1105



Jun 3 Repayment CRJ 3,373 0

Jun 15 Credit Sales SJ 3312 0 3312 DR

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Account: ARC Jump Around Account No. 1105



Jun 3 Repayment CRJ 3,373 0


(Q=5101106.AcctsRec6_week3)Account: ARC Mick's Sporting Goods Account No. 1106



Jun 15 Partial payment CRJ 0 1400 632 DR

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Account: ARC Mick's Sporting Goods Account No. 1106



Jun 15 Repayment CRJ 1,400 632 DR

(Q=5102101.AcctsPay1_week3)Account: APC J. J. Spud Account No. 2101




May 31 Balance 3,398 CR

Jun 14 Repayment CPJ 3,398 0

Jun 15 Credit Purchase PJ 0 3968 3968 CR

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Account: APC J. J. Spud Account No. 2101




Jun 15 Credit purchase PJ 3,968 3,968 CR

(Q=5102105.AcctsPay5_week3)Account: APC Extreme Sports Inc Account No. 2105




Jun 16 Credit Purchase PJ 0 4256 4256 CR

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Account: APC Extreme Sports Inc Account No. 2105




Jun 16 Credit purchase PJ 4,256 4,256 CR

(Q=520100.Cash_week3)

GENERAL LEDGER



Account: Cash Account No. 100



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There are no relevant entries in the Cash ledger for this week.

(Q=520110.AcctsRecControl_week3)Account: ARC Accounts Receivable Control Account No. 110



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Account: ARC Accounts Receivable Control Account No. 110



Jun 19 Sales return from Great Sports GJ 1,920 29,368 DR

(Q=520120.Inventory_week3)Account: Merchandise Inventory Account No. 120



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Account: Merchandise Inventory Account No. 120




(Q=520210.AcctsPayControl_week3)Account: APC Accounts Payable Control Account No. 210



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There are no relevant entries in the Accounts Payable Control ledger for this week.

(Q=520400.SalesRevenue_week3)Account: Sales Revenue Account No. 400


May 31 Balance 0

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There are no relevant entries in the Sales Revenue ledger for this week.

(Q=520401.SalesReturns_week3)Account: Sales Returns and Allowances Account No. 401


May 31 Balance 0



Jun 19 Return from Great Sports GJ 0 1920 1920 CR

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Account: Sales Returns and Allowances Account No. 401


May 31 Balance 0


(Q=520500.CostOfSales_week3)Account: Cost of Goods Sold Account No. 500


May 31 Balance 0

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Account: Cost of Goods Sold Account No. 500


May 31 Balance 0

Jun 19 Sales return from Great Sports GJ 1,080 1,080 CR

(Q=520516.WagesExpense_week3)Account: Wages Expense Account No. 516


May 31 Balance 0

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There are no relevant entries in the Wages Expense ledger for this week.

(Q=530.Inventory1_week3)

INVENTORY CARDS

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

Jun 16 14 304 4256 0 0 0 3 224 672

0 0 0 29 304 8816

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Jun

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Downhill Snowboards


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

Jun 16 14 304 4256 3 224 672

29 304 8816

(Q=530.Inventory2_week3)Pipe Dream Surfboards


Units Unit Cost($)

Total Cost($)

Units Unit Cost ($)

Total Cost($)

Units Unit Cost($)

Total Cost($)

May 31 26 200 5200

69 240 16560

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Jun

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Jun

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Pipe Dream Surfboards


Units Unit Cost($)

Total Cost($)

Units Unit Cost ($)

Total Cost($)

Units Unit Cost($)

Total Cost($)

May 31 26 200 5200

69 240 16560



Jun 20 26 200 5200 56 240 13440

13 240 3120

(Q=530.Inventory3_week3)Specialist Body Boards


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

Jun 19 0 0 0 5 216 1080 69 216 14904

0 0 0 0 0 0

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Jun

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Specialist Body Boards


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

Jun 19 5 216 1080 69 216 14904



(Q=530.Inventory4_week3)Tony Eagle Freestyle Skateboards


Units Unit Cost($)

Total Cost($)

Units Unit Cost ($)

Total Cost($)

Units Unit Cost($)

Total Cost($)

May 31 19 160 3040

21 192 4032

Jun 15 0 0 0 9 160 1440 10 160 1600

0 0 0 21 192 4032

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Jun

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Tony Eagle Freestyle Skateboards


Units Unit Cost($)

Total Cost($)

Units Unit Cost ($)

Total Cost($)

Units Unit Cost($)

Total Cost($)

May 31 19 160 3040

21 192 4032

Jun 15 9 160 1440 10 160 1600

21 192 4032

(Q=530.Inventory5_week3)Extreme GPSEnabled Helmets




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

Jun 15 16 248 3968 0 0 0 0 0 0

0 0 0 0 0 0

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Jun

Jun

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Extreme GPSEnabled Helmets


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

Jun 15 16 248 3968 67 184 12328

16 248 3968

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