Manual Accounting Practice Set https://myassignmentguru.com Glorious Pants, Australasian Edition 3
Feedback: Transactions - week 1 Feedback: This is a feedback page. 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 Continue at the bottom of this page to move on to the next page of your practice set.
Your progress
Your grading Your Yo ur grading outcome (still (still in progre progress) ss)
Awarded Awarded Total Points (prior to this page) Points (on this page) Points (after this page) Total
Completed:
0
0
132
132
−
918
132 1,050
9% (approximately)
Remaining pages will take: up to 17.25 hours The time frames we provide are a guide only. It may take you more or less time to complete each step.
Now that you have reviewed information about Glorious Pants, you are ready to begin the first step in the accounting cycle, recording transactions. On this page of the practice set, you are asked to record transactions that occurred during the first week week of June into the company's journals and post the appropriate entries to the ledger accounts. The following transactions occurred throughout the first week of June:
Week 1 Date Transact Transaction ion description description 1 2 3 3 4 5
Issued Iss ued Cheque No. 618 for $8,200 $8,200 to pay Amy Wong Real Estate Estat e for two month's worth of rent rent in advance. advance. Paid the full amount amount owing to Brazil Imports Imports Group, Group, Cheque Cheque No. 619. 619. Quick Bolt Coffee paid the full amount amount owing on their account. Made payment of $858 $858 to PowerGen PowerGen for 3 months months of electricity electrici ty up to and including 31 31 May, May, Cheque No. 620. Paid sales staff wages of $2,197 $2,197 for the week up up to and and including yesterday, yesterday, Cheque No. 621. Note that $1,143 $1,143 of this payment relates to the wages expense incurred during the last week of May. Issued Iss ued Cheque No. 622 to Office Supplies Warehou Warehouse se for the purchase of $452 $452 worth of office supplies.
After completing this practice set page, you should know how to record basic transactions in the journals provided below and understand the posting process in the manual accounting system. Note that you will record the remaining June transactions in the following sections of this practice set. Remember, one purpose of using special journals is to make the posting process more efficient by posting the total of most columns in the special journals after all of the transactions for the period have been recorded. However, some parts of a journal entry are still required to be posted on a daily basis. View the company's accounting policies and procedures for details of what is to be posted daily or monthly. Instructions for week 1 1) Record all week 1 transactions in the relevant journals.
Note that special journals must be used where applicable. Any transaction that cannot be recorded in a special journal journal should should be recorded in the general journal. 2) Post entries recorded in the journals to the appropriate ledger accounts according to the company's accounting policies and procedures. 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 after you prepare the Bank Reconciliation Statement. Remember to enter all answers to the nearest whole dollar. 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 at bank amount, subtract the discount from the original amount. Additional instructions Displaying selected accounting records: To save space, not all accounting records (e.g. journals and ledgers) will be displayed on every page. However, on each page you can access all accounting records necessary to answer the questions on that page. There are several tabs representing different views of the accounting records. The active tab by default is Show All, but you may also select to view just one particular accounting record by selecting the appropriate tab. If you fill in any accounting records and change the view on the page by selecting a different tab, the information that you have entered will remain in that accounting record and be displayed whenever you can see that accounting record. Before submitting your answers, we recommend that you click the Show All All tab and check that all relevant accounting records have been completed. You are required to complete all relevant accounting records before pressing the Submit answers button. Once submitted, you will not be able to return to the page to re-enter or alter your answers. Journals:
Each transaction recorded in a special journal must be entered in one line. In order to receive full points, you must not not split up the relevant transaction into more than one line in the special journal. For certain transactions in special journals, some accounting textbooks do not always require an account to be chosen under the column labeled Account. In this practice set you are are required to select an account for each transaction in the special journals. Specifically, in all special journals, under the column labeled Account, you must must select the correct account name for each each transaction in order to receive full points. Note that for some transactions, this will mean that the account name selected will correspond to the heading of one of the columns in that special journal. For each journal, in the Post Ref. column you will need to correctly type the account number of the account you are posting to. In particular, 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 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. Note that in special journals, the Other Accounts column should not not be used to record movements of inventory. If a cheque number is not required, you need to fill the appropriate input box with an X. There may be entries in the general journal that require posting to both a control account and a subsidiary ledger. In these cases, after you have posted to both ledgers, you should enter the reference for both the general ledger account and the subsidiary ledger account in the Post Ref. column to indicate that you have posted to both accounts. For example, if the reference number for the control account is 110 and the reference number for the subsidiary ledger account is 110-1, you should type '110/110-1' into the Post Ref. column. General journal entries do NOT require a description of the journal entries. Ledgers: When posting a transaction to a ledger account, under the Description column, please type the description of the transaction directly into the field. The exact wording does not matter matter for grading purposes. For example, it does not matter in an electricity transaction if you type 'Paid for electricity' or 'Paid electricity bill'. For each ledger, under the Ref. column, you need to select the correct journal from a list in the drop-down box provided in order to receive full points. If the balance of a ledger account is zero you do not need to select a debit or credit from the drop-down box. Each transaction posted to the subsidiary ledgers must be entered in one line. In order to receive full points, you must not not split up the relevant transaction into more than one line in the subsidiary ledger. Both journals and ledgers: Most journals and ledgers will have blank rows left at the end of the page. Some journals and ledgers may not require any entries.
When purchases and sales are recorded in special journals, the corresponding changes in inventory must not be posted to the Inventory account in the general ledger on a daily basis.
Speciall Jour Journals nals Show All Specia
Gener Gen eral al Jour Journal nal
Subsidiar Sub sidiary y Led Ledger gers s
Gener Gen eral al Led Ledger ger (Q=301.salesJournalWeek1)
SALES JOURNAL Date
Account
Invoice No.
Post Ref.
Accounts Accounts Receivable
Cost of Sales
Jun Jun Jun Jun
Feedback There are no relevant entries in the sales journal for this week.
(Q=302.purchasesJournalWeek1)
PURCHASES JOURNAL Date
Account
Terms
Post Ref.
Accounts Accounts Payable
Jun Jun Jun Jun
Feedback There are no relevant entries in the purchases journal for this week.
(Q=303.cashReceiptsJournalWeek1)
CASH RECEIPTS JOURNAL Note: Note: In order to receive full points, for each transaction you must select an account under the column labelled 'Account', as indicated under the additional instructions above. Since all transactions in this journal affect the Cash at Bank 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
Jun
Account
ARC - Quick Bolt Coffee
Post Ref.
Debit Cash at Bank
Discount Allowed
Credit Sales Revenue
Accoun ts Other Receivable Accoun ts
Cost of Sales
Jun 3 Electricity Payable
620
221
Jun 4 Wages Payable
621
220
Jun 5 Office Supplies
622
130
858 1,054
858
1,143 2,197 452
452
(Q=305.generalJournalWeek1)
GENERAL JOURNAL Datte Da
Acc Ac count and Ex Exp pla lan natio ion n
Post Ref.
Debit
Credit
Jun
Jun
Jun
Feedback There are no relevant entries in the general journal for this week.
(Q=310-110-5.AcctsRec5_week1)
SUBSIDIARY LEDGERS Account: ARC Account: ARC - Quick Bolt Coffee Coffe e Account No. 110-5 Date
May
Description
Ref.
Debit
Credit
31 Balance
Jun
3
Balance
3,200 DR
q
CRJ
0
3200
0
Debit
Credit
Balance
Jun Jun
Feedback
Account: ARC Account: ARC - Quick Bolt Coffee Coffe e Account No. 110-5 Date
May Jun
Description
Ref.
31 Balance 3 Repayment
3,200 DR CR J
3,200
0
(Q=310-210-1.AcctsPay1_week1)
Account: APC Account: APC - East Tangiers Cooperative Account No. 210-1 Date
May
Description
Ref.
Debit
Credit
Balance
31 Balance
3,952 CR
Jun Jun Jun
Feedback There are no relevant entries in the East Tangiers Cooperative ledger for this week.
(Q=310-210-6.AcctsPay6_week1)
Account: APC Account: APC - Brazil Imports Imports Group Account No. 210-6 Date
May
Description
Ref.
Debit
Credit
Balance
31 Balance
Jun
2
2,145 CR
q
CPJ
2145
0
Debit
Credit
0
Jun Jun
Feedback
Account: APC Account: APC - Brazil Imports Imports Group Account No. 210-6 Date
May
Description
Ref.
31 Balance
Jun
Balance
2,145 CR
2 Repayment
CPJ
2,145
0
(Q=320-100.CashAtBank_week1)
GENERAL LEDGER Account: Cash at Bank Account No. 100 Date
May
Description
31 Balance
Jun Jun Jun
Feedback
Ref.
Debit
Credit
Balance
66,035 DR
There are no relevant entries in the Cash at Bank ledger for this week.
(Q=320-110.AcctsRecControl_week1)
Account: ARC Account: ARC - Accounts Receivabl Recei vable e Control Account No. 110 Date
May
Description
Ref.
Debit
Credit
Balance
31 Balance
29,205 DR
Jun Jun Jun
Feedback There are no relevant entries in the Accounts Receivable Control ledger for this week.
(Q=320-130.StoreSupplies_week1)
Account: Office Supplies Account No. 130 Date
May
Description
Ref.
Debit
Credit
Balance
31 Balance
Jun
5
260 DR
q
CPJ
452
0
Debit
Credit
7112 DR
Jun Jun
Feedback
Account: Office Supplies Account No. 130 Date
Description
May
Ref.
Balance
31 Balance
Jun
260 DR
5 Cash purchase
CPJ
452
712 DR
(Q=320-140.PrepaidRent_week1)
Account: Prepaid Rent Account No. 140 Date
May Jun Jun Jun
Description
Ref.
Debit
Credit
Balance
31 Balance 1
q
0 CPJ
8200
0
8200 DR
Feedback
Account: Prepaid Rent Account No. 140 Date
Description
May
Ref.
Debit
Credit
Balance
31 Balance
Jun
0
1 Prepaid rent
CPJ
8,200
8,200 DR
(Q=320-210.AcctsPayControl_week1)
Account: APC Account: APC - Accounts Payabl e Control Account No. 210 Date
May
Description
Ref.
Debit
Credit
Balance
31 Balance
42,373 CR
Jun Jun Jun
Feedback There are no relevant entries in the Accounts Payable Control ledger for this week.
(Q=320-220.WagesPayable_week1)
Account: Wages Payable Account No. 220 Date
May
Description
Ref.
Debit
Credit
Balance
31 Balance
Jun
4
1,143 CR
q
CPJ
1143
0
Debit
Credit
0
Jun Jun
Feedback
Account: Wages Payable Account No. 220 Date
May Jun
Description
Ref.
31 Balance
Balance
1,143 CR
4 Paid staff wages
CPJ
1,143
0
(Q=320-221.ElectricityPayable_week1)
Account: Electricity Payable Account No. 221 Date
May
Description
31 Balance
Ref.
Debit
Credit
Balance
930 CR
Jun
3
q
CPJ
858
0
Debit
Credit
72 CR
Jun Jun
Feedback
Account: Electricity Payable Account No. 221 Date
May
Description
Ref.
Balance
31 Balance
Jun
930 CR
3 Paid electricity bill
CPJ
858
72 CR
(Q=320-400.SalesRevenue_week1)
Account: Sales Revenue Account No. 400 Date
May
Description
Ref.
Debit
Credit
Balance
31 Balance
0
Jun Jun Jun
Feedback There are no relevant entries in the Sales Revenue ledger for this week.
(Q=320-402.DiscountRecd_week1)
Account: Discount Received Account No. 402 Date
May
Description
Ref.
Debit
Credit
Balance
31 Balance
0
Jun Jun Jun
Feedback There are no relevant entries in the Discount Received ledger for this week.
(Q=320-500.CostOfSales_week1)
Account: Cost of Sales 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 Sales ledger for this week.
(Q=320-516.WagesExpense_week1)
Account: Wages Expense Account No. 516 Date
May
Description
Ref.
Debit
Credit
Balance
31 Balance
0
Jun Jun Jun
Feedback There are no relevant entries in the Wages Expense ledger for this week.
(Q=320-541.ElectricityExpense_week1)
Account: Electricity Expense Account No. 541 Date
May
Description
Ref.
Debit
Credit
Balance
31 Balance
0
Jun Jun Jun
Feedback There are no relevant entries in the Electricity Expense ledger for this week.
(Q=320-544.SuppliesExpense_week1)
Account: Office Supplies Expense Account No. 544 Date
May Jun Jun
Description
31 Balance
Ref.
Debit
Credit
Balance
0
Jun
Feedback There are no relevant entries in the Office Supplies Expense ledger for this week.
(Q=320-573.DiscountAllowed_week1)
Account: Discount Allowed Account No. 573 Date
May
Description
Ref.
Debit
Credit
31 Balance
Jun Jun Jun
Feedback There are no relevant entries in the Discount Allowed ledger for this week.
Manual Accounting Practice Set Glorious Pants, Australasian Edition 3 (VSA3q) © 2009 - 2014 Perdisco / Perdisco / latin latin /. v., learn t horoughly http://www.perdisco.com Terms Of Use | Privacy Policy Policy | Thursday, June 01, 2017, 20:35
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