https://myassignmentguru.com Manual Accounting Practice Set Glorious Pants, Australasian Edition 3
Feedback: Transactions - week 2 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 outcome (st (still ill in prog progres ress) s)
Awarded Total Poin Points ts (prior ior to this this page)
132
132
Points (on this page)
116
116
−
802
Points (after this page) Total
Completed:
248 1,050
20% (appr oximately)
Remaining pages will take: up to 15.25 hours The time frames we provide are a guide only. It may take you more or less time to complete each step.
You are now instructed to record transactions that occurred throughout the second week week of June into the company's books. The week 2 transactions are listed below:
Week 2 Date Transac Transaction tion description description 9 Purchased 13 boxes boxes of Specialised Cubed Cubed Sugar Sugar from Brazil Brazil Imports I mports Group Group for $320 $320 each, each, terms net 30. 10 Revamp Coffee Carts paid the full amount owing on their their account. Since Revamp Coffee Carts has been been a loyal customer from the day the business commenced, a 10% discount was given for this early repayment. 11 Paid the full amount amount owing to Jordo Jordo Gourme Gourmett Coffee, Coff ee, Cheque Cheque No. 623. 623. Payment fell within w ithin discount period. period. 11 Sold 18 18 boxes boxes of Chocolate Sprinkles to Con's Coffee for $330 $330 each, Invoice No. 331. 331. 11 Paid sales staff wage w ages s of $1,845 for the week up up to and and including yesterday, Cheque Cheque No. 624. 624. 12 Paid the full amount amount owing to Croup Croup Coffee, Cheque No. 625. 12 Made cash sale of 11 11 boxes of Diposable Spoons for $560 $560 each. 14 Paid the full amount amount owing to East East Tangiers Tangiers Coopera Cooperativ tive, e, Cheque No. 626. Instructions for week 2 1) 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 journal 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. 3) Update inventory cards on a daily basis.
Back-On-Track function functionality ality 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 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. Before pressing the Submit answers button, we recommend that you click the Show All All tab and check that all relevant accounting 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 be required to record a transaction in a single line or two separate lines within the pair of lines provided. Whether one or two lines are required depends on the unit costs of the items involved in that transaction. If a transaction involves items with the same unit cost, you must record that transaction in a single line. Alternatively, if those items have two different unit costs, you are required to use a separate line within the pair of lines provided for each different unit cost. In order to receive full points, you must not combine two transactions into the one pair of lines. See the Inventory cards ~ May popup below the 'Information from previous pages' heading for an example of how inventory 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 costs must 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, you must not 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 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 instructions provided in Week 1.
Special cial Jou Journ rnals als Show All Spe
Gener Gen eral al Jou Jourrnal
Subsidia Sub sidiary ry Led Ledger gers s
Gener Gen eral al Led Ledger ger
Invent In ventor ory y (Q=401.salesJournalWeek2)
SALES JOURNAL Date
Jun
Account
C on's 's Coffee 11 ARC - Con
Invoice No.
331
Post Ref.
Accounts Acco unts Receivable
Cost of Sales
5940
3600
110-3
Jun Jun Jun
Feedback
SALES JOURNAL Date
Account
Jun 11 ARC - Con's Coffee
Invoice Post Acco Accounts unts No. Ref. Receivable 331 110-3
5,940
Cost of Sales 3,600
(Q=402.purchasesJournalWeek2)
PURCHASES JOURNAL Date
Account
Imports Group Group 9 APC - Brazil Imports
Jun
Terms
Post Ref.
net 30
Accounts Accounts Payable
210-6
41 4160
Jun Jun Jun
Feedback
PURCHASES JOURNAL Date
Account
Terms
Post Acco Accounts unts Ref. Payable
Jun 9 APC APC - Bra Brazil zil Impo Imporrts Group net net 30 210-6
4,16 ,160
(Q=403.cashReceiptsJournalWeek2)
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
Account
Debit
Post Ref.
Cash at Bank
Credit
Discount Allowed
Sales Revenue
Acco un ts Other Receivable Acco un ts
Cost of Sales
Jun
3 ARC - Quick Bolt Coffee
110-5
3,200
Jun
R evamp p Coffee C 10 ARC - Revam
110-1
2250
25 250
0
2500
0
0
Jun
12
X
6160
0
6160
0
0
3300
Sales Revenue
3,200
Jun Jun Jun Jun
Feedback
CASH RECEIPTS JOURNAL
Date
Jun
Account
3 ARC - Quick Bolt Coffee
Jun 10 ARC - Revamp Coffee Carts Jun 12 Sales Revenue
Post Ref.
Debit
Credit
Cash at Discount Sales Acco un ts Other Bank Allo wed Revenue Receivable Acco un ts
110-5
3,200
110-1
2,250
X
6,160
Cost of Sales
3,200 250
2,500 6,160
3,300
(Q=404.cashPaymentsJournalWeek2)
CASH PAYMENTS 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 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
Account
Cheque No.
Post Ref.
Debit
Credit
Acco un ts Wages Other Inventory Payable Expense Acco un ts
Cash at Discount Bank Received
Jun
1 Prepaid Rent
618
140
8,200
Jun
2 APC - Brazil Imports Group
619
210-6
Jun
3 Electricity Payable
620
221
Jun
4 Wages Payable
621
220
Jun
5 Office Supplies
622
130
623
210-2
2900
0
2, 2,145
8,200 2,145
858
858
1,143
2,197
452
452
0
0
2871
29
1,054
Jun
J ordo o Gourmet Gourmet C 11 APC - Jord
Jun
11
Wages Expense
624
X
0
0
1845
0
1845
0
Jun
C roup p Coffee C offee 12 APC - Crou
625
210-5
2216
0
0
0
2216
0
Jun
angiers s Co 14 APC - East Tangier
626
210-1
3952
0
0
0
3952
0
Jun Jun
Feedback
CASH PAYMENTS JOURNAL
Date
Account
Cheque Post No. Ref.
Jun
1 Prepaid Rent
618
Jun
2 APC - Brazil Imports Group
619 210-6
Jun
3 Electricity Payable
620
221
Jun
4 Wages Payable
621
220
Jun
5 Office Supplies
622
130
Debit
Credit
Acco un ts Wages Other Inventory Payable Expense Acco un ts
Cash Discount at Received Bank
140
8,200 8,200 2, 2,145
2,145 858 1,054
1,143 2,197 452
2,900
858
452
Jun 11 APC - Jordo Gourmet Coffee
623 210-2
2,871
Jun 11 Wages Expense
624
Jun 12 APC - Croup Coffee
625 210-5
2,216
2,216
Jun 14 APC - East Tangiers Cooperative
626 210-1
3,952
3,952
X
1,845
29
1,845
(Q=405.generalJournalWeek2)
GENERAL JOURNAL Datte Da
Acc Ac coun untt and Ex Expl pla ana nattio ion n
Post 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 Account: ARC - Revamp Reva mp Coffee Coff ee Carts Account No. 110-1
Date
May
Description
Ref.
Debit
Credit
Balance
31 Balance
Jun
10
2,500 DR
q
CR J
0
2500
0
Debit
Credit
Balance
Jun Jun
Feedback
Account: ARC Account: ARC - Revamp Reva mp Coffee Coff ee Carts Account No. 110-1
Date
Description
May
31 Balance
Jun
10 Repayment
Ref.
2,500 DR CR J
2,500
0
(Q=410-110-3.AcctsRec3_week2)
Account: ARC Account: ARC - Con's Coffee Coff ee Account No. 110-3
Date
May Jun
Description
Ref.
Debit
Credit
Balance
31 Balance 11
Jun Jun
Feedback
q
14,312 DR SJ
5940
0
20252 DR
Account: ARC Account: ARC - Con's Coffee Coff ee Account No. 110-3
Date
Description
May
31 Balance
Jun
11 Credit sale
Ref.
Debit
Credit
Balance
14,312 DR SJ
5,940
20,252 DR
(Q=410-110-6.AcctsRec6_week2)
Account: ARC Account: ARC - Jandesh's Hot Spot Account No. 110-6
Date
May
Description
Ref.
Debit
Credit
Balance
31 Balance
3,754 DR
Jun Jun Jun
Feedback There are no relevant entries in the Jandesh's Hot Spot ledger for this week.
(Q=410-210-1.AcctsPay1_week2)
Account: APC Account: APC - East Tangie rs Cooperativ e Account No. 210-1
Date
May
Description
Ref.
Debit
Credit
Balance
31 Balance
Jun
14
3,952 CR
q
CPJ
3952
0
Debit
Credit
0
Jun Jun
Feedback
Account: APC Account: APC - East Tangiers Tangie rs Cooperativ e Account No. 210-1
Date
Description
May
31 Balance
Jun
14 Repayment
Ref.
Balance
3,952 CR CPJ
3,952
0
(Q=410-210-2.AcctsPay2_week2)
Account: APC Account: APC - Jordo Gourmet Coffee Coff ee Account No. 210-2
Date
May Jun Jun
Description
Ref.
Debit
Credit
Balance
31 Balance 11
q
2,900 CR CPJ
2900
0
0
Jun
Feedback
Account: APC Account: APC - Jordo Gourmet Coffee Coff ee Account No. 210-2
Date
Description
May
31 Balance
Jun
11 Repayment
Ref.
Debit
Credit
Balance
2,900 CR CPJ
2,900
0
(Q=410-210-5.AcctsPay5_week2)
Account: APC Account: APC - Croup Coffee Coff ee Account No. 210-5
Date
May
Description
Ref.
Debit
Credit
Balance
31 Balance
Jun
12
2,216 CR
q
CPJ
2216
0
Debit
Credit
0
Jun Jun
Feedback
Account: APC Account: APC - Croup Coffee Coff ee Account No. 210-5
Date
Description
May
31 Balance
Jun
12 Repayment
Ref.
Balance
2,216 CR CPJ
2,216
0
(Q=410-210-6.AcctsPay6_week2)
Account: APC Account: APC - Brazil Imports Imports Group Account No. 210-6
Date
May
Description
Ref.
Debit
Credit
31 Balance
Balance
2,145 CR
Jun
2 Repayment
Jun
9
q
CPJ PJ
2,145
0
0
41 4160
4160 CR
Debit
Credit
Balance
Jun Jun
Feedback
Account: APC Account: APC - Brazil Imports Imports Group Account No. 210-6
Date
May
Description
31 Balance
Ref.
2,145 CR
Jun
2 Repayment
Jun
9 Credit purchase
CPJ
2,145
PJ
0 4,160
4,160 CR
(Q=420-100.CashAtBank_week2)
GENERAL LEDGER Account: Cash at Bank Account No. 100
Date
May
Description
Ref.
Debit
Credit
31 Balance
Balance
66,035 DR
Jun Jun Jun
Feedback There are no relevant entries in the Cash at Bank ledger for this week.
(Q=420-110.AcctsRecControl_week2)
Account: ARC Account: ARC - Acco unts Recei vable vabl e Control Account No. 110
Date
May
Description
Ref.
Debit
Credit
31 Balance
Balance
29,205 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: Inventory Account No. 120
Date
May
Description
Ref.
Debit
31 Balance
Jun Jun Jun
Feedback There are no relevant entries in the Inventory ledger for this week.
Credit
Balance
77,300 DR
(Q=420-400.SalesRevenue_week2)
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=420-401.SalesReturns_week2)
Account: Sales Returns and Allowances Account No. 401
Date
May
Description
Ref.
Debit
Credit
Balance
31 Balance
0
Jun Jun Jun
Feedback There are no relevant entries in the Sales Returns and Allowances ledger for this week.
(Q=420-402.DiscountRecd_week2)
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=420-500.CostOfSales_week2)
Account: Cost of Sales Account No. 500
Date
May Jun
Description
31 Balance
Ref.
Debit
Credit
Balance
0
Jun Jun
Feedback There are no relevant entries in the Cost of Sales ledger for this week.
(Q=420-516.WagesExpense_week2)
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=420-573.DiscountAllowed_week2)
Account: Discount Allowed Account No. 573
Date
May
Description
Ref.
Debit
Credit
Balance
31 Balance
0
Jun Jun Jun
Feedback There are no relevant entries in the Discount Allowed ledger for this week.
(Q=430.Inventory1_week2)
INVENTORY CARDS Boxes Of Diposable Spoons
Purchases Date
May
Cost of Sales
Balance
Units Unit Cos Cost t Total Cost Units Unit Cos Costt Total Cost Units Unit Cos Cost t Total Cost ($) ($) ($) ($) ($) ($)
31
15
300
4500
16
340
5440
Jun
12
0
0
0
11
300
3300
4
300
1200
0
0
0
16
340
5440
Jun
Jun
Jun
Feedback
Boxes Of Diposable Spoons
Purchases Date
May
Cost of Sales
Balance
Units Unit Cos Cost t Total Cost Units Unit Cos Costt Total Cost Units Unit Cos Cost t Total Cost ($) ($) ($) ($) ($) ($)
31
Jun
12
11
300
15
300
4500
16
340
5440
4
300
1200
16
340
5440
3300
(Q=430.Inventory3_week2)
Boxes Of Chocolate Sprinkles
Purchases Date
31
Jun
11
Jun
Balance
Units Unit Cos Cost t Total Cost Units Unit Cos Costt Total Cost Units Unit Cos Cost t Total Cost ($) ($) ($) ($) ($) ($)
May
Jun
Cost of Sales
0
0
0
83
200
16600
18 18
200
3600
65 65
200
13000
0
0
0
0
0
0
Jun
Feedback
Boxes Of Chocolate Sprinkles
Purchases Date
Cost of Sales
Balance
Units Unit Cos Cost t Total Cost Units Unit Cos Costt Total Cost Units Unit Cos Cost t Total Cost ($) ($) ($) ($) ($) ($)
May
31
Jun
11
18
20 200
3600
83
200
16600
65
200
13000
(Q=430.Inventory5_week2)
Boxes Of Specialised Cubed Sugar
Purchases Date
Cost of Sales
Balance
Units Unit Cos Cost t Total Cost Units Unit Cos Costt Total Cost Units Unit Cos Cost t Total Cost ($) ($) ($) ($) ($) ($)
May
31
Jun
9
13
320
4160
46
320
14720
0
0
0
59
320
18880
0
0
0
0
0
0
Jun
Jun
Jun
Feedback
Boxes Of Specialised Cubed Sugar
Purchases Date
May
Cost of Sales
Balance
Units Unit Cos Cost t Total Cost Units Unit Cos Costt Total Cost Units Unit Cos Cost t Total Cost ($) ($) ($) ($) ($) ($)
31
46
320
14720
Jun
9
13
320
4160
Manual Accounting Practice Set Glorious Pants, Australasian Edition 3 (VSA3q) © 2009 - 2014 Perdisco / Perdisco / latin latin /. v., learn learn thoroughly http://www.perdisco.com Terms Of Use | Privacy Policy | Policy | Thursday, June 01, 2017, 20:52
59
320
18880
