https://myassignmentguru.com Manual Accounting Practice Set Glorious Pants, Australasian Edition 3
Feedback: Transactions - week 3 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.
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248
248
Points (on this page)
136
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666
Points (after this page) Total
Completed:
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28% (appr oximately) oximately)
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Using the company's records that are provided below, you are now required to record transactions that occurred throughout the third week week of June. The week 3 transactions are listed below.
Week 3 Date Transaction Transaction description 15 Sold 13 large sacks sack s of Chocolate Coated Coffee Beans to Quick Quick Bolt Coff ee for $690 $690 each, Invoice No. 332. 17 Purchased 10 boxes of Specialised Cubed Sugar Sugar from East Tangiers Tangiers Cooperative Cooperative for $370 $370 each, each, terms 2/10, n/30. 17 Purchased 15 boxes of Diposable Spoons from Croup Coffee for $340 each, terms net 30. 17 Jandesh's Hot Spot paid $1,600 in partial partial payment payment of their account. 18 Paid sales staff w ages of $1,856 $1,856 for the week up to and including yesterday, Cheque No. 627. 19 Made cash sale of 45 packs of Coff ee Syrups for a list price of $360 each. A trade discount disc ount of 20% 20% applies. applies. 20 Received Receiv ed a purchase order order from Jandesh's Hot Spot. Created C reated a corresponding corresponding sales order to deliver 33 large sacks sack s of Chocolate Coated Coffee Beans to this customer for $690 each, Invoice No. 334. 21 Con's Coffee C offee returned returned 9 boxes of Chocolate Sprinkles that were originally originally sold for $330 each on 11 June. These These items cost $200 each and were not faulty or damaged. Issued a Credit Note for $2,970. Instructions for week 3 1) Record all week 3 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.
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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: 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. 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. When completing the inventory cards, 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. You are also required to apply the journal the journals s and ledgers instruction instructions s and the inventory cards instructions instructions provided in previous weeks. 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.
Special ecial Jou Jourrna nals ls Show All Sp
Gener Gen eral al Jou Jourrna nall
Subsid Su bsidiar iary y Le Ledg dger ers s
Gener Gen eral al Le Ledg dger er
Inve nvent ntor ory y (Q=501.salesJournalWeek3)
SALES JOURNAL Date
Account
Invoice No.
Post Ref.
Accounts Account s Receivable
Cost of Sales
Jun
11 ARC - Con's Coffee
331
110-3
5,940
3,600
Jun
15 ARC - Quick Bolt Coffee
332
110-5
8970
4550
Jun Jun Jun
Feedback
SALES JOURNAL Date
Account
Invoice Post Account Accounts s No. Ref. Receivable
Cost of Sales
Jun 11 ARC - Con' s Coffee
331 110-3
5,940
3,600
Jun 15 ARC - Quick Bolt Coffee
332 110-5
8,970
4,550
(Q=502.purchasesJournalWeek3)
PURCHASES JOURNAL
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Jun Jun
Feedback
PURCHASES JOURNAL Date
Jun
Account
Post Account Accounts s Ref. Payable
Terms
9 APC - Brazil Imports Group
net 30 210-6
4,160
Jun Jun 17 APC - East East Tangie angiers rs Coope Coopera rattive ive 2/10 2/10,, n/30 n/30 210210-1 1
3,7 3,700
Jun 17 APC - Croup Coffee
5,100
net 30 210-5
(Q=503.cashReceiptsJournalWeek3)
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
Post Ref.
3 ARC - Quick Bolt Coffee
Jun
10 ARC - Revamp Coffee Carts
Jun
12 Sales Revenue
Jun
andesh's Hot Spo 17 ARC - J andesh's
Jun
19 Sales Revenue
Debit Cash at Bank
Credit
Discount Allowed
Sales Revenue
Accou nts Other Receivable Accou nts
Cost of Sales
110-5
3,200
3,200
110-1
2,250
X
6,160
110-6
1600
0
0
1600
0
0
X
12960
0
12960
0
0
8840
250
2,500 6,160
3,300
Jun Jun Jun Jun
Feedback
CASH RECEIPTS JOURNAL Date
Account
Post Ref.
Debit Cash at Discount
Credit Sales
Accou nts
Other
Cost of Sales
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(Q=504.cashPaymentsJournalWeek3)
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.
Jun
1 Prepaid Rent
618
140
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
Accou nts Wages Other Inventory Payable Expense Accou nts
Cash at Discount Bank Received
8,200 2,145
8,200 2,145
1,054
858
858
1,143
2,197
452
452
Jun
11 APC - Jordo Gourmet Coffee
623
210-2
Jun
11 Wages Expense
624
X
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
Jun
18 Wages Expense
627
X
2, 2,900
2,871 1,845
0
0
1856
29
1,845
0
1856
0
Jun Jun Jun Jun Jun
Feedback
CASH PAYMENTS JOURNAL Debit Date
Account
Cheque No.
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
Jun 11 APC - Jordo Gourmet Coffee
Credit
Post Ref. Accou nts Wages Other Inventory Payable Expense Accou nts
140
623 210-2
8,200 2, 2 ,145
8,200 2,145
1,054
2,900
Cash Discount at Received Bank
858
858
1,143
2,197
452
452 2,871
29
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GENERAL JOURNAL Datte Da
Acc Ac count and Ex Exp pla lan natio ion n
Post Ref.
21 Sales Returns and Allowances
Jun
Credit
401
2970
0
110/110-3
0
2970
21 Inventory
120
1800
0
21 Cost of Sales
500
0
1800
21 ARC - C on's Coffee
Jun
Debit
Jun
Feedback
GENERAL JOURNAL Datte Da
Acc Ac coun untt and Ex Exp pla lana nattio ion n
Jun
21 Sales Returns and Allowances
Jun
21
AR A RC - Con's Coffee
Post Ref.
Debit
401
Credit
2,970
110/110-3
2,970
(sales return)
Jun
21 Inventory
120
Jun
21
500
Cost of Sales
1,800 1,800
(sales return)
(Q=510-110-3.AcctsRec3_week3)
SUBSIDIARY LEDGERS Account: ARC Account: ARC - Con's Coffee Account No. 110-3
Date
Description
May
31 Balance
Jun
11 Credit sale
Jun
21
Jun
q
Ref.
Debit
Credit
Balance
14,312 DR SJ GJ
5,940 0
20,252 DR 2970
17282 DR
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Date
Description
May
Ref.
Debit
Credit
31 Balance
Balance
14,312 DR
Jun
11 Credit sale
SJ
Jun
21 Sales return
GJ
5,940
20,252 DR 2,970
17,282 DR
(Q=510-110-5.AcctsRec5_week3)
Account: ARC Account: ARC - Quick Bolt Coffee Account No. 110-5
Date
May
Description
Ref.
Debit
Credit
Balance
31 Balance
Jun
3,200 DR
3 Repayment
Jun
15
q
CRJ SJ
3,200 8970
0
Debit
Credit
0 8970 DR
Jun Jun
Feedback
Account: ARC Account: ARC - Quick Bolt Coffee Coffe e Account No. 110-5
Date
May
Description
Ref.
31 Balance
Balance
3,200 DR
Jun
3 Repayment
CRJ
Jun
15 Credit sale
SJ
3,200 8,970
0 8,970 DR
(Q=510-110-6.AcctsRec6_week3)
Account: ARC Account: ARC - Jandesh's Hot Spot Account No. 110-6
Date
Description
May
31 Balance
Jun
17
Ref.
Debit
Credit
Balance
3,754 DR
q
CRJ
0
1600
2154 DR
Debit
Credit
Balance
Jun Jun
Feedback
Account: ARC Account: ARC - Jandesh's Hot Spot Account No. 110-6
Date
Description
Ref.
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Date
Description
May
31 Balance
Jun
14 Repayment
Jun
17
Ref.
Debit
Credit
Balance
3,952 CR
q
C PJ
3,952
PJ
0
0
37 3700
3700 CR
Debit
Credit
Balance
Jun Jun
Feedback
Account: APC Account: APC - East Tangiers Cooperative Account No. 210-1
Date
May
Description
Ref.
31 Balance
3,952 CR
Jun
14 Repayment
Jun
17 Credit purchase
CPJ
3,952
PJ
0 3,700
3,700 CR
(Q=510-210-5.AcctsPay5_week3)
Account: APC Account: APC - Croup Coffee Coffe e Account No. 210-5
Date
Description
May
31 Balance
Jun
12 Repayment
Jun
17
Ref.
Debit
Credit
Balance
2,216 CR
q
C PJ PJ
2,216
0
0
51 5100
5100 CR
Debit
Credit
Balance
Jun Jun
Feedback
Account: APC Account: APC - Croup Coffee Coffe e Account No. 210-5
Date
Description
Ref
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Jun Jun
Feedback There are no relevant entries in the Cash at Bank ledger for this week.
(Q=520-110.AcctsRecControl_week3)
Account: ARC Account: ARC - Accounts Receivable Recei vable Control Account No. 110
Date
Description
May
31 Balance
Jun
21
Ref.
Debit
Credit
Balance
29,205 DR
q
GJ
0
2970
26235 DR
Jun Jun
Feedback
Account: ARC Account: ARC - Acco Accounts unts Receivable Recei vable Control Account No. 110
Date
Description
Ref.
May
31 Balance
Jun
21 Sales return from Con's Coffee
Debit
C redit Cr
Balance
29,205 DR GJ
2,970
26,235 DR
(Q=520-120.Inventory_week3)
Account: Inventory Account No. 120
Date
Description
May
31 Balance
Jun
21
Jun
q
Ref.
Debit
Credit
Balance
77,300 DR GJ
1800
0
79100 DR
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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=520-400.SalesRevenue_week3)
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=520-401.SalesReturns_week3)
Account: Sales Returns and Allowances Account No. 401
Date
Description
May
31 Balance
Jun
21
Jun Jun
q
Ref.
Debit
Credit
Balance
0 GJ
2970
0
2970 DR
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May
31 Balance
Jun
21
0
q
GJ
0
18 1 800
1800 CR
Jun Jun
Feedback
Account: Cost of Sales Account No. 500
Date
Description
Ref.
May
31 Balance
Jun
21 Sales return from Con's Coffee
Debit
C redit Cr
Balance
0 GJ
1,800
1,800 CR
(Q=520-516.WagesExpense_week3)
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=530.Inventory1_week3)
INVENTORY CARDS Boxes Of Diposable Spoons
Purchases
Cost of Sales
Balance
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Jun
Jun
Feedback
Boxes Of Diposable Spoons
Purchases Date
May
Jun
Jun
Cost of Sales
Balance
Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost ($) ($) ($) ($) ($) ($)
31
12
17
11
15
340
300
15
300
4500
16
340
5440
4
300
1200
16
340
5440
4
300
1200
31
340
10540
3300
5100
(Q=530.Inventory2_week3)
Packs Of Coffee Syrups
Purchases Date
May
Cost of Sales
Balance
Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost ($) ($) ($) ($) ($) ($)
31
20
192
3840
64
200
12800
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Feedback
Packs Of Coffee Syrups
Purchases Date
May
Jun
Cost of Sales
Balance
Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost ($) ($) ($) ($) ($) ($)
31
19
20
19 192
3840
25
200
5000
20
192
3840
64
200
12800
39
200
7800
(Q=530.Inventory3_week3)
Boxes Of Chocolate Sprinkles
Purchases Date
Cost of Sales
Balance
Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost ($) ($) ($) ($) ($) ($)
May
31
Jun
11
18
200
3600
83
200
16600
65
200
13000
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May
31
Jun
11
18
20 200
Jun
21
-9
20 200
83
200
16600
3600
65
200
13000
-1800
74
200
14800
(Q=530.Inventory4_week3)
Large Sacks Of Chocolate Coated Coffee Beans
Purchases Date
May
Jun
Jun
Jun
Cost of Sales
Balance
Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost ($) ($) ($) ($) ($) ($)
31
15
0
0
0
28
350
9800
24
400
9600
13
350
4550
15
350
5250
0
0
0
24
400
9600
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Purchases Date
Cost of Sales
Balance
Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost ($) ($) ($) ($) ($) ($)
May
31
Jun
9
13
320
4160
Jun
17
10
370
3700
Jun
Jun
Jun
Feedback
Boxes Of Specialised Cubed Sugar
46
320
14720
59
320
18880
0
0
0
59 59
320
18880
0
0
0
10
370
3700
