https://myassignmentguru.com Manual Accounting Practice Set Glorious Pants, Australasian Edition 3
Feedback: Transactions - week 4 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 Poin Points ts (prior ior to this this page) Points (on this page) Points (after this page) Total
Completed:
384
384
88
88
−
578
472 1,050
36% (appr oximately) oximately)
Remaining pages will take: up to 12.25 12.25 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 asked to record transactions that occurred throughout the fourth week week of June in the company's books. The week 4 transactions are listed below:
Week 4 Date Transaction Transaction description 22 Con's Coffee Coff ee paid the full amount amount owing on their acc account. ount. 22 Ordered Ordered 14 14 boxes boxes of Specialis ed Cubed Cubed Sugar from Dominga Wholesalers for $370 each. Agreed terms with wit h Dominga Wholesalers are 2/10, n/30. 23 Sold 63 boxes of Specialised Cubed Sugar to Quick Bolt Coffee for $520 $520 each, Invoice No. 333. 24 Paid the full amount amount owing to East Tangier Tangiers s Cooperative, Cheque No. 628. 628. This payment relates to the credit purchase that was made in the previous week. 25 Paid sales staff w ages of $2,019 $2,019 for the week up to and including yesterday, Cheque No. 629. 26 Made cash sale of 68 boxes of Chocolate Sprinkles for $330 each. 27 Delivered Deliv ered 33 large sacks sack s of Chocolate Coated Coffee Coff ee Beans to Jandesh's Jandesh's Hot H ot Spot for $690 each, Invoice No. 334. th These items were ordered on the 20 . 28 Returned 8 faulty boxes of Diposable Di posable Spoons, Spoons, originally purchased for $340 $340 each, each, to Croup Coffee. Received Receiv ed a Credit Note for $2,720. Instructions for week 4 1) Record all week 4 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.
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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 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. 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=601.salesJournalWeek4)
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
8,970
4,550
Jun
23 ARC - Quick Bolt Coffee
333
110-5
32760
20360
Jun
andesh's Hot Spot 27 ARC - J andesh's
334
110-6
22770
12450
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
Jun 23 ARC - Quick Bolt Coffee
333 11 110-5
32,760
20,360
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Date
Jun
Account
Terms
9 APC - Brazil Imports Group
Jun
17 APC - East Tangiers Cooperative
Jun
17 APC - Croup Coffee
Post Ref.
Accounts Accounts Payable
net 30
210-6
4,160
2/10, n/30
210-1
3,700
net 30
210-5
5,100
Jun Jun Jun Jun
Feedback There are no relevant entries in the purchases journal for this week.
(Q=603.cashReceiptsJournalWeek4)
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
3 ARC - Quick Bolt Coffee
Jun
10 ARC - Revamp Coffee Carts
Jun
12 Sales Revenue
Jun
17 ARC - Jandesh' s Hot Spot
Jun
19 Sales Revenue
Jun
C on's Coffee 22 ARC - Con's
Jun
26 Sales Revenue
Jun Jun Jun Jun
Feedback
CASH RECEIPTS JOURNAL
Post Ref.
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
1,600
X
12,960
110-3
17282
0
0
17282
0
0
X
22440
0
22440
0
0
13600
250
2,500 6,160
3,300 1,600
12,960
8,840
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Jun 17 ARC - Jandesh's Hot Spot Jun 19 Sales Revenue Jun 22 ARC - Con's Coffee Jun 26 Sales Revenue
110-6
1,600
X
12,960
110-3
17,282
X
22,440
1,600 12,960
8,840 17,282
22,440
13,600
(Q=604.cashPaymentsJournalWeek4)
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
2, 2,900
2,871
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
Jun
E ast Tangiers angiers C o 24 APC - East
628
210-1
3700
0
0
0
3626
74 74
Jun
25 Wages Expense
629
X
0
0
2019
0
2019
0
1,845
29
1,845
1,856
1,856
Jun Jun Jun Jun
Feedback
CASH PAYMENTS JOURNAL
Date
Account
Cheque No.
Debit
Post Ref. Accou nts Wages Other Inventory Payable Expense Accou nt s
Credit Cash Discount at Received Bank
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Jun 11 Wages Expense
624
X
1,845
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
Jun 24 A PC PC - East Tangi er ers C oo ooperati ve ve
628 210-1
Jun 25 Wages Expense
629
X
1,856 3, 70 700
1,845
1,856 3,626
X
2,019
74
2,019
(Q=605.generalJournalWeek4)
GENERAL JOURNAL Datte Da
Acc Ac count and Ex Exp pla lan natio ion n
Jun
21 Sales Returns and Allowances
Jun
21 21
Post Ref.
401
ARC - Con's Coffee
Debit
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)
Jun
C roup p Coffee C offee 28 APC - Crou 28 Inventory
210/210-5
2720
0
120
0
2720
Jun
Jun
Feedback
GENERAL JOURNAL Datte Da
Acc Ac cou ount nt and Ex Expl pla ana nattio ion n
Jun
21 Sales Returns and Allowances
Jun
21
AR A RC - Con's Coffee (sales return)
Post Ref.
401 110/110-3
Debit
Credit
2,970 2,970
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Jun
28
Inventory
120
2,720
(purchase return)
(Q=610-110-3.AcctsRec3_week4)
SUBSIDIARY LEDGERS Account: ARC Account: ARC - Con's Coffee Account No. 110-3
Date
Description
Ref.
Debit
May
31 Balance
Jun
11 Credit sale
SJ
Jun
21 Sales return
GJ
Jun
22
Credit
Balance
14,312 DR
q
5,940
20,252 DR 2,970
CRJ
17,282 DR
0
17282
0
Debit
Credit
Balance
Jun Jun
Feedback
Account: ARC Account: ARC - Con's Coffee Coffe e Account No. 110-3
Date
Description
May
Ref.
31 Balance
14,312 DR
Jun
11 Credit sale
SJ
5,940
20,252 DR
Jun
21 Sales return
GJ
2,970
17,282 DR
Jun
22 Repayment
CRJ
17,282
0
(Q=610-110-5.AcctsRec5_week4)
Account: ARC Account: ARC - Quick Bolt Coffee Account No. 110-5
Date
May
Description
Ref.
Balance
3,200 DR
3 Repayment
CRJ
Jun
15 Credit sale
SJ
Jun
23
Jun
Credit
31 Balance
Jun
Jun
Debit
q
SJ
3,200 8,970 32760
0 8,970 DR
0
41730 DR
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Jun
3 Repayment
CRJ
3,200
0
Jun
15 Credit sale
SJ
8,970
8,970 DR
Jun
23 Credit sale
SJ
32,760
41,730 DR
(Q=610-110-6.AcctsRec6_week4)
Account: ARC Account: ARC - Jandesh's Hot Spot Account No. 110-6
Date
Description
May
31 Balance
Jun
17 Repayment
Jun
27
Ref.
Debit
Credit
Balance
3,754 DR
q
CRJ SJ
1,600 22770
0
Debit
Credit
2,154 DR 24924 DR
Jun Jun
Feedback
Account: ARC Account: ARC - Jandesh's Hot Spot Account No. 110-6
Date
May
Description
Ref.
Balance
31 Balance
3,754 DR
Jun
17 Repayment
CRJ
Jun
27 Credit sale
SJ
1,600
2,154 DR
22,770
24,924 DR
(Q=610-210-1.AcctsPay1_week4)
Account: APC Account: APC - East Tangiers Cooperative Account No. 210-1
Date
Description
May
31 Balance
Jun
14 Repayment
Jun
17 17 Credit purchase
Jun
24
q
Ref.
Debit
Credit
Balance
3,952 CR C PJ
3,952
PJ C PJ
0 3,700
3700
0
3,700 CR 0
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(Q=610-210-4.AcctsPay4_week4)
Account: APC Account: APC - Dominga Wholes alers Account No. 210-4
Date
May
Description
Ref.
Debit
Credit
Balance
31 Balance
3,893 CR
Jun Jun Jun
Feedback There are no relevant entries in the Dominga Wholesalers ledger for this week.
(Q=610-210-5.AcctsPay5_week4)
Account: APC Account: APC - Croup Coffee Coffe e Account No. 210-5
Date
Description
May
31 Balance
Jun
12 Repayment
Jun
17 17 Credit purchase
Jun
28
Ref.
Debit
Credit
Balance
2,216 CR
q
C PJ
2,216
PJ GJ
0 5,100
2720
0
Debit
Credit
5,100 CR 2380 DR
Jun Jun
Feedback
Account: APC Account: APC - Croup Coffee Coffe e Account No. 210-5
Date
May
Description
Ref.
31 Balance
Jun
12 Repayment
Jun
17 Credit purchase
Balance
2,216 CR CPJ PJ
2,216
0 5 100
5 100 CR
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Feedback There are no relevant entries in the Cash at Bank ledger for this week.
(Q=620-110.AcctsRecControl_week4)
Account: ARC Account: ARC - Accounts Receivable Recei vable Control Account No. 110
Date
Description
May
31 Balance
Jun
21 Sales return from Con' s Coffee
Ref.
Debit
Credit
Balance
29,205 DR GJ
2,970
26,235 DR
Jun Jun Jun
Feedback There are no relevant entries in the Accounts Receivable Control ledger for this week.
(Q=620-120.Inventory_week4)
Account: Inventory Account No. 120
Date
Description
May
31 Balance
Jun
21 Sales return from Con' s Coffee
Jun
28
q
Jun Jun
Feedback
Account: Inventory Account No. 120
Ref.
Debit
Credit
Balance
77,300 DR GJ GJ
1,800 0
79,100 DR 2720
76380 DR
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Feedback
Account: APC Account: APC - Accounts Payable Paya ble Control Account No. 210
Date
Description
Ref.
May
31 Balance
Jun
28 Purchase return to Croup Coffee
Debit
Credit Cr
Balance
42,373 CR GJ
2,720
39,653 CR
(Q=620-400.SalesRevenue_week4)
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=620-402.DiscountRecd_week4)
Account: Discount Received Account No. 402
Date
May Jun Jun Jun
Description
31 Balance
Ref.
Debit
Credit
Balance
0
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Jun
Feedback There are no relevant entries in the Cost of Sales ledger for this week.
(Q=620-516.WagesExpense_week4)
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=620-573.DiscountAllowed_week4)
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.
Balance
0
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Jun
17
Jun
28 28
15
-8 -8
340
340
5100
-2720
4
300
1200
31
340
10540
0
0
0
4
300
1200
0
0
0
23
340
7820
Jun
Jun
Jun
Feedback
Boxes Of Diposable Spoons
Purchases Date
May
Cost of Sales
Balance
Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost ($) ($) ($) ($) ($) ($)
31
15
300
4500
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Jun
21
Jun
26
0
0
0
-9
200
-1800
74
200
14800
68
200
13600
6
200
1200
0
0
0
0
0
0
Jun
Jun
Jun
Feedback
Boxes Of Chocolate Sprinkles
Purchases Date
May
Cost of Sales
Balance
Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost ($) ($) ($) ($) ($) ($)
31
83
200
16600
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Jun
Jun
Jun
Feedback
Large Sacks Of Chocolate Coated Coffee Beans
Purchases Date
May
Jun
Jun
Cost of Sales
Balance
Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost ($) ($) ($) ($) ($) ($)
31
15
27
13
15
35 350
350
4550
5250
28
350
9800
24
400
9600
15
350
5250
24
400
9600
6
400
2400
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Jun
Jun
Feedback
Boxes Of Specialised Cubed Sugar
Purchases Date
Balance
Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost ($) ($) ($) ($) ($) ($)
May
31
Jun
9
13
320
Jun
17
10
370
Jun
Cost of Sales
23
46
320
14720
4160
59
320
18880
3700
59
320
18880
10
370
3700
6
370
2220
59
32 320
18880
4
370
1480
