https://myassignmentguru.com Manual Accounting Practice Set Glorious Pants, Australasian Edition 3
Feedback: Transactions - week 5 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:
472
472
45
45
−
533
517 1,050
41% (appr oximately) oximately)
Remaining pages will take: up to 11.25 11.25 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 required to enter transactions that occurred during the final week week of June into the company's books. The following transactions occurred throughout the last week of June:
Week 5 Date Transaction Transaction description 29 Made cash sale of 23 boxes of Diposable Spoons Spoons for $560 each. 30 Received Receiv ed 14 boxes of Specialis ed Cubed Sugar for $370 each, which whic h were ordere ordered d on the 22nd. Agreed terms with Dominga Wholesalers are 2/10, n/30. 30 KavaJava KavaJav a paid the full amount amount owing on their acc account. ount. 30 Purchased 18 packs of Coffee Coff ee Syrups with wit h cash for a list price of $200 each. A trade discount of 20% applies, applies, Cheque No. 630. 30 Paid monthly monthly salary of $5,300 $5,300 to Imogen Compton, Cheque No. 631. Instructions for week 5 1) Record all week 5 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 functionality
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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. 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=701.salesJournalWeek5)
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
32,760
20,360
Jun
27 ARC - Jandesh's Hot Spot
334
110-6
22,770
12,450
Jun Jun Jun Jun
Feedback There are no relevant entries in the sales journal for this week.
(Q=702.purchasesJournalWeek5)
PURCHASES JOURNAL Date
Jun
Account
9 APC - Brazil Imports Group
Jun
17 APC - East Tangiers Cooperative
Jun
17 APC - Croup Coffee
Jun
D ominga a Whole W holesalers salers 30 APC - Doming
Jun Jun
Terms
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
210-4
5180
2/10 n/30
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Date
Jun
Account
Terms
9 APC - Brazil Imports Group
Post Account Accounts s Ref. Payable
net 30 210-6
4,160
Jun Jun 17 APC - East East Tangi angier ers s Coop Cooper era ative 2/10 2/10,, n/30 n/30 210 210-1
3,70 3,700 0
Jun 17 APC - Croup Coffee
net 30 210-5
5,100
2/10 /10, n/30 /30 210-4
5,18 ,180
Jun 30 30 APC APC - Domi Domin nga Who Wholes lesaler lers
(Q=703.cashReceiptsJournalWeek5)
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
Debit Cash at Bank
110-5
3,200
110-1
2,250
X
6,160
110-6
1,600
X
12,960
110-3
17,282
Credit
Discount Allowed
Sales Revenue
Accou nts Other Receivable Accou nts
Cost of Sales
3,200
Jun
10 ARC - Revamp Coffee Carts
250
2,500
Jun
12 Sales Revenue
Jun
17 ARC - Jandesh' s Hot Spot
Jun
19 Sales Revenue
Jun
22 ARC - Con' s Coffee
Jun
26 Sales Revenue
X
22,440
Jun
29 Sales Revenue
X
12880
0
12880
0
0
7660
Jun
K avaJava 30 ARC - KavaJava
110-4
3283
0
0
3283
0
0
6,160
3,300 1,600
12,960
8,840 17,282
22,440
13,600
Jun Jun Jun Jun
Feedback
CASH RECEIPTS JOURNAL Date
Jun
Account
3 ARC - Quick Bolt Coffee
Jun 10 ARC - Revamp Coffee Carts
Post Ref.
Debit
Credit
Cash at Discount Sales Accou nts Other Bank Allowed Revenue Receivable Accou nts
110-5
3,200
110-1
2,250
3,200 250
2,500
Cost of Sales
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Jun 30 ARC - KavaJava
110-4
3,283
3,283
(Q=704.cashPaymentsJournalWeek5)
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
24 APC - East Tangiers Cooperative
628
210-1
Jun
25 Wages Expense
629
X
Jun
30 Inventory
630
X
0
2880
0
0
2880
0
Jun
30 Salary Expense
631
545
0
0
0
5300
5300
0
1,845
29
1,845
1,856
1,856
3,700
3,626 2,019
74
2,019
Jun Jun Jun Jun
Feedback
CASH PAYMENTS JOURNAL Debit Date
Jun
Account
1 Prepaid Rent
Cheque No.
618
Credit
Post Ref. Accou nts Wages Other Inventory Payable Expense Accou nts
140
8,200
Cash Discount at Received Bank
8,200
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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 APC - East Tangiers Cooperative
628 210-1
Jun 25 Wages Expense
629
X
Jun 30 Inventory
630
X
Jun 30 Salary Expense
631
545
X
1,856
1,856
3,700
3,626 2,019
74
2,019
2,880
2,880 5,300
5,300
(Q=705.generalJournalWeek5)
GENERAL JOURNAL Datte Da
Acc Ac count and Ex Exp pla lan natio ion n
Jun
21 Sales Returns and Allowances
Jun
21 21
ARC - Con's Coffee
Post Ref.
401
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
28 APC - Croup Coffee
Jun
28
Inventory
210/210-5 120
(purchase return)
Jun
Jun
Jun
Feedback There are no relevant entries in the general journal for this week.
2,720 2,720
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May
31 Balance
Jun
30
3,283 DR
q
CRJ
0
3283
0
Debit
Credit
Balance
Jun Jun
Feedback
Account: ARC Account: ARC - KavaJava KavaJ ava Account No. 110-4
Date
Description
May
31 Balance
Jun
30 Repayment
Ref.
3,283 DR CRJ
3,283
0
(Q=710-210-4.AcctsPay4_week5)
Account: APC Account: APC - Dominga Wholes alers Account No. 210-4
Date
Description
May
31 Balance
Jun
30
Ref.
Debit
Credit
Balance
3,893 CR
q
PJ
0
51 5180
9073 CR
Debit
Credit
Balance
Jun Jun
Feedback
Account: APC Account: APC - Dominga Wholes alers Account No. 210-4
Date
Description
May
31 Balance
Jun
30 Credit purchase
Ref.
3,893 CR PJ
5,180
9,073 CR
(Q=720-100.CashAtBank_week5)
GENERAL LEDGER Account: Cash at Bank Account No. 100
Date
May Jun
Description
31 Balance
Ref.
Debit
Credit
Balance
66,035 DR
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There are no relevant entries in the Cash at Bank ledger for this week.
(Q=720-110-0.ARControl_week5)
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 Jun
Feedback There are no relevant entries in the Accounts Receivable Control ledger for this week.
(Q=720-210-0.APControl_week5)
Account: APC Account: APC - Acco Accounts unts Payabl e Control Account No. 210
Date
Description
May
31 Balance
Jun
28 Purchase return to Croup Coffee
Ref.
Debit
C redit
Balance
42,373 CR GJ
2,720
Jun Jun Jun Jun
Feedback There are no relevant entries in the Accounts Payable Control ledger for this week.
39,653 CR
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(Q=720-402.DiscountReceived_week5)
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=720-500.CostOfSales_week5)
Account: Cost of Sales Account No. 500
Date
Description
May
31 Balance
Jun
21 Sales return from Con' s Coffee
Ref.
Debit
Credit
Balance
0 GJ
1,800
1,800 CR
Jun Jun Jun
Feedback There are no relevant entries in the Cost of Sales ledger for this week.
(Q=720-516.WagesExpense_week5)
Account: Wages Expense Account No. 516
Date
Description
Ref
Debit
Credit
Balance
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May
31 Balance
Jun
30
0
q
C PJ
5300
0
Debit
Credit
5300 DR
Jun Jun
Feedback
Account: Salary Expense Account No. 545
Date
Description
May
31 Balance
Jun
30 Owner salary
Ref.
Balance
0 C PJ
5,300
5,300 DR
(Q=720-573.DiscountAllowed_week5)
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=730.Inventory1_week5)
INVENTORY CARDS Boxes Of Diposable Spoons
Purchases
Cost of Sales
Balance
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Jun
29 29
0
0
0
4
300
1200
4
340
1360
19
340
6460
0
0
0
Jun
Jun
Jun
Feedback
Boxes Of Diposable Spoons
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 ($) ($) ($) ($) ($) ($)
31
12
17
28
11
15
-8
340
340
5100
-2720
300
3300
15
300
4500
16
340
5440
4
300
1200
16
340
5440
4
300
1200
31
340
10540
4
300
1200
23
340
7820
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Jun
19
Jun
30
18
160
2880
20
192
3840
39
200
7800
25
200
5000
0
0
0
39
200
7800
0
0
0
18
160
2880
Jun
Jun
Jun
Feedback
Packs Of Coffee Syrups
Purchases Date
May
Jun
Jun
Cost of Sales
Balance
Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost ($) ($) ($) ($) ($) ($)
31
19
30
18
160
2880
20
19 192
3840
25
200
5000
20
192
3840
64
200
12800
39
200
7800
39
200
7800
18
160
2880
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Jun
23
Jun
30
14
370
5180
59
320
18880
6
370
2220
4
370
1480
0
0
0
20
370
7400
0
0
0
0
0
0
Jun
Jun
Jun
Feedback
Boxes Of Specialised Cubed Sugar
Purchases Date
May
Cost of Sales
Balance
Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost ($) ($) ($) ($) ($) ($)
31
46
320
14720
