Transactions - week 1

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Specialty Sports Store Practice Set Being completed by: chapm0n

Transactions - week 1 [feedback page]

This is a feedback page. Please review this page carefully because later pages in this practice set may build on the feedback provided here. When you are ready, click continue. Saving your position. If you want to save this practice set where you are up to and come back to it at a later time, click the bookmark button on this page to save your position and be returned to your home page. To re-enter the practice set at this page at a later time, simply click the link that you originally clicked to access this practice set. 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 should be recorded in the general journal. 2) The following are to be posted to ledger accounts daily: All entries affecting subsidiary ledgers All entries in the Other Accounts column of the cash receipts and cash payments journals All transactions entered into the general journal. 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. Please note that any answers from previous pages carried through onto this page (either on the page or in a popup information page) are the correct answers, not your particular answers. Remember to enter all answers to the nearest whole 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 journals, ledgers and inventory cards: Not all journals, ledgers and inventory cards will be displayed on every page. On this page you can access all journals, ledgers and inventory cards necessary to answer this question. There are several tabs representing different views of the journal, ledgers and inventory cards. The active tab by default is Show All, but you may also select to view just the special journals, the general journal, just the subsidiary ledgers, the general ledger accounts or the inventory cards by selecting the appropriate tab. If you fill in any journal, ledger accounts or inventory cards and change the view on this page by selecting a different tab, the information that you have entered will remain in that journal, ledger or inventory card and be displayed whenever you can see that journal, ledger or inventory card. Journals:

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Additional information
To answer this question you may need the following information: Background information Trial balance Transactions list - week 1 Schedules of accounts payable/receivable

Original information
The information in the above links comes from the 'Overview' and 'Further information' pages at the beginning of the practice set. If you did not print them out, and you would like to refer to them, you may review them below:

Please note that in the journals when you select accounts, Overview you will select the account using a popup link. You cannot type directly into the field. Further information 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 required to select an account for each transaction in the special journals. Specifically, in all special journals, under the column labeled Account, you must select the correct account name for each transaction in order to receive full marks. 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.

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Transactions - week 1

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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 marks, 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 marks, 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 be used to record movements of inventory. 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 the subsidiary ledger account in the Post Ref. column to indicate that you have posted to both accounts. 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 for marking 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 marks. 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 marks, you must 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 this question. Some journals and ledgers may not require any entries for this week. When purchases and sales are recorded in special journals, changes in inventory must not be posted to the Inventory ledger on a daily basis. Inventory cards: Each transaction recorded in the inventory cards must be entered in a pair of lines provided. In order to receive full marks, you must not split up a transaction into more than the two lines given in the inventory card or combine two transactions into the one pair of lines. However, each transaction may need to be recorded in more than one line on the inventory card when the movement in inventory includes items that have two different unit costs. You should use a separate line within the pair of lines for each different unit cost. In particular, you should not combine the total cost of the inventory into one amount. See the inventory cards for May in the Further information popup for an example of how inventory cards are to be completed.

Show All

Special Journals

General Journal

Subsidary Ledgers

General Ledger

Inventory
(Q=301.salesJournalWeek1)

SALES JOURNAL

Date

Account

Invoice No.
(select)

Post Ref.

Accounts Receivable

Cost of Sales

Jun

ARC - Great Sports

601

110-3

5000

3200

Jun

(select)

Jun

(select)

Jun

(select)

Feedback

Solution SALES JOURNAL

Date Jun 5

Account ARC - Great Sports

Invoice No. 601

Post Ref. 110-3

Accounts Receivable 5,000

Cost of Sales 3,200

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Transactions - week 1

http://www.perdisco.com/elms/qsam/html/qsam.aspx

(Q=302.purchasesJournalWeek1)

PURCHASES JOURNAL

Date

Account

Terms

Post Ref.

Accounts Payable

Jun

2 7

APC - J. J. Spud

(select)

net 30 2/10 n/30

210-5 210-1

1980 3960

Jun

APC - Hike

(select)

Jun

(select)

Jun

(select)

Feedback

Solution PURCHASES JOURNAL

Date Jun Jun 2 7

Account APC - J. J. Spud APC - Hike

Terms net 30 2/10, n/30

Post Ref. 210-5 210-1

Accounts Payable 1,980 3,960

(Q=303.cashReceiptsJournalWeek1)

CASH RECEIPTS JOURNAL

Note: In order to receive full marks, for each transaction, you must select an account under the column labelled 'Account', as indicated under the additional instructions above.
DR Date Account Post Ref. Cash at Bank Discount Allowed Sales Revenue CR Accounts Receivable Other Accounts

Cost of Sales

Jun

Cash at bank

(select)

9200

9200

5980

Jun

(select)

Jun

(select)

Jun

(select)

Jun

(select)

Jun

(select)

Feedback

Solution CASH RECEIPTS JOURNAL

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Transactions - week 1

http://www.perdisco.com/elms/qsam/html/qsam.aspx

Date

Account

Post Ref. X

DR Cash at Bank 9,200 Discount Allowed

CR Sales Accounts Other Revenue Receivable Accounts 9,200

Cost of Sales 5,440

Jun

Sales Revenue

(Q=304.cashPaymentsJournalWeek1)

CASH PAYMENTS JOURNAL

Note: In order to receive full marks, for each transaction, you must select an account under the column labelled 'Account', as indicated under the additional instructions above.
DR Date Account Cheque No. Post Ref. Accounts Payable Inventory Wages Expense Other Accounts Cash at Bank CR Discount Received

Jun

2 3 5 6

APC - Good Sports

(select)

412 413 414 415

210-4 X X 210-2

3212 0 0 2224

0 1300 0 0

0 0 2331 0

0 0 0 0

3148 1300 2331 2202

64 0 0 22

Jun

Inventory

(select)

Jun

Wages Expense

(select)

Jun

APC - Sports 'R Us

(select)

Jun

(select)

Jun

(select)

Feedback

Solution CASH PAYMENTS JOURNAL

DR Date Account Cheque No. 412 413 414 415 Post Ref. 210-4 X 220 210-2 2,224 Accounts Other Inventory Wages Payable Expense Accounts 3,212 1,300 1,669 662 Cash at Bank 3,148 1,300 2,331 2,202 22 CR Discount Received 64

Jun Jun Jun Jun

2 3 5 6

APC - Good Sports Inventory Wages Payable APC - Sports 'R Us

(Q=305.generalJournalWeek1)

GENERAL JOURNAL

Date

Account and Explanation

Post Ref.

DR

CR

Jun

(select)

(select)

Jun

(select)

(select)

Jun

(select)

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Transactions - week 1

http://www.perdisco.com/elms/qsam/html/qsam.aspx

(select)

Feedback

Solution
There are no relevant entries in the general journal for this week.

(Q=310-110-3.AcctsRec3_week1)

Account: ARC - Great Sports Account No. 110-3

Date May Jun 31 Balance Description Ref. DR CR Balance 4,997 DR

5 sold 20 extreme helmets SJ

5000

9997 DR

Jun

Jun

Feedback

Solution Account: ARC - Great Sports Account No. 110-3

Date May Jun Description 31 Balance 5 Credit sale SJ 5,000 Ref. DR CR Balance 4,997 DR 9,997 DR

(Q=310-210-1.AcctsPay1_week1)

Account: APC - Hike Account No. 210-1

Date May Jun 31 Balance Description Ref. DR CR Balance 2,364 CR

7 bungee kits

PJ

3960

6324 CR

Jun

Jun

Feedback

Solution Account: APC - Hike Account No. 210-1

Date May Description 31 Balance Ref. DR CR Balance 2,364 CR

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Transactions - week 1

http://www.perdisco.com/elms/qsam/html/qsam.aspx

Jun

Credit purchase

PJ

3,960

6,324 CR

(Q=310-210-2.AcctsPay2_week1)

Account: APC - Sports 'R Us Account No. 210-2

Date May Jun 31 Balance Description Ref. DR CR Balance 2,224 CR

6 paid amount owing

CPJ

2224

Jun

Jun

Feedback

Solution Account: APC - Sports 'R Us Account No. 210-2

Date May Jun Description 31 Balance 6 Repayment CPJ 2,224 Ref. DR CR Balance 2,224 CR 0

(Q=310-210-4.AcctsPay4_week1)

Account: APC - Good Sports Account No. 210-4

Date May Jun 31 Balance Description Ref. DR CR Balance 3,212 CR

2 Paid full amount owing CPJ

3212

Jun

Jun

Feedback

Solution Account: APC - Good Sports Account No. 210-4

Date May Jun Description 31 Balance 2 Repayment CPJ 3,212 Ref. DR CR Balance 3,212 CR 0

(Q=310-210-5.AcctsPay5_week1)

Account: APC - J. J. Spud Account No. 210-5

Date May 31 Balance Description Ref. DR CR Balance 0

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Transactions - week 1

http://www.perdisco.com/elms/qsam/html/qsam.aspx

Jun

2 purchase for 11 extreme helmets PJ

1980

1980 CR

Jun

Jun

Feedback

Solution Account: APC - J. J. Spud Account No. 210-5

Date May Jun Description 31 Balance 2 Credit purchase PJ 1,980 Ref. DR CR Balance 0 1,980 CR

(Q=320-100.CashAtBank_week1)

Account: Cash at bank Account No. 100

Date May Jun 31 Balance Description Ref. DR CR Balance 46,071 DR

Jun

Jun

Feedback

Solution
There are no relevant entries in the Cash at bank ledger for this week.

(Q=320-110.AcctsRecControl_week1)

Account: ARC - Accounts Receivable Control Account No. 110

Date May Jun 31 Balance Description Ref. DR CR Balance 16,174 DR

Jun

Jun

Feedback

Solution
There are no relevant entries in the Accounts Receivable Control ledger for this week.

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Transactions - week 1

http://www.perdisco.com/elms/qsam/html/qsam.aspx

(Q=320-210.AcctsPayControl_week1)

Account: APC - Accounts Payable Control Account No. 210

Date May Jun 31 Balance Description Ref. DR CR Balance 15,206 CR

2 Purchase 11 extreme helmets PJ 3 Purchased some body boards PJ

0 0

1980 1300

17186 CR 18486 CR

Jun

Jun

Feedback

Solution
There are no relevant entries in the Accounts Payable Control ledger for this week.

(Q=320-222.WagesPayable_week1)

Account: Wages Payable Account No. 220

Date May Jun 31 Balance Description Ref. DR CR Balance 662 CR

Jun

Jun

Feedback

Solution Account: Wages Payable Account No. 220

Date May Jun Description 31 Balance 5 Staff wages CPJ 662 Ref. DR CR Balance 662 CR 0

(Q=320-400.SalesRevenue_week1)

Account: Sales Revenue Account No. 400

Date May Jun 31 Balance Description Ref. DR CR Balance 0

5 extreme helmets 5 body board

SJ CRJ

5000 9200

0 0

5000 DR 14200 DR

Jun

Jun

Feedback

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Transactions - week 1

http://www.perdisco.com/elms/qsam/html/qsam.aspx

Solution
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 Jun 31 Balance Description Ref. DR CR Balance 0

2 Good Sports discount CPJ 6 sports r us CPJ

64 22

0 0

64 DR 86 DR

Jun

Jun

Feedback

Solution
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 May Jun 31 Balance Description Ref. DR CR Balance 0

5 extreme helmets 5 body boards

SJ CRJ

0 0

3200 5980

3200 CR 9180 CR

Jun

Jun

Feedback

Solution
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 Jun 31 Balance Description Ref. DR CR Balance 0

5 Staff wages for the week CPJ

2331

2331 DR

Jun

Jun

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Transactions - week 1

http://www.perdisco.com/elms/qsam/html/qsam.aspx

Feedback

Solution
There are no relevant entries in the Wages Expense ledger for this week.

(Q=320-573.DiscountAllowed_week1)

Account: Discount Allowed Account No. 573

Date May Jun 31 Balance Description Ref. DR CR Balance 0

Jun

Jun

Feedback

Solution
There are no relevant entries in the Discount Allowed ledger for this week.

(Q=330.Inventory2_week1)

Body boards
Purchases Date May 31 Units Unit Cost Total Cost Units Cost of Sales Unit Cost Total Cost Units 27 45 Balance Unit Cost 110 130 Total Cost 2970 5850

Jun

10

130

1300

0 0

0 0 0 5980

0 0 0 0

0 55 0 9

0 130 0 130

0 7150 0 1170

Jun

0 46

Jun

Jun

Feedback

Solution Body boards

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Transactions - week 1

http://www.perdisco.com/elms/qsam/html/qsam.aspx

Purchases Date May 31 Units Unit Cost Total Cost

Cost of Sales Units Unit Cost Total Cost

Balance Units Unit Cost Total Cost 27 45 110 130 2970 5850

Jun

10

130

1300

27 55

110 130

2970 7150

Jun

27 19

110 130

2970 2470

36

130

4680

(Q=330.Inventory3_week1)

extreme helmets
Purchases Date May 31 Units Unit Cost Total Cost Units Cost of Sales Unit Cost Total Cost Units 65 Balance Unit Cost 160 Total Cost 10400

Jun

11

180

1980

0 0

0 0 160 0

0 0 3200 0

65 11 45 0

160 180 160 0

10400 1980 7200 0

Jun

20 0

Jun

Jun

Feedback

Solution extreme helmets

Purchases Date Units Unit Cost Total Cost May 31 Units Unit Cost Total Cost Units Unit Cost Total Cost 65 160 10400 Cost of Sales Balance

Jun

11

180

1980

65 11

160 180

10400 1980

Jun

20

160

3200

45 11

160 180

7200 1980

(Q=330.Inventory5_week1)

bungee kits
Purchases Date May 31 Units Unit Cost Total Cost Units Cost of Sales Unit Cost Total Cost Units 41 Balance Unit Cost 260 Total Cost 10660

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Transactions - week 1

http://www.perdisco.com/elms/qsam/html/qsam.aspx

Jun

18

220

3960

0 0

0 0

0 0

41 18

260 220

10660 3960

Jun

Jun

Jun

Feedback

Solution Account: bungee kits

Purchases Date May 31 Units Unit Cost Total Cost Cost of Sales Units Unit Cost Total Cost Balance Units Unit Cost Total Cost 41 260 10660

Jun

18

220

3960

41 18

260 220

10660 3960

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