6/9/2020 Transactions - week 1

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Manual Accounting Practice Set
The Adrenaline Hut, Australasian Edition 3

Feedback: Transactions - week 1

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Points (after this page) − 918
Total 124 1,050

Completed: 9% (approximately)

Remaining pages will take: up to 17.25 hours

The time frames we provide are a guide only. It may
take you more or less time to complete each step.

Now that you have reviewed information about The Adrenaline Hut, you are ready to begin the first step in the
accounting cycle, recording transactions. On this page of the practice set, you are asked to record transactions that
occurred during the first week of June into the company's journals and post the appropriate entries to the ledger
accounts. The following transactions occurred throughout the first week of June:

Week 1
Date Transaction description
1 Issued Cheque No. 765 for $10,000 to pay Amy Wong Real Estate for two month's worth of rent in advance.
3 Paid the full amount owing to Sports 'R Us, Cheque No. 766.
3 Mick's Sporting Goods paid the full amount owing on their account.
3 Issued Cheque No. 767 to Office Supplies Warehouse for the purchase of $421 worth of office supplies.
4 Paid sales staff wages of $1,727 for the week up to and including yesterday, Cheque No. 768. Note that
$1,143 of this payment relates to the wages expense incurred during the last week of May.
6 Made payment of $808 to State Power for 3 months of electricity up to and including 31 May, Cheque No. 769.

After completing this practice set page, you should know how to record basic transactions in the journals provided below
and understand the posting process in the manual accounting system. Note that you will record the remaining June
transactions in the following sections of this practice set.

Remember, one purpose of using special journals is to make the posting process more efficient by posting the total of
most columns in the special journals after all of the transactions for the period have been recorded. However, some parts
of a journal entry are still required to be posted on a daily basis. View the company's accounting policies and procedures
for details of what is to be posted daily or monthly.

Instructions for week 1

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6/9/2020 Transactions - 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) Post entries recorded in the journals to the appropriate ledger accounts according to the company's accounting
policies and 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.

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 accounting records:

To save space, not all accounting records (e.g. journals and ledgers) will be displayed on every page. However,
on each page you can access all accounting records necessary to answer the questions on that page.
There are several tabs representing different views of the accounting records. The active tab by default is Show
All, but you may also select to view just one particular accounting record by selecting the appropriate tab.
If you fill in any accounting records and change the view on the page by selecting a different tab, the
information that you have entered will remain in that accounting record and be displayed whenever you can see
that accounting record.
Before submitting your answers, we recommend that you click the Show All tab and check that all relevant
accounting records have been completed. You are required to complete all relevant accounting records before
pressing the Submit answers button. Once submitted, you will not be able to return to the page to re-enter or
alter your answers.

Journals:

Each transaction recorded in a special journal must be entered in one line. In order to receive full points,
you must not split up the relevant transaction into more than one line in the special journal.
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 points.
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. 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
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.
Note that in special journals, the Other Accounts column should not be used to record movements of
inventory.
If a cheque number is not required, you need to fill the appropriate input box with an X.
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.
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 grading 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 points.
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 points, 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 the page.

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6/9/2020 Transactions - week 1
Some journals and ledgers may not require any entries.
When purchases and sales are recorded in special journals, the corresponding changes in inventory must not be
posted to the Inventory account in the general ledger on a daily basis.

Show All Special Journals General Journal Subsidiary Ledgers General Ledger

(Q=301.salesJournalWeek1)

SALES JOURNAL

Invoice Post Accounts Cost of

Date Account
No. Ref. Receivable Sales

Jun

Jun

Jun

Jun

Feedback

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

(Q=302.purchasesJournalWeek1)

PURCHASES JOURNAL

Post Accounts
Date Account Terms
Ref. Payable

Jun

Jun

Jun

Jun

Feedback

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

(Q=303.cashReceiptsJournalWeek1)

CASH RECEIPTS JOURNAL

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.

Debit Credit
Post Cost of
Date Account Ref. Cash at Discount Sales Accounts Other Sales
Bank Allowed Revenue Receivable Accounts

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6/9/2020 Transactions - week 1
Jun 3 ARC - Mick's Sporting Go 110- 2674 0 0 2674 0 0

Jun

Jun

Jun

Jun

Jun

Feedback

CASH RECEIPTS JOURNAL

Debit Credit
Post Cost of
Date Account Ref. Cash at Discount Sales Accounts Other Sales
Bank Allowed Revenue Receivable Accounts

Jun 3 ARC - Mick's Sporting Goods 110-5 2,674 2,674

(Q=304.cashPaymentsJournalWeek1)

CASH PAYMENTS JOURNAL

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.

Debit Credit
Cheque Post
Date Account No. Ref. Accounts Wages Other Cash at Discount
Inventory
Payable Expense Accounts Bank Received

Jun 1 Prepaid Rent 765 140 0 0 0 10000 10000 0

Jun 3 APC - Sports 'R Us 766 210- 4444 0 0 0 4444 0

Jun 3 Office Supplies 767 130 0 0 0 421 421 0

Jun 4 Wages Payable 768 220 0 0 584 1143 1727 0

Jun 6 Electricity Payable 769 221 0 0 0 808 808 0

Jun

Feedback

CASH PAYMENTS JOURNAL

Debit Credit
Cheque Post
Date Account No. Ref. Accounts Wages Other Cash at Discount
Inventory
Payable Expense Accounts Bank Received

Jun 1 Prepaid Rent 765 140 10,000 10,000

Jun 3 APC - Sports 'R Us 766 210-6 4,444 4,444

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Jun 3 Office Supplies 767 130 421 421
Jun 4 Wages Payable 768 220 584 1,143 1,727
Jun 6 Electricity Payable 769 221 808 808

(Q=305.generalJournalWeek1)

GENERAL JOURNAL

Post
Date Account and Explanation Debit Credit
Ref.

Jun

Jun

Jun

Feedback

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

(Q=310-110-5.AcctsRec5_week1)

SUBSIDIARY LEDGERS
Account: ARC - Mick's Sporting Goods
Account No. 110-5

Date Description Ref. Debit Credit Balance

May 31 Balance 2,674 DR

Jun 3 Received full amoun CRJ 0 2674 0

Jun

Jun

Feedback

Account: ARC - Mick's Sporting Goods

Account No. 110-5

Date Description Ref. Debit Credit Balance

May 31 Balance 2,674 DR
Jun 3 Repayment CRJ 2,674 0

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(Q=310-210-1.AcctsPay1_week1)
Account: APC - Sport Borders
Account No. 210-1

Date Description Ref. Debit Credit Balance

May 31 Balance 2,096 CR

Jun

Jun

Jun

Feedback

There are no relevant entries in the Sport Borders ledger for this week.

(Q=310-210-6.AcctsPay6_week1)
Account: APC - Sports 'R Us
Account No. 210-6

Date Description Ref. Debit Credit Balance

May 31 Balance 4,444 CR

Jun 3 Paid full amount ow CPJ 4444 0 0

Jun

Jun

Feedback

Account: APC - Sports 'R Us

Account No. 210-6

Date Description Ref. Debit Credit Balance

May 31 Balance 4,444 CR
Jun 3 Repayment CPJ 4,444 0

(Q=320-100.CashAtBank_week1)

GENERAL LEDGER
Account: Cash at Bank
Account No. 100

Date Description Ref. Debit Credit Balance

May 31 Balance 71,127 DR

Jun

Jun

Jun

Feedback
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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 Description Ref. Debit Credit Balance

May 31 Balance 31,708 DR

Jun

Jun

Jun

Feedback

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

(Q=320-130.StoreSupplies_week1)
Account: Office Supplies
Account No. 130

Date Description Ref. Debit Credit Balance

May 31 Balance 297 DR

Jun 3 Purchased office su GJ 421 0 718 DR

Jun

Jun

Feedback

Account: Office Supplies

Account No. 130

Date Description Ref. Debit Credit Balance

May 31 Balance 297 DR
Jun 3 Cash purchase CPJ 421 718 DR

(Q=320-140.PrepaidRent_week1)
Account: Prepaid Rent
Account No. 140

Date Description Ref. Debit Credit Balance

May 31 Balance 0

Jun 1 Paid 2 months adva CPJ 10000 0 10000 DR

Jun

Jun

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Feedback

Account: Prepaid Rent

Account No. 140

Date Description Ref. Debit Credit Balance

May 31 Balance 0
Jun 1 Prepaid rent CPJ 10,000 10,000 DR

(Q=320-210.AcctsPayControl_week1)
Account: APC - Accounts Payable Control
Account No. 210

Date Description Ref. Debit Credit Balance

May 31 Balance 45,904 CR

Jun

Jun

Jun

Feedback

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

(Q=320-220.WagesPayable_week1)
Account: Wages Payable
Account No. 220

Date Description Ref. Debit Credit Balance

May 31 Balance 1,143 CR

Jun 4 Paid wages payable CPJ 1143 0 0

Jun

Jun

Feedback

Account: Wages Payable

Account No. 220

Date Description Ref. Debit Credit Balance

May 31 Balance 1,143 CR
Jun 4 Paid staff wages CPJ 1,143 0

(Q=320-221.ElectricityPayable_week1)
Account: Electricity Payable
Account No. 221

Date Description Ref. Debit Credit Balance

May 31 Balance 895 CR
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6/9/2020 Transactions - week 1

Jun 6 Paid electricity bill fo CPJ 808 0 87 CR

Jun

Jun

Feedback

Account: Electricity Payable

Account No. 221

Date Description Ref. Debit Credit Balance

May 31 Balance 895 CR
Jun 6 Paid electricity bill CPJ 808 87 CR

(Q=320-400.SalesRevenue_week1)
Account: Sales Revenue
Account No. 400

Date Description Ref. Debit Credit Balance

May 31 Balance 0

Jun

Jun

Jun

Feedback

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 Description Ref. Debit Credit Balance

May 31 Balance 0

Jun

Jun

Jun

Feedback

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 Description Ref. Debit Credit Balance

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6/9/2020 Transactions - week 1
May 31 Balance 0

Jun

Jun

Jun

Feedback

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 Description Ref. Debit Credit Balance

May 31 Balance 0

Jun

Jun

Jun

Feedback

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

(Q=320-541.ElectricityExpense_week1)
Account: Electricity Expense
Account No. 541

Date Description Ref. Debit Credit Balance

May 31 Balance 0

Jun

Jun

Jun

Feedback

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

(Q=320-544.SuppliesExpense_week1)
Account: Office Supplies Expense
Account No. 544

Date Description Ref. Debit Credit Balance

May 31 Balance 0

Jun

Jun

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6/9/2020 Transactions - week 1
Jun

Feedback

There are no relevant entries in the Office Supplies Expense ledger for this week.

(Q=320-573.DiscountAllowed_week1)
Account: Discount Allowed
Account No. 573

Date Description Ref. Debit Credit Balance

May 31 Balance 0

Jun

Jun

Jun

Feedback

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

Manual Accounting Practice Set

The Adrenaline Hut, Australasian Edition 3 (VSA3q)
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