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Transactions - Week 1
Transactions - Week 1
March 26, 2018 | Author: Dan | Category:
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3/24/2016Transactions week 1 Manual Accounting Practice Set Specialty Sports Store, US GAAP Edition 3 Feedback: Transactions week 1 This is a feedback 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 at the bottom of this page to move on to the next page of your practice set. Your progress Your grading Your grading outcome (still in progress) Points (prior to this page) Points (on this page) Points (after this page) Total Awarded Total 0 0 100 156 − 933 100 1,089 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 Extremely Board, 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 Check No. 424 for $9,900 to pay ZNG Property Group for two month's worth of rent in advance. 1 Obtained a loan of $42,000 from MRMC Bank at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2016 and the principal of the loan is to be repaid on June 1, 2021. 3 Paid the full amount owing to Addax Sports, Check No. 425. 3 Jump Around paid the full amount owing on their account. 4 Paid sales staff wages of $2,300 for the week up to and including yesterday, Check No. 426. Note that $1,131 of this payment relates to the wages expense incurred during the last week of May. 4 Issued Check No. 427 to Office Supplies Warehouse for the purchase of $519 worth of office supplies. 6 Made payment of $719 to State Power for 3 months of electricity up to and including May 31, Check No. 428. 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 http://www.perdisco.com/elms/qsam/html/qsam.aspx 1/12 if the reference number for the control account is 110 and the reference number for the subsidiary ledger account is 1101. Remember to enter all answers to the nearest whole dollar. column. Then. you must not split up the relevant transaction into more than one line in the special journal. some parts of a journal entry are still required to be posted on a daily basis. Instructions for week 1 1) Record all week 1 transactions in the relevant journals. For example. In this practice set. In order to receive full points. not all accounting records (e. View the company's accounting policies and procedures for details of what is to be posted daily or monthly. Note that in the special journals. 2) Post entries recorded in the journals to the appropriate ledger accounts according to the company's accounting policies and procedures. column. some accounting textbooks do not always require a reference to be recorded in the Post Ref. In particular. column. to calculate the cash amount. Note that the relevant totals of the special journals will be posted to the general ledger accounts at the end of the month. we recommend that you click the Show All tab and check that all relevant accounting records have been completed. every transaction entered in a special journal requires an entry in the Post Ref. under the Description column. under the column labeled Account. some accounting textbooks do not always require an account to be chosen under the column labeled Account. you should type '110/1101' into the Post Ref. You will enter this before you prepare the Bank Reconciliation Statement. Note that special journals must be used where applicable. you should enter the reference for both the general ledger account and the subsidiary ledger account in the Post Ref. the information that you have entered will remain in that accounting record and be displayed whenever you can see that accounting record. For each journal. Note that for some transactions. column to indicate that you have posted to both accounts. column for these transactions. However. In this practice set you are required to select an account for each transaction in the special journals. Before submitting your answers. you must record only the letter X in the Post Ref.perdisco. Additional instructions Displaying selected accounting records: To save space.g. the Other Accounts column should not be used to record movements of inventory. Any transaction that cannot be recorded in a special journal should be recorded in the general journal. subtract the discount from the original amount. but you may also select to view just one particular accounting record by selecting the appropriate tab. This is because these transactions are not posted on a daily basis. round the discount to the nearest whole dollar. the post ref is to be recorded as an X. http://www. after you have posted to both ledgers. please type the description of the transaction directly into the field. You are required to complete all relevant accounting records before pressing the Submit answers button. Remember. When calculating a discount. in order to receive full points. Ledgers: When posting a transaction to a ledger account. Specifically.aspx 2/12 . In order to receive full points. General journal entries do NOT require a description of the journal entries. 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. column you will need to correctly type the account number of the account you are posting to. For certain transactions in special journals. However. The active tab by default is Show All. Journals: Each transaction recorded in a special journal must be entered in one line. There are several tabs representing different views of the accounting records. if a discount is not a whole number. it does not matter in an electricity transaction if you type 'Paid for electricity' or 'Paid electricity bill'. journals and ledgers) will be displayed on every page. if the account name selected for a transaction corresponds to the heading of one of the columns in that special journal. you will not be able to return to the page to reenter or alter your answers.com/elms/qsam/html/qsam. There may be entries in the general journal that require posting to both a control account and a subsidiary ledger. in all special journals. In these cases. Once submitted. this will mean that the account name selected will correspond to the heading of one of the columns in that special journal. For example. in the Post Ref. If you fill in any accounting records and change the view on the page by selecting a different tab. you must select the correct account name for each transaction in order to receive full points. on each page you can access all accounting records necessary to answer the questions on that page.3/24/2016 Transactions week 1 transactions in the following sections of this practice set. Note that in special journals. The exact wording does not matter for grading purposes. in special journals. you need to select the correct journal from a list in the dropdown box provided in order to receive full points. Both journals and ledgers: Most journals and ledgers will have blank rows left at the end of the page. under the Ref. Post Ref. In order to receive full points.salesJournalWeek1) SALES JOURNAL Date Account Invoice No. column.aspx 3/12 . Each transaction posted to the subsidiary ledgers must be entered in one line. changes in inventory must not be posted to the Merchandise Inventory account in the general ledger on a daily basis. Accounts Payable Feedback There are no relevant entries in the purchases journal for this week. Accounts Receivable Cost of Goods Sold Jun Jun Jun Jun Feedback There are no relevant entries in the sales journal for this week.perdisco. If the balance of a ledger account is zero you do not need to select a debit or credit from the dropdown box.3/24/2016 Transactions week 1 For each ledger. you must not split up the relevant transaction into more than one line in the subsidiary ledger.com/elms/qsam/html/qsam. http://www. When purchases and sales are recorded in special journals.purchasesJournalWeek1) PURCHASES JOURNAL Date Account Terms Jun Jun Jun Jun Post Ref. Show All Special Journals General Journal Subsidiary Ledgers General Ledger (Q=301. (Q=302. Some journals and ledgers may not require any entries. aspx 4/12 . Since all transactions in this journal affect the Cash account. Post Ref. Account Cash Credit Sales Discounts Sales Revenue Cost of Goods Sold Accounts Other Receivable Accounts 250 42000 0 0 0 42000 0 1105 3373 0 0 3373 0 0 Sales Accounts Other Revenue Receivable Accounts Cost of Goods Sold Jun Jun Jun Jun Feedback CASH RECEIPTS JOURNAL Date Account Jun 1 Bank Loan Payable Jun 3 ARC Jump Around Post Ref.cashReceiptsJournalWeek1) CASH RECEIPTS JOURNAL Note: In order to receive full points. as indicated under the additional instructions above. 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 Sales Discounts Cash 250 42.373 3. 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.perdisco. Since all transactions in this journal affect the Cash account.000 1105 3. Date Account Check No.cashPaymentsJournalWeek1) CASH PAYMENTS JOURNAL Note: In order to receive full points.com/elms/qsam/html/qsam. for each transaction you must select an account under the column labeled 'Account'. as indicated under the additional instructions above.000 42. Date Jun 1 Bank Loan Payable Jun 3 ARC Jump Around Debit Post Ref. Debit Credit Accounts Merchandise Wages Other Payable Inventory Expense Accounts Cash Jun 1 Prepaid Rent 424 140 0 0 0 9900 9900 Jun 3 APC Addax Sports 425 2106 4616 0 0 0 4616 Jun 4 Wages Expense 426 516 0 0 2300 0 2300 http://www.373 (Q=304. for each transaction you must select an account under the column labeled 'Account'.3/24/2016 Transactions week 1 (Q=303. generalJournalWeek1) GENERAL JOURNAL Date Jun Post Ref.169 1.900 9.AcctsRec5_week1) SUBSIDIARY LEDGERS http://www.616 Jun 4 Wages Payable 426 220 1. Account and Explanation 4 Wages Expense Credit 516 1131 0 100 0 1131 4 Cash Debit Jun Jun Feedback There are no relevant entries in the general journal for this week. (Q=3101105.900 Jun 3 APC Addax Sports 425 2106 4.616 4. Debit Credit Accounts Merchandise Wages Other Payable Inventory Expense Accounts Cash Jun 1 Prepaid Rent 424 140 9.131 2.300 Jun 4 Office Supplies 427 130 519 519 Jun 6 Electricity Payable 428 221 719 719 (Q=305.3/24/2016 Transactions week 1 Jun 4 Office Supplies Expense 427 544 0 0 0 519 519 Jun 6 Electricity Expense 428 541 0 0 0 719 719 Jun Feedback CASH PAYMENTS JOURNAL Date Account Check No. Post Ref.aspx 5/12 .perdisco.com/elms/qsam/html/qsam. 373 DR 0 Jun Jun Feedback Account: ARC Jump Around Account No. J.3/24/2016 Transactions week 1 Account: ARC Jump Around Account No.perdisco.373 DR CRJ 3. Spud Account No.AcctsPay6_week1) Account: APC Addax Sports Account No.398 CR Jun Jun Jun Feedback There are no relevant entries in the J.com/elms/qsam/html/qsam. 31 Balance 3 Payment from Addax sports Debit CPJ Credit Balance 4616 0 4.AcctsPay1_week1) Account: APC J. Spud ledger for this week. 31 Balance Jun 3 Debit Payment to Jump around CRJ Credit Balance 0 3373 3. 2106 Date May Jun Description Ref. 3 Repayment Credit 3. 31 Balance Debit Credit Balance 3. (Q=3102106.373 0 (Q=3102101. 1105 Date May Description Ref.aspx 6/12 .616 CR 0 DR Jun Jun http://www. J. 1105 Date Description May Ref. 2101 Date May Balance 31 Balance Jun Debit Description Ref. 3/24/2016 Transactions week 1 Feedback Account: APC Addax Sports Account No.616 0 31 Balance Jun Debit (Q=320100.Cash_week1) GENERAL LEDGER Account: Cash Account No. (Q=320110. 3 Repayment Credit Balance 4.616 CR CPJ 4. 2106 Date Description May Ref.288 DR 27915 DR Jun Jun Feedback There are no relevant entries in the Accounts Receivable Control ledger for this week.aspx (Q=320130.917 DR Jun 6 Cash receipt CRJ 45373 0 117290 DR Jun 6 Cash payment CPJ 0 18054 99236 DR Jun Feedback There are no relevant entries in the Cash ledger for this week. Account: Office Supplies Account No. 31 Balance Jun 3 Payment from Jump Around Debit CRJ Credit Balance 0 3373 31.AcctsRecControl_week1) Account: ARC Accounts Receivable Control Account No. 31 Balance Debit Credit Balance 71. 130 http://www.perdisco. 100 Date May Description Ref. 110 Date May Description Ref.StoreSupplies_week1) 7/12 .com/elms/qsam/html/qsam. PrepaidRent_week1) Account: Prepaid Rent Account No.850 DR Jun Jun Jun Feedback Account: Office Supplies Account No. 31 Balance Jun http://www.523 CR 8/12 . 31 Balance Debit Credit Balance 2.aspx Balance 31 Balance 1 Prepaid rent Debit Debit Credit Balance 44.900 DR (Q=320210.AcctsPayControl_week1) Account: APC Accounts Payable Control Account No. 130 Date Description May Ref. 31 Balance Jun 1 Balance 31 Balance Jun Debit Debit Three month rent CPJ Credit Balance 9900 0 0 9900 DR Jun Jun Feedback Account: Prepaid Rent Account No. 140 Date May Jun Description Ref.369 DR (Q=320140. 4 Cash purchase Credit 2. 210 Date May Description Ref.850 DR CPJ 519 3. 140 Date May Description Ref.com/elms/qsam/html/qsam. Credit 0 CPJ 9.900 9.3/24/2016 Transactions week 1 Date May Description Ref.perdisco. ElectricityPayable_week1) Account: Electricity Payable Account No. (Q=320220. 31 Balance Jun 4 Debit Wage incurred in May CPJ Credit Balance 1131 0 1. 220 Date May Description Ref.131 CR CPJ 1.aspx Ref. 220 Date May Description Ref.3/24/2016 Transactions week 1 Jun Jun Feedback There are no relevant entries in the Accounts Payable Control ledger for this week. Debit Credit Balance 9/12 . 221 Date Description http://www. 4 Paid staff wages Credit 1.131 CR 0 Jun Jun Feedback Account: Wages Payable Account No.WagesPayable_week1) Account: Wages Payable Account No.com/elms/qsam/html/qsam.131 0 (Q=320221.perdisco. 221 Date May Balance 31 Balance Jun Debit Description Ref. 31 Balance Debit Credit Balance 803 CR Jun Jun Jun Feedback Account: Electricity Payable Account No. (Q=320402. 1 Loan from MRMC Bank Credit 0 CRJ 42. 250 Date May Description Ref.LoanPayable_week1) Account: Bank Loan Payable Account No.000 CR (Q=320400. 400 Date May Balance 31 Balance Jun Debit Description Ref.perdisco.aspx Ref.SalesRevenue_week1) Account: Sales Revenue Account No. Debit Credit Balance 0 10/12 .com/elms/qsam/html/qsam. 31 Balance Jun 1 Debit MRMC Bank CRJ Credit Balance 0 42000 0 42000 CR Jun Jun Feedback Account: Bank Loan Payable Account No. 402 Date May Description 31 Balance http://www. 250 Date May Description Ref.3/24/2016 Transactions week 1 May 31 Balance Jun 6 Paid electricity bill 803 CR CPJ 719 84 CR (Q=320250.000 42.SalesDisc_week1) Account: Sales Discounts Account No. 31 Balance Debit Credit Balance 0 Jun Jun Jun Feedback There are no relevant entries in the Sales Revenue ledger for this week. aspx Ref. 516 Date May Description Ref.ElectricityExpense_week1) Account: Electricity Expense Account No.3/24/2016 Transactions week 1 Jun Jun Jun Feedback There are no relevant entries in the Sales Discounts ledger for this week. 541 Date May Description 31 Balance http://www. 500 Date May Description Ref.com/elms/qsam/html/qsam.CostOfSales_week1) Account: Cost of Goods Sold Account No. (Q=320516.perdisco. 31 Balance Jun 4 Debit first week wage CPJ Credit Balance 1169 0 0 1169 DR Jun Jun Feedback There are no relevant entries in the Wages Expense ledger for this week.WagesExpense_week1) Account: Wages Expense Account No. 31 Balance Debit Credit Balance 0 Jun Jun Jun Feedback There are no relevant entries in the Cost of Goods Sold ledger for this week. Debit Credit Balance 0 11/12 . (Q=320500. (Q=320541. 3/24/2016 Transactions week 1 Jun 6 Payment to State Power CPJ 719 0 719 DR Jun Jun Feedback There are no relevant entries in the Electricity Expense ledger for this week.com/elms/qsam/html/qsam.com Terms Of Use | Privacy Policy | Friday. learn thoroughly http://www.perdisco. 2016. v. March 25.aspx 12/12 . Manual Accounting Practice Set Specialty Sports Store. 31 Balance Jun 4 Debit Payment to Office Supplies Warehouse CPJ Credit Balance 519 0 0 519 DR Jun Jun Feedback There are no relevant entries in the Office Supplies Expense ledger for this week.. US GAAP Edition 3 (VSU3q) © 2009 2014 Perdisco / latin /. 544 Date May Description Ref.perdisco. (Q=320544.SuppliesExpense_week1) Account: Office Supplies Expense Account No. 14:11 http://www.
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