Transactions - Week 1 Feedback PDF

10/16/2017 Transactions - week 1
ow that you have reviewed information about Cover 2 Cover, 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 Obtained a loan of $54,000 from ZNZ Bank at a simple interest rate of 6% per year. The first interest payment
is due at the end of August 2017 and the principal of the loan is to be repaid on June 1, 2021.
2 Purchased 15 boxes of copies of The idiot's Guide to Writing Books for Dummies from Polar Bear Books for
$340 each, terms net 30.
2 Purchased 17 boxes of copies of Accidental Accountant from Peachson for $280 each, terms 2/10, n/30
3 Purchased 22 boxes of copies of The Ending Story with cash for $240 each, Check No. 658.
5 Sold 15 boxes of copies of The idiot's Guide to Writing Books for Dummies to Cliff's Notes for $580 each, plus
5% sales tax, Invoice No. 385.
5 Made cash sale of 47 boxes of copies of The Ending Story for $480 each plus 5% sales tax.
6 Paid the full amount owing to Bookheamoth, Check No. 659. Payment fell outside discount period.
6 Paid sales staff wages of $3,794 for the week up to and including yesterday, Check No. 660. Note that $2,000
of this payment relates to the wages expense incurred during the last week of May.
7 Paid the full amount owing to Albatross, Check No. 661. Payment fell outside discount period.
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
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 before you prepare the Bank Reconciliation Statement.
3) Update inventory cards on a daily basis.
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:
https://www.perdisco.com/elms/qsam/html/qsam.aspx 1/14
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 mustselect 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.
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 this question.
Some journals and ledgers may not require any entries for this week.
When purchases and sales are recorded in special journals, the corresponding changes in inventory must not be
posted to the Merchandise Inventory account in the general ledger on a daily basis.
Inventory cards:
Each transaction recorded in the inventory cards must be entered in a pair of lines provided. You may be
required to record a transaction in a single line or two separate lines within the pair of lines provided. Whether
one or two lines are required depends on the unit costs of the items involved in that transaction. If a transaction
involves items with the same unit cost, you must record that transaction in a single line. Alternatively, if those
items have two different unit costs, you are required to use a separate line within the pair of lines provided for
each different unit cost.
In order to receive full points, you must not combine two transactions into the one pair of lines. See the
Inventory cards ~ May popup below the 'Information from previous pages' heading for an example of how
inventory cards are to be completed.
Note that 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.
If you want to print this page, please read and follow the special printing information to ensure you can print the
special journals in full.
Show All Special Journals General Journal Subsidiary Ledgers General Ledger Inventory
(Q=301.salesJournalWeek1)
SALES JOURNAL
Date Account Invoice Post Accounts Sales Tax Sales Cost of

No. Ref. Receivable Revenue Goods
Sold
Jun 5 ARC - Cliff's Notes (select) 385 110-3 9135 435 8700 4500
Jun (select)
Jun (select)
Jun (select)
- Feedback
SALES JOURNAL
Cost of
Invoice Post Accounts Sales
Date Account Sales Tax Goods
No. Ref. Receivable Revenue
Sold
Jun 5 ARC - Cliff's Notes 385 110-3 9,135 435 8,700 4,500
(Q=302.purchasesJournalWeek1)
PURCHASES JOURNAL
Post Accounts
Date Account Terms
Ref. Payable
Jun 2 APC - Polar Bear Books (select) net 30 210-3 5100
Jun 2 APC - Peachson (select) 2/10 n/30 210-1 4760
Jun (select)
Jun (select)
- Feedback
PURCHASES JOURNAL
Post Accounts
Date Account Terms
Ref. Payable
Jun 2 APC - Polar Bear Books net 30 210-3 5,100
Jun 2 APC - Peachson 2/10, n/30 210-1 4,760
(Q=303.cashReceiptsJournalWeek1)
CASH RECEIPTS JOURNAL

Note: In order to receive full points, for each transaction you must select an account under the column labeled
'Account', as indicated under the additional instructions above. Since all transactions in this journal affect the Cash
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 Cost of

Post
Date Account Ref. Sales Sales Accounts Other
Goods
Cash Sold
Revenue Tax Receivable Accounts
Jun 1 Bank Loan Payable (select) 250 54000 0 0 0 54000 0
Jun 5 Sales Revenue (select) X 23688 22560 1128 0 0 9400
Jun (select)
Jun (select)
Jun (select)
Jun (select)
- Feedback
CASH RECEIPTS JOURNAL
Debit Credit Cost of

Post
Date Account Ref. Sales Sales Accounts Other
Goods
Cash Sold
Revenue Tax Receivable Accounts
Jun 1 Bank Loan Payable 250 54,000 54,000

Jun 5 Sales Revenue X 23,688 22,560 1,128 9,400
(Q=304.cashPaymentsJournalWeek1)
CASH PAYMENTS JOURNAL

Note: In order to receive full points, for each transaction you must select an account under the column labeled
'Account', as indicated under the additional instructions above. Since all transactions in this journal affect the Cash
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
Check Post
Date Account No. Ref. Accounts Merchandise Wages Other
Cash
Payable Inventory Expense Accounts
Jun 3 Merchandise Inventory (select) 658 X 0 5280 0 0 5280
Jun 6 APC - Bookheamoth (select) 659 210-4 8800 0 0 0 8800
Jun 6 Wages Payable (select) 660 220 0 0 1794 2000 3794
Jun 7 APC - Albatross (select) 661 210-2 7400 0 0 0 7400
Jun (select)
Jun (select)
- Feedback
CASH PAYMENTS JOURNAL
Debit Credit
Check Post
Date Account No. Ref. Accounts Merchandise Wages Other
Cash
Payable Inventory Expense Accounts
Jun 3 Merchandise Inventory 658 X 5,280 5,280

Jun 6 APC - Bookheamoth 659 210-4 8,800 8,800
Jun 6 Wages Payable 660 220 1,794 2,000 3,794
Jun 7 APC - Albatross 661 210-2 7,400 7,400
(Q=305.generalJournalWeek1)
GENERAL JOURNAL
Post
Date Account and Explanation Debit Credit
Ref.
Jun (select)
(select)
Jun (select)
(select)
Jun (select)
(select)
- Feedback
There are no relevant entries in the general journal for this week.
(Q=310-110-3.AcctsRec3_week1)
SUBSIDIARY LEDGERS
Account: ARC - Cliff's Notes
Account No. 110-3
Date Description Ref. Debit Credit Balance

May 31 Balance 47,655 DR
Jun 5 Sale SJ 9135 0 56790 DR
Jun
Jun
- Feedback
Account: ARC - Cliff's Notes

Account No. 110-3

Jun 5 Credit sale SJ 9,135 56,790 DR
(Q=310-210-1.AcctsPay1_week1)
Account: APC - Peachson
Account No. 210-1

May 31 Balance 5,844 CR
Jun 2 Purchase PJ 0 4760 10604 CR
Jun
Jun
- Feedback
Account: APC - Peachson

Account No. 210-1

Jun 2 Credit purchase PJ 4,760 10,604 CR
Account: APC - Albatross
Account No. 210-2

Jun 7 Paid in full CPJ 7400 0 0
Jun
Jun
- Feedback
Account: APC - Albatross

Account No. 210-2

Jun 7 Repayment CPJ 7,400 0
Account: APC - Polar Bear Books
Account No. 210-3

Jun 2 Purchases PJ 0 5100 53285 CR
Jun
Jun
- Feedback
Account: APC - Polar Bear Books

Account No. 210-3

Jun 2 Credit purchase PJ 5,100 53,285 CR
Account: APC - Bookheamoth
Account No. 210-4

Jun 6 Paid in full CPJ 8800 0 0
Jun
Jun
- Feedback
Account: APC - Bookheamoth

Account No. 210-4

Jun 6 Repayment CPJ 8,800 0
(Q=320-100.Cash_week1)
GENERAL LEDGER
Account: Cash
Account No. 100

Jun
Jun
Jun
- Feedback
There are no relevant entries in the Cash ledger for this week.
(Q=320-110.AcctsRecControl_week1)
Account: ARC - Accounts Receivable Control
Account No. 110

Jun
Jun
Jun
- Feedback
There are no relevant entries in the Accounts Receivable Control ledger for this week.
(Q=320-120.Inventory_week1)
Account: Merchandise Inventory
Account No. 120

Jun
Jun
Jun
- Feedback
There are no relevant entries in the Merchandise Inventory ledger for this week.
(Q=320-210.AcctsPayControl_week1)
Account: APC - Accounts Payable Control
Account No. 210

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

Jun 6 Staff wages CPJ 2000 0 0
Jun
Jun
- Feedback
Account: Wages Payable

Account No. 220

Jun 6 Staff wages CPJ 2,000 0
(Q=320-240.TaxCollected_week1)
Account: Sales Tax Payable
Account No. 240

Jun
Jun
Jun
- Feedback
There are no relevant entries in the Sales Tax Payable ledger for this week.
(Q=320-250.LoanPayable_week1)
Account: Bank Loan Payable
Account No. 250

May 31 Balance 0
Jun 1 ZNZ Bank Loan CRJ 0 54000 54000 CR
Jun
Jun
- Feedback
Account: Bank Loan Payable

Account No. 250

May 31 Balance 0
Jun 1 Loan from ZNZ Bank CRJ 54,000 54,000 CR
(Q=320-400.SalesRevenue_week1)
Account: Sales Revenue
Account No. 400

May 31 Balance 0
Jun
Jun
Jun
- Feedback
There are no relevant entries in the Sales Revenue ledger for this week.
(Q=320-500.CostOfSales_week1)
Account: Cost of Goods Sold
Account No. 500

May 31 Balance 0
Jun
Jun
Jun
- Feedback
There are no relevant entries in the Cost of Goods Sold ledger for this week.
(Q=320-516.WagesExpense_week1)
Account: Wages Expense
Account No. 516

May 31 Balance 0
Jun
Jun
Jun
- Feedback
There are no relevant entries in the Wages Expense ledger for this week.
(Q=330.Inventory2_week1)
INVENTORY CARDS
Boxes Of Copies Of The Ending Story
Purchases Cost of Goods Sold Balance

Date Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost
($) ($) ($) ($) ($) ($)
May 31 47 200 9400
115 240 27600
Jun 3 22 240 5280 0 0 0 47 200 9400
0 0 0 137 240 32880
Jun 5 0 0 0 47 200 9400 137 240 32880
0 0 0 0 0 0
Jun
Jun
- Feedback
Boxes Of Copies Of The Ending Story
Date Units Unit Total Units Units

Unit Cost Total Cost Unit Cost Total Cost
Cost Cost
($) ($) ($) ($)
($) ($)
May 31 47 200 9400
115 240 27600
Jun 3 22 240 5280 47 200 9400

137 240 32880
Jun 5 47 200 9400 137 240 32880
Boxes Of Copies Of The Idiot'S Guide To Writing Books For Dummies

($) ($) ($) ($) ($) ($)
May 31 133 300 39900
Jun 2 15 340 5100 0 0 0 133 300 39900
0 0 0 15 340 5100
Jun 5 0 0 0 15 300 4500 118 300 35400
0 0 0 15 340 5100
Jun
Jun
- Feedback
Boxes Of Copies Of The Idiot'S Guide To Writing Books For Dummies

Cost Cost
($) ($) ($) ($)
($) ($)
May 31 133 300 39900
Jun 2 15 340 5100 133 300 39900

15 340 5100
Jun 5 15 300 4500 118 300 35400

15 340 5100
Boxes Of Copies Of Accidental Accountant

($) ($) ($) ($) ($) ($)
May 31 105 240 25200
Jun 2 17 280 4760 0 0 0 105 240 25200
0 0 0 17 280 4760
Jun
Jun
Jun
- Feedback
Boxes Of Copies Of Accidental Accountant

Cost Cost
($) ($) ($) ($)
($) ($)
May 31 105 240 25200
Jun 2 17 280 4760 105 240 25200

17 280 4760
Continue
Manual Accounting Practice Set

Cover 2 Cover, US GAAP Edition 3 (VTU3q)
2009 - 2014 Perdisco / latin /. v., learn thoroughly
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10/16/2017 Transactions - week 1

Instructions for week 1

1) Record all week 1 transactions in the relevant journals.

3) Update inventory cards on a daily basis.

Displaying selected accounting records:

Both journals and ledgers:

Date Account Invoice Post Accounts Sales Tax Sales Cost of

Jun 2 APC - Polar Bear Books (select) net 30 210-3 5100

Jun 2 APC - Peachson (select) 2/10 n/30 210-1 4760

CASH RECEIPTS JOURNAL

Debit Credit Cost of

Jun 1 Bank Loan Payable (select) 250 54000 0 0 0 54000 0

Jun 5 Sales Revenue (select) X 23688 22560 1128 0 0 9400

CASH RECEIPTS JOURNAL

Debit Credit Cost of

Jun 1 Bank Loan Payable 250 54,000 54,000

CASH PAYMENTS JOURNAL

Jun 3 Merchandise Inventory (select) 658 X 0 5280 0 0 5280

Jun 6 APC - Bookheamoth (select) 659 210-4 8800 0 0 0 8800

Jun 6 Wages Payable (select) 660 220 0 0 1794 2000 3794

Jun 7 APC - Albatross (select) 661 210-2 7400 0 0 0 7400

CASH PAYMENTS JOURNAL

Jun 3 Merchandise Inventory 658 X 5,280 5,280

Date Description Ref. Debit Credit Balance

Jun 5 Sale SJ 9135 0 56790 DR

Account: ARC - Cliff's Notes

Date Description Ref. Debit Credit Balance

Date Description Ref. Debit Credit Balance

Jun 2 Purchase PJ 0 4760 10604 CR

Account: APC - Peachson

Date Description Ref. Debit Credit Balance

Date Description Ref. Debit Credit Balance

Jun 7 Paid in full CPJ 7400 0 0

Account: APC - Albatross

Date Description Ref. Debit Credit Balance

Date Description Ref. Debit Credit Balance

Jun 2 Purchases PJ 0 5100 53285 CR

Account: APC - Polar Bear Books

Date Description Ref. Debit Credit Balance

Date Description Ref. Debit Credit Balance

Jun 6 Paid in full CPJ 8800 0 0

Account: APC - Bookheamoth

Date Description Ref. Debit Credit Balance

Date Description Ref. Debit Credit Balance

Date Description Ref. Debit Credit Balance

Date Description Ref. Debit Credit Balance

Date Description Ref. Debit Credit Balance

Date Description Ref. Debit Credit Balance

Jun 6 Staff wages CPJ 2000 0 0

Account: Wages Payable

Date Description Ref. Debit Credit Balance

Date Description Ref. Debit Credit Balance

Date Description Ref. Debit Credit Balance

Jun 1 ZNZ Bank Loan CRJ 0 54000 54000 CR

Account: Bank Loan Payable

Date Description Ref. Debit Credit Balance

Date Description Ref. Debit Credit Balance

Date Description Ref. Debit Credit Balance

Date Description Ref. Debit Credit Balance

Purchases Cost of Goods Sold Balance

Jun 3 22 240 5280 0 0 0 47 200 9400

0 0 0 137 240 32880

Jun 5 0 0 0 47 200 9400 137 240 32880