Transactions - Wesaek 1

14/05/2015
Transactionsweek1
ManualAccountingPracticeSet
Cover2Cover,AustralasianEdition3
Feedback:Transactionsweek1
Thisisafeedbackpage.Pleasereviewthispagecarefullybecauselaterpagesinthispracticesetbuildonthefeedbackprovided
here.Afteryouhavereviewedyourfeedbackpage,clickContinueatthebottomofthispagetomoveontothenextpageofyour
practiceset.
Yourprogress
Yourgrading
Yourgradingoutcome(stillinprogress)
Points(priortothispage)
Points(onthispage)
Points(afterthispage)
Total
Awarded Total
0
132
238
1,043
132 1,281
Completed:
14%(approximately)
Remainingpageswilltake: upto18hours
Thetimeframesweprovideareaguideonly.Itmay
takeyoumoreorlesstimetocompleteeachstep.
NowthatyouhavereviewedinformationaboutCover2Cover,youarereadytobeginthefirststepintheaccountingcycle,recording
transactions.Onthispageofthepracticeset,youareaskedtorecordtransactionsthatoccurredduringthefirstweekofJuneinto
thecompany'sjournalsandposttheappropriateentriestotheledgeraccounts.Thefollowingtransactionsoccurredthroughoutthe
firstweekofJune:
Week1
Date Transactiondescription
1
Purchased13boxesofcopiesofBarryPlotterandtheProfitsofRevaluedLandfromPeachsonfor$418each,terms2/10,
n/30
1
PaidthefullamountowingtoBookedInn,ChequeNo.838.Paymentfellwithindiscountperiod.
2
PaidthefullamountowingtoStompson,ChequeNo.839.Paymentfellwithindiscountperiod.
3
Purchased13boxesofcopiesofBarryPlotterandtheHalfpaidDebtfromQuickdrawPeakfor$429each,termsnet30.
3
Purchased26boxesofcopiesofBarryPlotterandtheGoodsthatExpirewithcashfor$275each,ChequeNo.840.
4
Sold19boxesofcopiesofBarryPlotterandtheHalfpaidDebttoPaigeTurnersfor$627each,InvoiceNo.348.
4
Paidsalesstaffwagesof$4,266fortheweekuptoandincludingyesterday,ChequeNo.841.Notethat$2,000ofthis
paymentrelatestothewagesexpenseincurredduringthelastweekofMay.
6
Madecashsaleof46boxesofcopiesofBarryPlotterandtheGoodsthatExpirefor$605each.
Aftercompletingthispracticesetpage,youshouldknowhowtorecordbasictransactionsinthejournalsprovidedbelowand
understandthepostingprocessinthemanualaccountingsystem.NotethatyouwillrecordtheremainingJunetransactionsinthe
followingsectionsofthispracticeset.
Remember,onepurposeofusingspecialjournalsistomakethepostingprocessmoreefficientbypostingthetotalofmostcolumnsin
thespecialjournalsafterallofthetransactionsfortheperiodhavebeenrecorded.However,somepartsofajournalentryarestill
requiredtobepostedonadailybasis.Viewthecompany'saccountingpoliciesandproceduresfordetailsofwhatistobeposteddaily
ormonthly.
Instructionsforweek1
1) Recordallweek1transactionsintherelevantjournals.
Notethatspecialjournalsmustbeusedwhereapplicable.Anytransactionthatcannotberecordedinaspecialjournalshouldbe
recordedinthegeneraljournal.
http://www.perdisco.com/elms/qsam/html/qsam.aspx
1/13
14/05/2015
Transactionsweek1
2) Postentriesrecordedinthejournalstotheappropriateledgeraccountsaccordingtothecompany'saccountingpoliciesand
procedures.
Notethattherelevanttotalsofthespecialjournalswillbepostedtothegeneralledgeraccountsattheendofthemonth.You
willenterthisafteryoupreparetheBankReconciliationStatement.
3) Updateinventorycardsonadailybasis.
Remembertoenterallanswerstothenearestwholedollar.Whencalculatingadiscount,ifadiscountisnotawholenumber,
roundthediscounttothenearestwholedollar.Then,tocalculatethecashatbankamount,subtractthediscountfromtheoriginal
amount.
Additionalinstructions
Displayingselectedaccountingrecords:
Tosavespace,notallaccountingrecords(e.g.journalsandledgers)willbedisplayedoneverypage.However,oneachpage
youcanaccessallaccountingrecordsnecessarytoanswerthequestionsonthatpage.
Thereareseveraltabsrepresentingdifferentviewsoftheaccountingrecords.TheactivetabbydefaultisShowAll,butyou
mayalsoselecttoviewjustoneparticularaccountingrecordbyselectingtheappropriatetab.
Ifyoufillinanyaccountingrecordsandchangetheviewonthepagebyselectingadifferenttab,theinformationthatyou
haveenteredwillremaininthataccountingrecordandbedisplayedwheneveryoucanseethataccountingrecord.
Beforesubmittingyouranswers,werecommendthatyouclicktheShowAlltabandcheckthatallrelevantaccounting
recordshavebeencompleted.YouarerequiredtocompleteallrelevantaccountingrecordsbeforepressingtheSubmit
answersbutton.Oncesubmitted,youwillnotbeabletoreturntothepagetoreenteroralteryouranswers.
Journals:
Eachtransactionrecordedinaspecialjournalmustbeenteredinoneline.Inordertoreceivefullpoints,youmustnotsplit
uptherelevanttransactionintomorethanonelineinthespecialjournal.
Forcertaintransactionsinspecialjournals,someaccountingtextbooksdonotalwaysrequireanaccounttobechosenunder
thecolumnlabeledAccount.Inthispracticesetyouarerequiredtoselectanaccountforeachtransactioninthespecial
journals.Specifically,inallspecialjournals,underthecolumnlabeledAccount,youmustselectthecorrectaccountnamefor
eachtransactioninordertoreceivefullpoints.Notethatforsometransactions,thiswillmeanthattheaccountname
selectedwillcorrespondtotheheadingofoneofthecolumnsinthatspecialjournal.
Foreachjournal,inthePostRef.columnyouwillneedtocorrectlytypetheaccountnumberoftheaccountyouareposting
to.Inparticular,inspecialjournals,someaccountingtextbooksdonotalwaysrequireareferencetoberecordedinthePost
Ref.column.Inthispracticeset,inordertoreceivefullpoints,everytransactionenteredinaspecialjournalrequiresan
entryinthePostRef.column.Notethatinthespecialjournals,iftheaccountnameselectedforatransactioncorrespondsto
theheadingofoneofthecolumnsinthatspecialjournal,thepostrefistoberecordedasanX.Thisisbecausethese
transactionsarenotpostedonadailybasis.Inordertoreceivefullpoints,youmustrecordonlytheletterXinthePostRef.
columnforthesetransactions.
YouarerequiredtoentertheGSTcomponentofatransactionasapositivenumberintothejournals.Torecordanamountin
aGSTaccount,youneedtoenterthatamountintotheappropriatedebitorcreditcolumn.
Notethatinspecialjournals,theOtherAccountscolumnshouldnotbeusedtorecordmovementsofinventory.
Ifachequenumberisnotrequired,youneedtofilltheappropriateinputboxwithanX.
Whenrecordingatransactionintothegeneraljournal,theamountrecordedinoneaccountmaybethesumoftheamounts
recordedintwoormoreaccounts.Forexample,ajournalentrymayconsistofadebitof$100toAccountA,acreditof$40
toAccountBandacreditof$60toAccountC.Forthesetypesoftransactions,youmustnotsplitthetransactionintomore
thanonejournalentryi.e.(1)DrAccountA$40,CrAccountB$40and(2)DrAccountA$60,CrAccountC$60.Instead,you
mustrecordthe$100debittoAccountAinasingleline.
Theremaybeentriesinthegeneraljournalthatrequirepostingtobothacontrolaccountandasubsidiaryledger.Inthese
cases,afteryouhavepostedtobothledgers,youshouldenterthereferenceforboththegeneralledgeraccountandthe
subsidiaryledgeraccountinthePostRef.columntoindicatethatyouhavepostedtobothaccounts.Forexample,ifthe
referencenumberforthecontrolaccountis110andthereferencenumberforthesubsidiaryledgeraccountis1101,you
shouldtype'110/1101'intothePostRef.column.
GeneraljournalentriesdoNOTrequireadescriptionofthejournalentries.
Ledgers:
Whenpostingatransactiontoaledgeraccount,undertheDescriptioncolumn,pleasetypethedescriptionofthetransaction
directlyintothefield.Theexactwordingdoesnotmatterforgradingpurposes.Forexample,itdoesnotmatterinan
electricitytransactionifyoutype'Paidforelectricity'or'Paidelectricitybill'.
Foreachledger,undertheRef.column,youneedtoselectthecorrectjournalfromalistinthedropdownboxprovidedin
ordertoreceivefullpoints.
Ifthebalanceofaledgeraccountiszeroyoudonotneedtoselectadebitorcreditfromthedropdownbox.
Eachtransactionpostedtothesubsidiaryledgersmustbeenteredinoneline.Inordertoreceivefullpoints,youmustnot
splituptherelevanttransactionintomorethanonelineinthesubsidiaryledger.
Bothjournalsandledgers:
Mostjournalsandledgerswillhaveblankrowsleftattheendofthisquestion.
Somejournalsandledgersmaynotrequireanyentriesforthisweek.
Whenpurchasesandsalesarerecordedinspecialjournals,thecorrespondingchangesininventorymustnotbepostedtothe
Inventoryaccountinthegeneralledgeronadailybasis.
Inventorycards:
Eachtransactionrecordedintheinventorycardsmustbeenteredinapairoflinesprovided.Youmayberequiredtorecorda
transactioninasinglelineortwoseparatelineswithinthepairoflinesprovided.Whetheroneortwolinesarerequired
dependsontheunitcostsoftheitemsinvolvedinthattransaction.Ifatransactioninvolvesitemswiththesameunitcost,
youmustrecordthattransactioninasingleline.Alternatively,ifthoseitemshavetwodifferentunitcosts,youarerequired
touseaseparatelinewithinthepairoflinesprovidedforeachdifferentunitcost.
Inordertoreceivefullpoints,youmustnotcombinetwotransactionsintotheonepairoflines.SeetheInventorycards~
Maypopupbelowthe'Informationfrompreviouspages'headingforanexampleofhowinventorycardsaretobecompleted.
2/13
14/05/2015
Transactionsweek1
NotethatyoumayenterapositiveornegativenumberintotheUnitsandTotalCostcolumnsbutallunitcostsmustbe
enteredaspositivenumbersintotheUnitCostcolumns.
Ifyouwanttoprintthispage,pleasereadandfollowthespecialprintinginformationtoensureyoucanprintthespecialjournalsin
full.
ShowAll SpecialJournals
GeneralJournal
SubsidiaryLedgers
GeneralLedger
Inventory
(Q=301.salesJournalWeek1)
SALESJOURNAL
Date
Jun
Account
4
Invoice
No.
Post
Ref.
Accounts
Receivable
348
1103
11913
ARCPaigeTurners
Sales
Costof
Revenue Sales
GST
1083
10830
GST
Sales
Revenue
11,913 1,083
10,830
4370
Jun
Jun
Jun
Feedback
SALESJOURNAL
Date
Account
Jun 4 ARCPaigeTurners
Invoice Post
No.
Ref.
Accounts
Receivable
348 1103
Costof
Sales
5,700
(Q=302.purchasesJournalWeek1)
PURCHASESJOURNAL
Date
Account
Terms
Post
Ref.
Inventory
GST
Accounts
Payable
Jun
APCPeachson
2/10n/30
2101
4940
494
5434
Jun
APCQuickdrawPeak
net30
2103
5070
507
5577
Accounts
Payable
Jun
Jun
Feedback
PURCHASESJOURNAL
Date
Account
Jun 1 APCPeachson
Jun 3 APCQuickdrawPeak
Terms
Post
Inventory GST
Ref.
2/10,n/30 2101
4,940
494
5,434
net30 2103
5,070
507
5,577
(Q=303.cashReceiptsJournalWeek1)
CASHRECEIPTSJOURNAL
3/13
14/05/2015
Transactionsweek1
Note:Inordertoreceivefullpoints,foreachtransactionyoumustselectanaccountunderthecolumnlabelled'Account',as
indicatedundertheadditionalinstructionsabove.SincealltransactionsinthisjournalaffecttheCashatBankaccount,youare
askedtoenterthenameoftheappropriateaccountcreditedinthesetransactionsintotheAccountcolumnsothatthetypeof
transactioncanbedeterminedbythenameoftheaccountenteredintothiscolumn.
ThetwoGSTcolumnsinthisjournalrefertothesameGSTaccount(beingtheaccountthatisusedtorecordtheGSTrelatedto
applicablecashreceipts).
Date
Jun
Post
Ref.
Account
6
SalesRevenue
Debit
Cashat
Bank
GST
27830
Costof
Sales
Credit
Discount
Allowed
Sales
Revenue
25300
Accounts
Other
Receivable Accounts
GST
2530
5980
Jun
Jun
Jun
Jun
Jun
Feedback
CASHRECEIPTSJOURNAL
Date
Account
Jun 6 SalesRevenue
Post
Ref.
Debit
Cashat
Bank
GST
27,830
Credit
Discount
Allowed
Sales
Revenue
25,300
GST
Accounts
Other
Receivable Accounts
2,530
Costof
Sales
10,580
(Q=304.cashPaymentsJournalWeek1)
CASHPAYMENTSJOURNAL
Note:Inordertoreceivefullpoints,foreachtransactionyoumustselectanaccountunderthecolumnlabelled'Account',as
indicatedundertheadditionalinstructionsabove.SincealltransactionsinthisjournalaffecttheCashatBankaccount,youare
askedtoenterthenameoftheappropriateaccountdebitedinthesetransactionsintotheAccountcolumnsothatthetypeof
transactioncanbedeterminedbythenameoftheaccountenteredintothiscolumn.
ThetwoGSTcolumnsinthisjournalrefertothesameGSTaccount(beingtheaccountthatisusedtorecordtheGSTrelatedto
applicablecashpayments).
Date
Account
Cheque
No.
Post
Ref.
Debit
Accounts
Payable
GST
Inventory
Credit
Wages
Other
Expense Accounts
Cashat
Bank
GST
Discount
Received
Jun
APCBookedInn
838
2104
7700
7546
14
140
Jun
APCStompson
839
2103
14300
14157
13
130
Jun
WagesPayable
713
220
3266
1000
4266
Jun
Jun
Jun
Feedback
CASHPAYMENTSJOURNAL
Cheque
Post
Debit
Credit
4/13
14/05/2015
Transactionsweek1
Date
Account
No.
Ref.
Accounts
Payable
GST
Inventory
Wages
Other
Expense Accounts
Cashat
Bank
Discount
Received
GST
Jun 1 APCBookedInn
838
2104
7,700
7,546
14
140
Jun 2 APCStompson
839
2102
14,300
14,157
13
130
Jun 3 Inventory
840
650
6,500
7,150
Jun 4 WagesPayable
841
220
2,266
2,000
4,266
(Q=305.generalJournalWeek1)
GENERALJOURNAL
Date
Post
Ref.
AccountandExplanation
Debit
Credit
Jun
Jun
Jun
Feedback
Therearenorelevantentriesinthegeneraljournalforthisweek.
(Q=3101103.AcctsRec3_week1)
SUBSIDIARYLEDGERS
Account:ARCPaigeTurners
AccountNo.1103
Date
May
Description
Ref.
31 Balance
Jun
Debit
CreditSale
SJ
Credit
Balance
11913
44,111DR
56024 DR
Jun
Jun
Feedback
Account:ARCPaigeTurners
AccountNo.1103
Date
May
Jun
Description
31 Balance
4 Creditsale
Account:APCPeachson
AccountNo.2101
Ref.
Debit
Credit
Balance
44,111DR
SJ
11,913
56,024DR
(Q=3102101.AcctsPay1_week1)
5/13
14/05/2015
Transactionsweek1
Date
May
Description
Ref.
31 Balance
Jun
Debit
CreditPurchase
PJ
Credit
Balance
5434
6,791CR
12225 CR
Jun
Jun
Feedback
Account:APCPeachson
AccountNo.2101
Date
Description
May
Ref.
1 Creditpurchase
Credit
6,791CR
PJ
5,434
12,225CR
Account:APCStompson
AccountNo.2102
Date
May
Description
Ref.
31 Balance
Jun
Debit
Repayment
Balance
31 Balance
Jun
Debit
CPJ
Credit
Balance
14300
14,300CR
0
Jun
Jun
Feedback
Account:APCStompson
AccountNo.2102
Date
Description
May
Ref.
2 Repayment
Credit
14,300CR
CPJ
14,300
Account:APCQuickdrawPeak
AccountNo.2103
Date
May
Description
Ref.
31 Balance
Jun
Debit
CreditPurchase
Balance
31 Balance
Jun
Debit
PJ
Credit
Balance
5577
47,879CR
53456 CR
Jun
Jun
Feedback
Account:APCQuickdrawPeak
AccountNo.2103
Date
Description
Ref.
Debit
Credit
Balance
6/13
14/05/2015
Transactionsweek1
May
31 Balance
Jun
3 Creditpurchase
47,879CR
PJ
5,577
53,456CR
Account:APCBookedInn
AccountNo.2104
Date
May
Description
Ref.
31 Balance
Jun
Debit
Repayment
CPJ
Credit
Balance
7700
7,700CR
0
Jun
Jun
Feedback
Account:APCBookedInn
AccountNo.2104
Date
May
Description
Ref.
1 Repayment
Credit
Balance
7,700CR
CPJ
7,700
31 Balance
Jun
Debit
(Q=320100.CashAtBank_week1)
GENERALLEDGER
Account:CashatBank
AccountNo.100
Date
May
Description
Ref.
31 Balance
Debit
Credit
Balance
67,347DR
Jun
Jun
Jun
Feedback
TherearenorelevantentriesintheCashatBankledgerforthisweek.
(Q=320110.AcctsRecControl_week1)
Account:ARCAccountsReceivableControl
AccountNo.110
Date
May
Description
31 Balance
Ref.
Debit
Credit
Balance
67,767DR
Jun
Jun
Jun
Feedback
7/13
14/05/2015
Transactionsweek1
TherearenorelevantentriesintheAccountsReceivableControlledgerforthisweek.
(Q=320120.Inventory_week1)
Account:Inventory
AccountNo.120
Date
May
Description
Ref.
31 Balance
Debit
Credit
Balance
126,280DR
Jun
Jun
Jun
Feedback
TherearenorelevantentriesintheInventoryledgerforthisweek.
(Q=320135.TaxPaid_week1)
Account:GSTOutlays
AccountNo.135
Date
May
Description
Ref.
31 Balance
Debit
Credit
Balance
10,884DR
Jun
Jun
Jun
Feedback
TherearenorelevantentriesintheGSTOutlaysledgerforthisweek.
(Q=320210.AcctsPayControl_week1)
Account:APCAccountsPayableControl
AccountNo.210
Date
May
Description
Ref.
31 Balance
Debit
Credit
Balance
83,170CR
Jun
Jun
Jun
Feedback
TherearenorelevantentriesintheAccountsPayableControlledgerforthisweek.
(Q=320220.WagesPayable_week1)
Account:WagesPayable
AccountNo.220
Date
May
Jun
Description
Ref.
31 Balance
4
PaidStaffWages
Debit
CPJ
Credit
Balance
2000
2,000CR
0
8/13
14/05/2015
Transactionsweek1
Jun
Jun
Feedback
Account:WagesPayable
AccountNo.220
Date
May
Description
Ref.
4 Paidstaffwages
Credit
2,000CR
CPJ
2,000
(Q=320240.TaxCollected_week1)
Account:GSTCollections
AccountNo.240
Date
May
Description
Balance
31 Balance
Jun
Debit
Ref.
31 Balance
Debit
Credit
Balance
14,727CR
Jun
Jun
Jun
Feedback
TherearenorelevantentriesintheGSTCollectionsledgerforthisweek.
(Q=320400.SalesRevenue_week1)
Account:SalesRevenue
AccountNo.400
Date
May
Description
Ref.
31 Balance
Debit
Credit
Balance
Jun
Jun
Jun
Feedback
TherearenorelevantentriesintheSalesRevenueledgerforthisweek.
(Q=320402.DiscountRecd_week1)
Account:DiscountReceived
AccountNo.402
Date
May
Description
31 Balance
Ref.
Debit
Credit
Balance
Jun
Jun
Jun
9/13
14/05/2015
Transactionsweek1
Feedback
TherearenorelevantentriesintheDiscountReceivedledgerforthisweek.
(Q=320500.CostOfSales_week1)
Account:CostofSales
AccountNo.500
Date
May
Description
Ref.
31 Balance
Debit
Credit
Balance
Jun
Jun
Jun
Feedback
TherearenorelevantentriesintheCostofSalesledgerforthisweek.
(Q=320516.WagesExpense_week1)
Account:WagesExpense
AccountNo.516
Date
May
Description
Ref.
31 Balance
Debit
Credit
Balance
Jun
Jun
Jun
Feedback
TherearenorelevantentriesintheWagesExpenseledgerforthisweek.
(Q=320573.DiscountAllowed_week1)
Account:DiscountAllowed
AccountNo.573
Date
May
Description
31 Balance
Ref.
Debit
Credit
Balance
Jun
Jun
Jun
Feedback
TherearenorelevantentriesintheDiscountAllowedledgerforthisweek.
(Q=330.Inventory2_week1)
INVENTORYCARDS
BoxesOfCopiesOfBarryPlotterAndTheGoodsThatExpire
Purchases
CostofSales
Balance
10/13
14/05/2015
Transactionsweek1
Date
Units UnitCost TotalCost Units UnitCost TotalCost Units UnitCost TotalCost
($)
($)
($)
($)
($)
($)
May
31
46
230
10580
110
250
27500
Jun
26
275
7150
46
230
10580
136
262.5
34650
Jun
46
605
27830
136
262.5
6820
Jun
Jun
Feedback
BoxesOfCopiesOfBarryPlotterAndTheGoodsThatExpire
Purchases
Date
CostofSales
Balance
($)
($)
($)
($)
($)
($)
May
31
46
230
10580
110
250
27500
Jun
26
250
6500
46
230
10580
136
250
34000
Jun
46
230
10580
136
250
34000
BoxesOfCopiesOfBarryPlotterAndTheHalfPaidDebt
Purchases
Date
CostofSales
Balance
($)
($)
($)
($)
($)
($)
May
31
126
300
37800
Jun
13
275
3575
126
300
37800
13
275
3575
Jun
19
275
4883
107
300
32917
13
275
3575
11/13
14/05/2015
Transactionsweek1
Jun
Jun
Feedback
BoxesOfCopiesOfBarryPlotterAndTheHalfPaidDebt
Purchases
Date
CostofSales
Balance
($)
($)
($)
($)
($)
($)
May
31
126
300
37800
Jun
13
390
5070
126
300
37800
13
390
5070
Jun
19
300
5700
107
300
32100
13
390
5070
BoxesOfCopiesOfBarryPlotterAndTheProfitsOfRevaluedLand
Purchases
Date
CostofSales
Balance
($)
($)
($)
($)
($)
($)
May
31
92
290
26680
Jun
13
418
5434
92
290
26680
13
418
5434
Jun
Jun
Jun
Feedback
BoxesOfCopiesOfBarryPlotterAndTheProfitsOfRevaluedLand
12/13
14/05/2015
Transactionsweek1
Purchases
Date
CostofSales
Balance
($)
($)
($)
($)
($)
($)
May
31
92
290
26680
Jun
13
380
4940
92
290
26680
13
380
4940
ManualAccountingPracticeSet
Cover2Cover,AustralasianEdition3(VTA3q)
20092014Perdisco/latin/.v.,learnthoroughly
http://www.perdisco.com
TermsOfUse|PrivacyPolicy|Thursday,May14,2015,06:24
13/13

Transactions - Wesaek 1

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Transactions - Wesaek 1

Uploaded by

Copyright:

Available Formats

14/05/2015

Units UnitCost TotalCost Units UnitCost TotalCost Units UnitCost TotalCost

Units UnitCost TotalCost Units UnitCost TotalCost Units UnitCost TotalCost

Units UnitCost TotalCost Units UnitCost TotalCost Units UnitCost TotalCost

Units UnitCost TotalCost Units UnitCost TotalCost Units UnitCost TotalCost

Units UnitCost TotalCost Units UnitCost TotalCost Units UnitCost TotalCost

Units UnitCost TotalCost Units UnitCost TotalCost Units UnitCost TotalCost

You might also like