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You are now instructed to record transactions that occurred throughout the second week of June into the
company's books. The week 2 transactions are listed below:
Week 2
Date Transaction description
8 Purchased 17 GPS-enabled Football Jerseys from Sport Borders for $160 each, terms net 30.
10 Paid the full amount owing to J. J. Spud, Check No. 641. Payment fell outside discount period.
10 Sold 19 MJO Basketball Sets to The Locker Room for $416 each, Invoice No. 753.
11 Paid sales staff wages of $1,605 for the week up to and including yesterday, Check No. 642.
12 Made cash sale of 28 Quidditch Snitches for $696 each.
13 Paid the full amount owing to Addax Sports, Check No. 643.
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Transactions - week 2 3/21/19, 5)14 PM
13 Paid the full amount owing to Sports 'R Us, Check No. 644.
14 Mick's Sporting Goods paid the full amount owing on their account. Since Mick's Sporting Goods has been a loyal
customer from the day the business commenced, a 10% discount was given for this early repayment.
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.
Back-On-Track functionality
Please note that any answers from previous pages carried through onto this page (either on the page or in
a popup information page) have been reset, if necessary, to the correct answers. Your particular answers
from previous pages are no longer shown.
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 amount, subtract the
discount from the original amount.
Before pressing the Submit answers button, we recommend that you click the Show All tab and check that all
relevant accounting records have been completed.
Additional instructions
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.
Remember:
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.
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.
You are also required to apply the journals and ledgers instructions provided in Week 1.
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Show All Special Journals General Journal Subsidiary Ledgers General Ledger Inventory
(Q=401.salesJournalWeek2)
SALES JOURNAL
Cost of
Invoice Post Accounts
Date Account Goods
No. Ref. Receivable
Sold
Jun
Jun
Jun
Feedback
SALES JOURNAL
Cost of
Invoice Post Accounts
Date Account Goods
No. Ref. Receivable
Sold
Jun 10 ARC - The Locker Room 753 110-3 7,904 4,864
(Q=402.purchasesJournalWeek2)
PURCHASES JOURNAL
Post Accounts
Date Account Terms
Ref. Payable
Jun
Jun
Jun
Feedback
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PURCHASES JOURNAL
Post Accounts
Date Account Terms
Ref. Payable
Jun 8 APC - Sport Borders net 30 210-6 2,720
(Q=403.cashReceiptsJournalWeek2)
Jun
Jun
Jun
Jun
Feedback
Solution
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(Q=404.cashPaymentsJournalWeek2)
Debit Credit
Check Post
Date Account No. Ref. Accounts Merchandise Wages Other
Cash
Payable Inventory Expense Accounts
Jun
Jun
Feedback
Debit Credit
Check Post
Date Account No. Ref. Accounts Merchandise Wages Other
Cash
Payable Inventory Expense Accounts
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(Q=405.generalJournalWeek2)
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=410-110-1.AcctsRec1_week2)
SUBSIDIARY LEDGERS
Account: ARC - Mick's Sporting Goods
Account No. 110-1
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Jun
Jun
Feedback
(Q=410-110-3.AcctsRec3_week2)
Account: ARC - The Locker Room
Account No. 110-3
Jun
Jun
Feedback
(Q=410-110-6.AcctsRec6_week2)
Account: ARC - Great Sports
Account No. 110-6
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Jun
Jun
Jun
Feedback
There are no relevant entries in the Great Sports ledger for this week.
(Q=410-210-1.AcctsPay1_week2)
Account: APC - Sports 'R Us
Account No. 210-1
Jun
Jun
Feedback
(Q=410-210-2.AcctsPay2_week2)
Account: APC - J. J. Spud
Account No. 210-2
Jun
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Transactions - week 2 3/21/19, 5)14 PM
Jun
Feedback
(Q=410-210-5.AcctsPay5_week2)
Account: APC - Addax Sports
Account No. 210-5
Jun
Jun
Feedback
(Q=410-210-6.AcctsPay6_week2)
Account: APC - Sport Borders
Account No. 210-6
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Transactions - week 2 3/21/19, 5)14 PM
Jun
Jun
Feedback
(Q=420-100.Cash_week2)
GENERAL LEDGER
Account: Cash
Account No. 100
Jun
Jun
Jun
Feedback
There are no relevant entries in the Cash ledger for this week.
(Q=420-110.AcctsRecControl_week2)
Account: ARC - Accounts Receivable Control
Account No. 110
Jun
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Jun
Jun
Feedback
There are no relevant entries in the Accounts Receivable Control ledger for this week.
(Q=420-120.Inventory_week2)
Account: Merchandise Inventory
Account No. 120
Jun
Jun
Jun
Feedback
There are no relevant entries in the Merchandise Inventory ledger for this week.
(Q=420-400.SalesRevenue_week2)
Account: Sales Revenue
Account No. 400
Jun
Jun
Jun
Feedback
There are no relevant entries in the Sales Revenue ledger for this week.
(Q=420-401.SalesReturns_week2)
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Jun
Jun
Jun
Feedback
There are no relevant entries in the Sales Returns and Allowances ledger for this week.
(Q=420-402.SalesDisc_week2)
Account: Sales Discounts
Account No. 402
Jun
Jun
Jun
Feedback
There are no relevant entries in the Sales Discounts ledger for this week.
(Q=420-500.CostOfSales_week2)
Account: Cost of Goods Sold
Account No. 500
Jun
Jun
Jun
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Feedback
There are no relevant entries in the Cost of Goods Sold ledger for this week.
(Q=420-516.WagesExpense_week2)
Account: Wages Expense
Account No. 516
Jun
Jun
Jun
Feedback
There are no relevant entries in the Wages Expense ledger for this week.
(Q=430.Inventory1_week2)
INVENTORY CARDS
Quidditch Snitches
0 0 0 24 432 10368
Jun
Jun
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Jun
Feedback
Quidditch Snitches
(Q=430.Inventory3_week2)
MJO Basketball Sets
0 0 0 0 0 0
Jun
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Transactions - week 2 3/21/19, 5)14 PM
Jun
Jun
Feedback
(Q=430.Inventory5_week2)
GPS-Enabled Football Jerseys
0 0 0 0 0 0
Jun
Jun
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Jun
Feedback
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