2 Transactions - Week 2

Transactions - week 2 3/21/19, 5)14 PM
Manual Accounting Practice Set

Renegade Sports, US GAAP Edition 3
Feedback: Transactions - week 2

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)

Awarded Total
Points (prior to this page) 156 156
Points (on this page) 94 116
Points (after this page) − 817
Total 250 1,089
Completed: 20% (approximately)
Remaining pages will take: up to 15.25 hours

The time frames we provide are a guide only. It may
take you more or less time to complete each step.
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.
https://www.perdisco.com/elms/qsam/html/qsam.aspx Page 1 of 16
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.
Instructions for week 2
1) Record all week 2 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.
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.
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 10 ARC - The Locker Room 753 110-3 7904 4864
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 8 APC - Sport Borders net 30 210-3 2720
Jun
Jun
Jun
Feedback
PURCHASES JOURNAL
Post Accounts
Date Account Terms
Ref. Payable
Jun 8 APC - Sport Borders net 30 210-6 2,720
(Q=403.cashReceiptsJournalWeek2)
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
Discounts Revenue Receivable Accounts
Jun 1 Bank Loan Payable 250 55,000 55,000

Jun 4 ARC - Croquet and Cricket 110-5 4,939 4,939
Jun 12 Sales Revenue x 19488 0 19488 0 0 9634
Jun 14 ARC - Mick's Sporting Goods 110-1 2529 281 0 2810 0 0
Jun
Jun
Jun
Jun
Feedback
Solution
CASH RECEIPTS JOURNAL
Debit Credit Cost of

Post
Date Account Ref. Sales Sales Accounts Other Goods
Cash Sold
Discounts Revenue Receivable Accounts
Jun 1 Bank Loan Payable 250 55,000 55,000
Jun 4 ARC - Croquet and Cricket 110-5 4,939 4,939

Jun 12 Sales Revenue X 19,488 19,488 9,632
Jun 14 ARC - Mick's Sporting Goods 110-1 2,529 281 2,810
(Q=404.cashPaymentsJournalWeek2)
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 1 APC - Sport Borders 636 210-6 2,927 2,927

Jun 1 Prepaid Rent 637 140 9,100 9,100
Jun 4 Electricity Payable 638 221 882 882
Jun 4 Wages Payable 639 220 481 1,196 1,677
Jun 4 Office Supplies 640 130 458 458
Jun 10 APC - J. J. Spud 641 210-2 2033 0 0 0 2033
Jun 11 Wages Expense 642 x 0 0 1605 0 1605
Jun 13 APC - Addax Sports 643 210-5 3744 0 0 0 3744
Jun 13 APC - Sports 'R Us 644 210-1 4434 0 0 0 4434
Jun
Jun
Feedback
CASH PAYMENTS JOURNAL
Debit Credit
Check Post
Date Account No. Ref. Accounts Merchandise Wages Other
Cash
Payable Inventory Expense Accounts
Jun 1 APC - Sport Borders 636 210-6 2,927 2,927

Jun 1 Prepaid Rent 637 140 9,100 9,100
Jun 4 Electricity Payable 638 221 882 882

Jun 4 Wages Payable 639 220 481 1,196 1,677
Jun 4 Office Supplies 640 130 458 458
Jun 10 APC - J. J. Spud 641 210-2 2,033 2,033
Jun 11 Wages Expense 642 X 1,605 1,605
Jun 13 APC - Addax Sports 643 210-5 3,744 3,744
Jun 13 APC - Sports 'R Us 644 210-1 4,434 4,434
(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
Date Description Ref. Debit Credit Balance

May 31 Balance 2,810 DR
Jun 14 A CRJ 0 2810 0
Jun
Jun
Feedback
Account: ARC - Mick's Sporting Goods

Account No. 110-1

Jun 14 Repayment CRJ 2,810 0
Account: ARC - The Locker Room
Account No. 110-3

Jun 10 A SJ 7904 0 22401 DR
Jun
Jun
Feedback
Account: ARC - The Locker Room

Account No. 110-3

Jun 10 Credit sale SJ 7,904 22,401 DR
Account: ARC - Great Sports
Account No. 110-6
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

May 31 Balance 4,434 CR
Jun 13 A CPJ 4434 0 0
Jun
Jun
Feedback
Account: APC - Sports 'R Us

Account No. 210-1

Jun 13 Repayment CPJ 4,434 0
Account: APC - J. J. Spud
Account No. 210-2

Jun 10 A CPJ 2033 0 0
Jun
Jun
Feedback
Account: APC - J. J. Spud

Account No. 210-2

Account: APC - Addax Sports
Account No. 210-5

Jun 13 A CPJ 2033 0 0
Jun
Jun
Feedback
Account: APC - Addax Sports

Account No. 210-5

Account: APC - Sport Borders
Account No. 210-6

Jun 8 A PJ 0 2720 2720 CR
Jun
Jun
Feedback
Account: APC - Sport Borders

Account No. 210-6

Jun 8 Credit purchase PJ 2,720 2,720 CR
(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
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

May 31 Balance 0
Jun
Jun
Jun
Feedback
There are no relevant entries in the Sales Revenue ledger for this week.
(Q=420-401.SalesReturns_week2)
Account: Sales Returns and Allowances

Account No. 401

May 31 Balance 0
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

May 31 Balance 0
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

May 31 Balance 0
Jun
Jun
Jun
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

May 31 Balance 0
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
Purchases Cost of Goods Sold Balance

Date Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost
($) ($) ($) ($) ($) ($)
May 31 35 344 12040
24 432 10368
Jun 12 0 0 0 28 344 9634 7 344 2408
0 0 0 24 432 10368
Jun
Jun
Jun
Feedback
Quidditch Snitches

($) ($) ($) ($) ($) ($)
May 31 35 344 12040

24 432 10368
Jun 12 28 344 9632 7 344 2408

24 432 10368
MJO Basketball Sets

($) ($) ($) ($) ($) ($)
May 31 83 256 21248
Jun 10 0 0 0 19 256 4864 64 256 16384
0 0 0 0 0 0
Jun
Jun
Jun
Feedback
MJO Basketball Sets

($) ($) ($) ($) ($) ($)
May 31 83 256 21248
Jun 10 19 256 4864 64 256 16384
GPS-Enabled Football Jerseys

($) ($) ($) ($) ($) ($)
May 31 72 160 11520
Jun 8 17 160 2720 0 0 0 89 160 14240
0 0 0 0 0 0
Jun
Jun
Jun
Feedback
GPS-Enabled Football Jerseys

($) ($) ($) ($) ($) ($)
May 31 72 160 11520
Jun 8 17 160 2720 89 160 14240
Manual Accounting Practice Set

Renegade Sports, US GAAP Edition 3 (VSU3q)
© 2009 - 2014 Perdisco / latin /. v., learn thoroughly
http://www.perdisco.com
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Transactions - week 2 3/21/19, 5)14 PM

Manual Accounting Practice Set

Feedback: Transactions - week 2

Your progress Your grading

Your grading outcome (still in progress)

Completed: 20% (approximately)

Remaining pages will take: up to 15.25 hours

Instructions for week 2

1) Record all week 2 transactions in the relevant journals.

3) Update inventory cards on a daily basis.

Jun 10 ARC - The Locker Room 753 110-3 7904 4864

Jun 8 APC - Sport Borders net 30 210-3 2720

CASH RECEIPTS JOURNAL

Debit Credit Cost of

Jun 1 Bank Loan Payable 250 55,000 55,000

Jun 12 Sales Revenue x 19488 0 19488 0 0 9634

Jun 14 ARC - Mick's Sporting Goods 110-1 2529 281 0 2810 0 0

CASH RECEIPTS JOURNAL

Debit Credit Cost of

Jun 1 Bank Loan Payable 250 55,000 55,000

Jun 4 ARC - Croquet and Cricket 110-5 4,939 4,939

CASH PAYMENTS JOURNAL

Jun 1 APC - Sport Borders 636 210-6 2,927 2,927

Jun 10 APC - J. J. Spud 641 210-2 2033 0 0 0 2033

Jun 11 Wages Expense 642 x 0 0 1605 0 1605

Jun 13 APC - Addax Sports 643 210-5 3744 0 0 0 3744

Jun 13 APC - Sports 'R Us 644 210-1 4434 0 0 0 4434

CASH PAYMENTS JOURNAL

Jun 1 APC - Sport Borders 636 210-6 2,927 2,927

Jun 4 Electricity Payable 638 221 882 882

Date Description Ref. Debit Credit Balance

Jun 14 A CRJ 0 2810 0

Account: ARC - Mick's Sporting Goods

Date Description Ref. Debit Credit Balance

Date Description Ref. Debit Credit Balance

Jun 10 A SJ 7904 0 22401 DR

Account: ARC - The Locker Room

Date Description Ref. Debit Credit Balance

Date Description Ref. Debit Credit Balance

May 31 Balance 2,779 DR

Date Description Ref. Debit Credit Balance

Jun 13 A CPJ 4434 0 0

Account: APC - Sports 'R Us

Date Description Ref. Debit Credit Balance

Date Description Ref. Debit Credit Balance

Jun 10 A CPJ 2033 0 0

Account: APC - J. J. Spud

Date Description Ref. Debit Credit Balance

Date Description Ref. Debit Credit Balance

Jun 13 A CPJ 2033 0 0

Account: APC - Addax Sports

Date Description Ref. Debit Credit Balance

Date Description Ref. Debit Credit Balance

Jun 8 A PJ 0 2720 2720 CR

Account: APC - Sport Borders

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

Account: Sales Returns and Allowances

Date Description Ref. Debit Credit Balance

Date Description Ref. Debit Credit Balance

Date Description Ref. Debit Credit Balance