Transactions - Week 1

3/24/2016
Transactionsweek1
ManualAccountingPracticeSet
SpecialtySportsStore,USGAAPEdition3
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NowthatyouhavereviewedinformationaboutExtremelyBoard,youarereadytobeginthefirststepintheaccounting
cycle,recordingtransactions.Onthispageofthepracticeset,youareaskedtorecordtransactionsthatoccurredduring
thefirstweekofJuneintothecompany'sjournalsandposttheappropriateentriestotheledgeraccounts.Thefollowing
transactionsoccurredthroughoutthefirstweekofJune:
Week1
Date Transactiondescription
1
IssuedCheckNo.424for$9,900topayZNGPropertyGroupfortwomonth'sworthofrentinadvance.
1
Obtainedaloanof$42,000fromMRMCBankatasimpleinterestrateof6%peryear.Thefirstinterestpayment
isdueattheendofAugust2016andtheprincipaloftheloanistoberepaidonJune1,2021.
3
PaidthefullamountowingtoAddaxSports,CheckNo.425.
3
JumpAroundpaidthefullamountowingontheiraccount.
4
Paidsalesstaffwagesof$2,300fortheweekuptoandincludingyesterday,CheckNo.426.Notethat$1,131of
thispaymentrelatestothewagesexpenseincurredduringthelastweekofMay.
4
IssuedCheckNo.427toOfficeSuppliesWarehouseforthepurchaseof$519worthofofficesupplies.
6
Madepaymentof$719toStatePowerfor3monthsofelectricityuptoandincludingMay31,CheckNo.428.
Aftercompletingthispracticesetpage,youshouldknowhowtorecordbasictransactionsinthejournalsprovidedbelow
andunderstandthepostingprocessinthemanualaccountingsystem.NotethatyouwillrecordtheremainingJune
http://www.perdisco.com/elms/qsam/html/qsam.aspx
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Transactionsweek1
transactionsinthefollowingsectionsofthispracticeset.
Remember,onepurposeofusingspecialjournalsistomakethepostingprocessmoreefficientbypostingthetotalof
mostcolumnsinthespecialjournalsafterallofthetransactionsfortheperiodhavebeenrecorded.However,someparts
ofajournalentryarestillrequiredtobepostedonadailybasis.Viewthecompany'saccountingpoliciesandprocedures
fordetailsofwhatistobeposteddailyormonthly.
Instructionsforweek1
1) Recordallweek1transactionsintherelevantjournals.
Notethatspecialjournalsmustbeusedwhereapplicable.Anytransactionthatcannotberecordedinaspecial
journalshouldberecordedinthegeneraljournal.
2) Postentriesrecordedinthejournalstotheappropriateledgeraccountsaccordingtothecompany'saccounting
policiesandprocedures.
Notethattherelevanttotalsofthespecialjournalswillbepostedtothegeneralledgeraccountsattheendofthe
month.YouwillenterthisbeforeyoupreparetheBankReconciliationStatement.
Remembertoenterallanswerstothenearestwholedollar.Whencalculatingadiscount,ifadiscountisnotawhole
number,roundthediscounttothenearestwholedollar.Then,tocalculatethecashamount,subtractthediscountfrom
theoriginalamount.
Additionalinstructions
Displayingselectedaccountingrecords:
Tosavespace,notallaccountingrecords(e.g.journalsandledgers)willbedisplayedoneverypage.However,
oneachpageyoucanaccessallaccountingrecordsnecessarytoanswerthequestionsonthatpage.
Thereareseveraltabsrepresentingdifferentviewsoftheaccountingrecords.TheactivetabbydefaultisShow
All,butyoumayalsoselecttoviewjustoneparticularaccountingrecordbyselectingtheappropriatetab.
Ifyoufillinanyaccountingrecordsandchangetheviewonthepagebyselectingadifferenttab,theinformation
thatyouhaveenteredwillremaininthataccountingrecordandbedisplayedwheneveryoucanseethat
accountingrecord.
Beforesubmittingyouranswers,werecommendthatyouclicktheShowAlltabandcheckthatallrelevant
accountingrecordshavebeencompleted.Youarerequiredtocompleteallrelevantaccountingrecordsbefore
pressingtheSubmitanswersbutton.Oncesubmitted,youwillnotbeabletoreturntothepagetoreenteror
alteryouranswers.
Journals:
Eachtransactionrecordedinaspecialjournalmustbeenteredinoneline.Inordertoreceivefullpoints,you
mustnotsplituptherelevanttransactionintomorethanonelineinthespecialjournal.
Forcertaintransactionsinspecialjournals,someaccountingtextbooksdonotalwaysrequireanaccounttobe
chosenunderthecolumnlabeledAccount.Inthispracticesetyouarerequiredtoselectanaccountforeach
transactioninthespecialjournals.Specifically,inallspecialjournals,underthecolumnlabeledAccount,you
mustselectthecorrectaccountnameforeachtransactioninordertoreceivefullpoints.Notethatforsome
transactions,thiswillmeanthattheaccountnameselectedwillcorrespondtotheheadingofoneofthecolumns
inthatspecialjournal.
Foreachjournal,inthePostRef.columnyouwillneedtocorrectlytypetheaccountnumberoftheaccountyou
arepostingto.Inparticular,inspecialjournals,someaccountingtextbooksdonotalwaysrequireareferenceto
berecordedinthePostRef.column.Inthispracticeset,inordertoreceivefullpoints,everytransactionentered
inaspecialjournalrequiresanentryinthePostRef.column.Notethatinthespecialjournals,iftheaccount
nameselectedforatransactioncorrespondstotheheadingofoneofthecolumnsinthatspecialjournal,the
postrefistoberecordedasanX.Thisisbecausethesetransactionsarenotpostedonadailybasis.Inorderto
receivefullpoints,youmustrecordonlytheletterXinthePostRef.columnforthesetransactions.
Notethatinspecialjournals,theOtherAccountscolumnshouldnotbeusedtorecordmovementsofinventory.
Theremaybeentriesinthegeneraljournalthatrequirepostingtobothacontrolaccountandasubsidiary
ledger.Inthesecases,afteryouhavepostedtobothledgers,youshouldenterthereferenceforboththe
generalledgeraccountandthesubsidiaryledgeraccountinthePostRef.columntoindicatethatyouhave
postedtobothaccounts.Forexample,ifthereferencenumberforthecontrolaccountis110andthereference
numberforthesubsidiaryledgeraccountis1101,youshouldtype'110/1101'intothePostRef.column.
GeneraljournalentriesdoNOTrequireadescriptionofthejournalentries.
Ledgers:
Whenpostingatransactiontoaledgeraccount,undertheDescriptioncolumn,pleasetypethedescriptionofthe
transactiondirectlyintothefield.Theexactwordingdoesnotmatterforgradingpurposes.Forexample,it
doesnotmatterinanelectricitytransactionifyoutype'Paidforelectricity'or'Paidelectricitybill'.
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Transactionsweek1
Foreachledger,undertheRef.column,youneedtoselectthecorrectjournalfromalistinthedropdownbox
providedinordertoreceivefullpoints.
Ifthebalanceofaledgeraccountiszeroyoudonotneedtoselectadebitorcreditfromthedropdownbox.
Eachtransactionpostedtothesubsidiaryledgersmustbeenteredinoneline.Inordertoreceivefullpoints,you
mustnotsplituptherelevanttransactionintomorethanonelineinthesubsidiaryledger.
Bothjournalsandledgers:
Mostjournalsandledgerswillhaveblankrowsleftattheendofthepage.
Somejournalsandledgersmaynotrequireanyentries.
Whenpurchasesandsalesarerecordedinspecialjournals,changesininventorymustnotbepostedtothe
MerchandiseInventoryaccountinthegeneralledgeronadailybasis.
ShowAll SpecialJournals
GeneralJournal
SubsidiaryLedgers
GeneralLedger
(Q=301.salesJournalWeek1)
SALESJOURNAL
Date
Account
Invoice
No.
Post
Ref.
Accounts
Receivable
Costof
Goods
Sold
Jun
Jun
Jun
Jun
Feedback
Therearenorelevantentriesinthesalesjournalforthisweek.
(Q=302.purchasesJournalWeek1)
PURCHASESJOURNAL
Date
Account
Terms
Jun
Jun
Jun
Jun
Post
Ref.
Accounts
Payable
Feedback
Therearenorelevantentriesinthepurchasesjournalforthisweek.
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Transactionsweek1
(Q=303.cashReceiptsJournalWeek1)
CASHRECEIPTSJOURNAL
Note:Inordertoreceivefullpoints,foreachtransactionyoumustselectanaccountunderthecolumnlabeled
'Account',asindicatedundertheadditionalinstructionsabove.SincealltransactionsinthisjournalaffecttheCash
account,youareaskedtoenterthenameoftheappropriateaccountcreditedinthesetransactionsintotheAccount
columnsothatthetypeoftransactioncanbedeterminedbythenameoftheaccountenteredintothiscolumn.
Date
Jun
BankLoanPayable
Jun
ARCJumpAround
Debit
Post
Ref.
Account
Cash
Credit
Sales
Discounts
Sales
Revenue
Costof
Goods
Sold
Accounts
Other
Receivable Accounts
250
42000
42000
1105
3373
3373
Sales
Accounts
Other
Revenue Receivable Accounts
Costof
Goods
Sold
Jun
Jun
Jun
Jun
Feedback
CASHRECEIPTSJOURNAL
Date
Account
Jun 1 BankLoanPayable
Jun 3 ARCJumpAround
Post
Ref.
Debit
Credit
Sales
Discounts
Cash
250
42,000
42,000
1105
3,373
3,373
(Q=304.cashPaymentsJournalWeek1)
CASHPAYMENTSJOURNAL
Note:Inordertoreceivefullpoints,foreachtransactionyoumustselectanaccountunderthecolumnlabeled
'Account',asindicatedundertheadditionalinstructionsabove.SincealltransactionsinthisjournalaffecttheCash
account,youareaskedtoenterthenameoftheappropriateaccountdebitedinthesetransactionsintotheAccount
columnsothatthetypeoftransactioncanbedeterminedbythenameoftheaccountenteredintothiscolumn.
Date
Account
Check
No.
Post
Ref.
Debit
Credit
Accounts Merchandise Wages

Other
Payable
Inventory
Expense Accounts
Cash
Jun
PrepaidRent
424
140
9900
9900
Jun
APCAddaxSports
425
2106
4616
4616
Jun
WagesExpense
426
516
2300
2300
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Transactionsweek1
Jun
OfficeSuppliesExpense
427
544
519
519
Jun
ElectricityExpense
428
541
719
719
Jun
Feedback
CASHPAYMENTSJOURNAL
Date
Account
Check
No.
Post
Ref.
Debit
Credit
Accounts Merchandise Wages

Other
Payable
Inventory
Expense Accounts
Cash
Jun 1 PrepaidRent
424
140
9,900
9,900
Jun 3 APCAddaxSports
425
2106
4,616
4,616
Jun 4 WagesPayable
426
220
1,169
1,131
2,300
Jun 4 OfficeSupplies
427
130
519
519
Jun 6 ElectricityPayable
428
221
719
719
(Q=305.generalJournalWeek1)
GENERALJOURNAL
Date
Jun
Post
Ref.
AccountandExplanation
4
WagesExpense
Credit
516
1131
100
1131
4 Cash
Debit
Jun
Jun
Feedback
Therearenorelevantentriesinthegeneraljournalforthisweek.
(Q=3101105.AcctsRec5_week1)
SUBSIDIARYLEDGERS
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Transactionsweek1
Account:ARCJumpAround
AccountNo.1105
Date
May
Description
Ref.
31 Balance
Jun
Debit
PaymenttoJumparound
CRJ
Credit
Balance
3373
3,373DR
0
Jun
Jun
Feedback
Account:ARCJumpAround
AccountNo.1105
Date
Description
May
Ref.
3 Repayment
Credit
3,373DR
CRJ
3,373
(Q=3102101.AcctsPay1_week1)
Account:APCJ.J.Spud
AccountNo.2101
Date
May
Balance
31 Balance
Jun
Debit
Description
Ref.
31 Balance
Debit
Credit
Balance
3,398CR
Jun
Jun
Jun
Feedback
TherearenorelevantentriesintheJ.J.Spudledgerforthisweek.
(Q=3102106.AcctsPay6_week1)
Account:APCAddaxSports
AccountNo.2106
Date
May
Jun
Description
Ref.
31 Balance
3
PaymentfromAddaxsports
Debit
CPJ
Credit
Balance
4616
4,616CR
0 DR
Jun
Jun
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Transactionsweek1
Feedback
Account:APCAddaxSports
AccountNo.2106
Date
Description
May
Ref.
3 Repayment
Credit
Balance
4,616CR
CPJ
4,616
31 Balance
Jun
Debit
(Q=320100.Cash_week1)
GENERALLEDGER
Account:Cash
AccountNo.100
Date
May
Description
Ref.
31 Balance
Debit
Credit
Balance
71,917DR
Jun
Cashreceipt
CRJ
45373
117290 DR
Jun
Cashpayment
CPJ
18054
99236 DR
Jun
Feedback
TherearenorelevantentriesintheCashledgerforthisweek.
(Q=320110.AcctsRecControl_week1)
Account:ARCAccountsReceivableControl
AccountNo.110
Date
May
Description
Ref.
31 Balance
Jun
PaymentfromJumpAround
Debit
CRJ
Credit
Balance
3373
31,288DR
27915 DR
Jun
Jun
Feedback
TherearenorelevantentriesintheAccountsReceivableControlledgerforthisweek.
Account:OfficeSupplies
AccountNo.130
(Q=320130.StoreSupplies_week1)
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Transactionsweek1
Date
May
Description
Ref.
31 Balance
Debit
Credit
Balance
2,850DR
Jun
Jun
Jun
Feedback
Account:OfficeSupplies
AccountNo.130
Date
Description
May
Ref.
4 Cashpurchase
Credit
2,850DR
CPJ
519
3,369DR
(Q=320140.PrepaidRent_week1)
Account:PrepaidRent
AccountNo.140
Date
May
Description
Ref.
31 Balance
Jun
Balance
31 Balance
Jun
Debit
Debit
Threemonthrent
CPJ
Credit
Balance
9900
9900 DR
Jun
Jun
Feedback
Account:PrepaidRent
AccountNo.140
Date
May
Jun
Description
Ref.
Credit
CPJ
9,900
9,900DR
(Q=320210.AcctsPayControl_week1)
Account:APCAccountsPayableControl
AccountNo.210
Date
May
Description
Ref.
31 Balance
Jun
Balance
31 Balance
1 Prepaidrent
Debit
Debit
Credit
Balance
44,523CR
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Transactionsweek1
Jun
Jun
Feedback
TherearenorelevantentriesintheAccountsPayableControlledgerforthisweek.
(Q=320220.WagesPayable_week1)
Account:WagesPayable
AccountNo.220
Date
May
Description
Ref.
31 Balance
Jun
Debit
WageincurredinMay
CPJ
Credit
Balance
1131
1,131CR
0
Jun
Jun
Feedback
Account:WagesPayable
AccountNo.220
Date
May
Description
Ref.
4 Paidstaffwages
Credit
1,131CR
CPJ
1,131
(Q=320221.ElectricityPayable_week1)
Account:ElectricityPayable
AccountNo.221
Date
May
Balance
31 Balance
Jun
Debit
Description
Ref.
31 Balance
Debit
Credit
Balance
803CR
Jun
Jun
Jun
Feedback
Account:ElectricityPayable
AccountNo.221
Date
Description
Ref.
Debit
Credit
Balance
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Transactionsweek1
May
31 Balance
Jun
6 Paidelectricitybill
803CR
CPJ
719
84CR
(Q=320250.LoanPayable_week1)
Account:BankLoanPayable
AccountNo.250
Date
May
Description
Ref.
31 Balance
Jun
Debit
MRMCBank
CRJ
Credit
Balance
42000
42000 CR
Jun
Jun
Feedback
Account:BankLoanPayable
AccountNo.250
Date
May
Description
Ref.
1 LoanfromMRMCBank
Credit
CRJ
42,000
42,000CR
(Q=320400.SalesRevenue_week1)
Account:SalesRevenue
AccountNo.400
Date
May
Balance
31 Balance
Jun
Debit
Description
Ref.
31 Balance
Debit
Credit
Balance
Jun
Jun
Jun
Feedback
TherearenorelevantentriesintheSalesRevenueledgerforthisweek.
(Q=320402.SalesDisc_week1)
Account:SalesDiscounts
AccountNo.402
Date
May
Description
31 Balance
Ref.
Debit
Credit
Balance
0
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Transactionsweek1
Jun
Jun
Jun
Feedback
TherearenorelevantentriesintheSalesDiscountsledgerforthisweek.
(Q=320500.CostOfSales_week1)
Account:CostofGoodsSold
AccountNo.500
Date
May
Description
Ref.
31 Balance
Debit
Credit
Balance
Jun
Jun
Jun
Feedback
TherearenorelevantentriesintheCostofGoodsSoldledgerforthisweek.
(Q=320516.WagesExpense_week1)
Account:WagesExpense
AccountNo.516
Date
May
Description
Ref.
31 Balance
Jun
Debit
firstweekwage
CPJ
Credit
Balance
1169
1169 DR
Jun
Jun
Feedback
TherearenorelevantentriesintheWagesExpenseledgerforthisweek.
(Q=320541.ElectricityExpense_week1)
Account:ElectricityExpense
AccountNo.541
Date
May
Description
31 Balance
Ref.
Debit
Credit
Balance
0
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Transactionsweek1
Jun
PaymenttoStatePower
CPJ
719
719 DR
Jun
Jun
Feedback
TherearenorelevantentriesintheElectricityExpenseledgerforthisweek.
(Q=320544.SuppliesExpense_week1)
Account:OfficeSuppliesExpense
AccountNo.544
Date
May
Description
Ref.
31 Balance
Jun
Debit
PaymenttoOfficeSuppliesWarehouse
CPJ
Credit
Balance
519
519 DR
Jun
Jun
Feedback
TherearenorelevantentriesintheOfficeSuppliesExpenseledgerforthisweek.
ManualAccountingPracticeSet
SpecialtySportsStore,USGAAPEdition3(VSU3q)
20092014Perdisco/latin/.v.,learnthoroughly
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