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Accounting Practice Set


Being completed by: 3333396

Overview
This practice set continues over multiple pages.
Saving your position. If you want to save this practice set where you are up to and come back to it at a later time, click
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any answers you have entered on the bookmarked page are not kept with your bookmark.
Please review this page carefully because it contains important information about this practice set. It may be helpful to
print this page now, because this is the only opportunity to print the entire list of transactions. Only information on this
page that is relevant to each new page/stage/section of the practice set will be displayed on each subsequent page of the
practice set. However, it may be useful to have a printed copy of this page because you will be referring to it regularly.
When you are ready to go to the next page, click continue.

Background information
You are currently working for the
temporary accounting employment agency
known as Tempuacc. Today you have been
assigned the case of The Adrenaline Hut, a
small extreme sports store that operates
in inner city Adelaide. The extreme sports
store is owned by Adrian Laue who, you
later find out, started the company after
leaving a career as a makeup artist.

Navigation map

Adrian tells you that he is hoping that the


extreme sports store will be profitable
enough that he will eventually be able to
sell the business and live out his dream of
doing stand-up comedy. He explains that
times have been tough ever since the
extreme sports store experienced cyclone Bertha.
The extreme sports store is set up as a private non-listed company with
Adrian as the sole shareholder.
You are then asked by Adrian to complete the books for the month of June.

Accounting policies and procedures


The Adrenaline Hut uses the perpetual inventory system and applies the FIFO
method to allocate costs to inventory and cost of sales.
In addition to the general journal (GJ), the company uses four special
journals to record recurring transactions, namely the sales journal (SJ),
purchases journal (PJ), cash receipts journal (CRJ) and cash payments
journal (CPJ). When a transaction that affects an item of inventory is
recorded, the related inventory card is also updated at the same time, so
that a record of the movements of inventory is maintained on a daily basis.
The totals of the columns in the special journals are posted to general ledger
accounts at the end of the month. The exceptions are the entries in the
'Other Accounts' columns in the cash receipts journal and the cash payments
journal, which are posted to the ledger on a daily basis. Additionally, any
entry that affects the accounts receivable or accounts payable subsidiary
ledger is posted to the subsidiary ledger on a daily basis. All transactions
that are entered in the general journal are posted on a daily basis.

You have currently completed approximately 0% of your


Accounting Practice Set. We estimate that it may take you up to a
further 20 hours of study time to complete this and the remaining
Practice Set pages.
This page of the Accounting Practice Set could take you up to 0.25
hour of study time to complete.
These time frames are a guide only. It may take you more or less
time to complete each step.

Purchases and sales are on credit, except where the transaction specifies that cash has been received or paid. The Adrenaline Hut uses the gross
method of recording purchases and sales. Purchases are recorded when The Adrenaline Hut receives the goods and sales are recognised when the
goods sold are delivered to the customers. All purchases are received on the same day and all inventory items sold are delivered to customers on the
same day as recorded in the transaction list, except for purchase orders and sales orders, which are delivered at a later date.
Past experience has shown that offering discounts did not increase the likelihood of accounts receivable being paid promptly. Therefore, settlement
discounts are not normally offered to credit customers except in exceptional circumstances.
The company has relatively few debtors and, as such, does not currently make any allowances for uncollectible receivables. Any uncollectible
receivables are accounted for using the direct write-off method.
Adrian has advised you to ignore the effect of the Goods and Services Tax (GST).

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The principal of the bank loan is not due to be repaid within the next 12 months.
Adrian rents a show room to assist in selling their products. The rent for this premises is paid in advance. The company has a policy of recording
prepayments as assets. At the end of the month, adjustments will be made to the relevant accounts to recognise the expense in the appropriate
period.
The electricity and water expenses incurred during the month relate to the running of the show room. Additional expenses include an insurance policy
to protect the business against inventory items being damaged or lost during deliveries.
All cash receipts are banked on a weekly basis, and also on the last day of each month.
Adrian is the only full-time employee. He works from home and handles all of the administrative tasks. He gets paid once at the end of each month. All
other employees are sales staff who are employed on a part time basis. The sales staff receive their wages on a weekly basis.
All entries are entered to the nearest whole dollar.

Transactions
You will use the following five weeks of transactions as you complete the books for June. Note that the transactions are divided into five separate
weeks. This is because you will not enter this whole list of transactions in any one page. You will be given five separate pages in which to enter the
transactions for that week for each of the five weeks.
Date Description
Week 1
1

Purchased 15 M-900 melon watt skateboards from Good Sports for $150 each, terms 2/10, n/30.

Purchased 17 freestyle snowboards from J. J. Spud for $330 each, terms net 30.

Paid the full amount owing to Hike, cheque no. 836. Payment fell within discount period.

Purchased 20 parachutes with cash for $280 each, cheque no. 837.

Sold 19 freestyle snowboards to Mick's Sporting Goods for $420 each, invoice no. 397.

Paid sales staff wages of $1,836 for the week up to and including yesterday, cheque number 838.

Made cash sale of 21 parachutes for $430 each.

Paid the full amount owing to Sport Borders, cheque no. 839. Payment fell within discount period.

Week 2
8

Declared a cash dividend of $3,500. Dividend will not be paid until next month.

11

Paid the full amount owing to J. J. Spud, cheque no. 840.

11

Sold 24 extreme helmets to C roquet and C ricket for $290 each, invoice no. 398.

12

Mick's Sporting Goods returned 8 freestyle snowboards that were originally sold for $420 each on 4 June. These items cost $290 each and were not faulty or damaged. Issued
a C redit Note for $3,360.

12

Made payment of $905 for 3 months of electricity up to the beginning of June to Integer Energy, cheque no. 841.

12

Paid sales staff wages of $1,742 for the week up to and including yesterday, cheque number 842.

13

Jump Around paid the full amount owing on their account. Since Jump Around has been a loyal customer from the day the business commenced, a 10% discount was given for
this early repayment.

13

Made cash sale of 23 bungee kits for $290 each.

Week 3
17

Received a sales order to deliver 2 extreme helmets to C roquet and C ricket for $290 each, invoice no. 400.

18

C roquet and C ricket paid $3,200 in partial payment of their account.

19

Sold 61 M-900 melon watt skateboards to Great Sports for $240 each, invoice no. 399.

19

Paid sales staff wages of $1,536 for the week up to and including yesterday, cheque number 843.

20

Mick's Sporting Goods paid the full amount owing on their account.

20

Made cash sale of 13 parachutes for $430 each.

21

Returned 10 faulty parachutes, originally purchased for $280 each, to Sports 'R Us. Received a C redit Note for $2,800.

Week 4
24

The Locker Room declared bankruptcy. Balance of the account written off as uncollectible.

26

Paid sales staff wages of $1,054 for the week up to and including yesterday, cheque number 844.

26

Ordered 11 M-900 melon watt skateboards from Sport Borders for $150 each, agreed terms with Sport Borders are 2/10, n/30.

27

Paid the full amount owing to Good Sports, cheque no. 845. Payment fell outside discount period.

27

Delivered 2 extreme helmets to C roquet and C ricket for $290 each, invoice no. 400, which was ordered on the 17th .

27

Made cash sale of 39 freestyle snowboards for $420 each.

28

Paid the full amount owing to Sports 'R Us, cheque no. 846.

Week 5
29

Made cash sale of 9 bungee kits for $290 each.

30

Received 11 M-900 melon watt skateboards for $150 each, which was ordered on the 26th , agreed terms with Sport Borders are 2/10, n/30.

30

Balls 'n All paid the full amount owing on their account.

30

Paid monthly salary of $4,900 to Adrian Laue, cheque no. 847.

Adjusting entries information


Using the following information, you will perform end-of-month adjusting entries:
Store Fixtures: useful life is 11 years, original purchase price was $49,000, and residual value is $4,500. Depreciation is calculated using the
straight line method and is recorded monthly.
Cash Registers: useful life is 7 years, original purchase price was $35,000, and residual value is $2,000. Depreciation is calculated using the
straight line method and is recorded monthly.
The water usage for the month is estimated to be $112.
The estimated electricity payable as at the end of the month is $318.
Wages accrued after the last pay day (from 26 June to 30 June inclusive) are estimated to have been $240 per day.
Interest expense incurred during the month but not yet paid is $423.

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stocktake of office supplies at the end of the month shows that the business has $2,109 of supplies on hand.
months of rent remained pre-paid at the start of the month.
months of advertising remained pre-paid at the start of the month.
months of insurance remained pre-paid at the start of the month.

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Transactions - week 1

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Accounting Practice Set


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Transactions - week 1 [feedback page]


This is a feedback page. Please review this page carefully because later pages in this practice set may build on the
feedback provided here. When you are ready, click continue.
Saving your position. If you want to save this practice set where you are up to and come back to it at a later
time, click the bookmark button on this page to save your position and be returned to your home page. To
re-enter the practice set at this page at a later time, simply click the link that you originally clicked to access this
practice set.
Instructions for week 1
1) Record all week 1 transactions in the relevant journals.

Navigation map

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) The following are to be posted to ledger accounts daily:
All entries affecting subsidiary ledgers
All entries in the Other Accounts column of the cash
receipts and cash payments journals
All transactions entered into the general journal.
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 after you prepare the Bank
Reconciliation Statement.
3) Update inventory cards on a daily basis.
Please note that any answers from previous pages carried through
onto this page (either on the page or in a popup information page)
are the correct answers, not your particular answers.
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

Additional information

Displaying selected journals, ledgers and inventory cards:

To answer this question you may need the following information:

Not all journals, ledgers and inventory cards will be


displayed on every page.
On this page you can access all journals, ledgers and
inventory cards necessary to answer this question.
There are several tabs representing different views of the
journal, ledgers and inventory cards. The active tab by
default is Show All, but you may also select to view just
the special journals, the general journal, just the
subsidiary ledgers, the general ledger accounts or the
inventory cards by selecting the appropriate tab.
If you fill in any journal, ledger accounts or inventory cards
and change the view on this page by selecting a different
tab, the information that you have entered will remain in
that journal, ledger or inventory card and be displayed
whenever you can see that journal, ledger or inventory
card.

Background information
Trial balance
Transactions list - week 1
Schedules of accounts payable/receivable

Original information
The information in the above links comes from the 'Overview' and
'Further information' pages at the beginning of the practice set. If
you did not print them out, and you would like to refer to them,
you may review them below:

Journals:

Overview
Please note that in the journals when you select accounts,
Further information
you will select the account using a popup link. You cannot
type directly into the field.
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 must select the correct account name for each transaction in order to receive full marks. 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 marks, 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 marks, 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 the subsidiary ledger account in the Post Ref. column to
indicate that you have posted to both accounts.
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 marking 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 marks.
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 marks, 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, changes in inventory must not be posted to the Inventory ledger on a
daily basis.
Inventory cards:
Each transaction recorded in the inventory cards must be entered in a pair of lines provided. In order to receive full marks, you
must not split up a transaction into more than the two lines given in the inventory card or combine two transactions into the one
pair of lines.
However, each transaction may need to be recorded in more than one line on the inventory card when the movement in inventory
includes items that have two different unit costs. You should use a separate line within the pair of lines for each different unit cost.
In particular, you should not combine the total cost of the inventory into one amount. See the inventory cards for May in the
Further information popup for an example of how inventory cards are to be completed.

Special Journals

Show All

General Journal

Subsidiary Ledgers

General Ledger

Inventory

(Q=301.salesJournalWeek1)

SALES JOURNAL

Date

Account

Jun

ARC - Mick's Sporting Goods

Invoice

Post

No.

Ref.

397

(s elec t)

Jun

(s elec t)

Jun

(s elec t)

Jun

(s elec t)

Accounts
Receivable

110-3

Cost of Sales

7980

5510

Feedback

Solution
SALES JOURNAL

Date

Account

Jun

Invoice

Post

No.

Ref.

4 ARC - Mick's Sporting Goods

397

Accounts
Receivable

110-3

Cost of
Sales

7,980

5,510

(Q=302.purchasesJournalWeek1)

PURCHASES JOURNAL

Date

Account

Post

Terms

Accounts
Payable

Ref.

Jun

APC - Good Sports

(s elec t)

2/10 n/30

210-1

2250

Jun

APC - J. J. Spud

(s elec t)

net 30

210-5

5610

Jun

(s elec t)

Jun

(s elec t)

Feedback

Solution
PURCHASES JOURNAL

Date

Account

Post

Terms

Jun

1 APC - Good Sports

Jun

3 APC - J. J. Spud

Accounts
Payable

Ref.

2/10, n/30

210-1

2,250

net 30

210-5

5,610

(Q=303.cashReceiptsJournalWeek1)

CASH RECEIPTS JOURNAL


Note: In order to receive full marks, for each transaction, you must select an account under the column labelled 'Account', as indicated under
the additional instructions above.
DR
Date

Account

Jun

Post Ref.

Sales Revenue

(s elec t)

Jun

(s elec t)

Jun

(s elec t)

Jun

(s elec t)

Jun

(s elec t)

Jun

(s elec t)

Cash at
Bank

CR
Discount
Allowed

9030

Sales
Revenue

Accounts
Receivable

9030

Other
Accounts

Cost of
Sales

5550

Feedback

Solution
CASH RECEIPTS JOURNAL

Date
Jun

DR

Post
Ref.

Account
6 Sales Revenue

Cash at
Bank

CR

Cost of
Sales

Discount
Sales
Accounts
Other
Allowed Revenue Receivable Accounts

9,030

9,030

5,550

(Q=304.cashPaymentsJournalWeek1)

CASH PAYMENTS JOURNAL


Note: In order to receive full marks, for each transaction, you must select an account under the column labelled 'Account', as indicated under
the additional instructions above.

Date

Account

Cheque

Post

No.

Ref.

DR
Accounts
Payable

CR
Wages

Inventory

Other
Accounts

Expense

Cash at
Bank

Discount
Received

Jun

APC - Hike

(s elec t)

836

210-2

3477

3442

35

Jun

Inventory

(s elec t)

837

5600

5600

Jun

Wages Expense

(s elec t)

838

927

909

1836

Jun

APC - Sport Borders

(s elec t)

839

210-4

2082

2040

42

Jun

(s elec t)

Jun

(s elec t)

Feedback

Solution
CASH PAYMENTS JOURNAL

Date

Cheque

Account

DR

Post

No.

CR

Wages
Other
Accounts
Inventory
Payable
Expense Accounts

Ref.

Jun

3 APC - Hike

836

210-2

Jun

3 Inventory

837

Jun

5 Wages Payable

838

220

Jun

7 APC - Sport Borders

839

210-4

Cash at
Bank

3,477

Discount
Received

3,442
5,600

35

5,600
927

909

1,836

2,082

2,040

42

(Q=305.generalJournalWeek1)

GENERAL JOURNAL

Date

Post

Account and Explanation

DR

Ref.

CR

(s elec t)

Jun

(s elec t)

(s elec t)

Jun

(s elec t)

(s elec t)

Jun

(s elec t)

Feedback

Solution
There are no relevant entries in the general journal for this week.

(Q=310-110-3.AcctsRec3_week1)

Account: ARC - Mick's Sporting Goods


Account No. 110-3
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

12,637 DR

4 Credit Sale

Jun

SJ

7980

20617

DR

Jun

Jun

Feedback

Solution
Account: ARC - Mick's Sporting Goods
Account No. 110-3
Date
May

Description

Ref.

DR

CR

Balance

31 Balance

Jun

12,637 DR

4 Credit sale

SJ

7,980

20,617 DR

(Q=310-210-1.AcctsPay1_week1)

Account: APC - Good Sports


Account No. 210-1
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

2,601 C R

1 Credit Purchase

Jun

PJ

4851

2250

CR

Jun

Jun

Feedback

Solution
Account: APC - Good Sports
Account No. 210-1
Date
May

Description

Ref.

DR

CR

Balance

31 Balance

Jun

2,601 C R

1 Credit purchase

PJ

2,250

4,851 CR

(Q=310-210-2.AcctsPay2_week1)

Account: APC - Hike


Account No. 210-2
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

3,477 C R

3 Repayment

Jun

CPJ

3477

Jun

Jun

Feedback

Solution
Account: APC - Hike
Account No. 210-2
Date
May

Description

Ref.

DR

CR

Balance

31 Balance

Jun

3,477 C R

3 Repayment

CPJ

3,477

(Q=310-210-4.AcctsPay4_week1)

Account: APC - Sport Borders


Account No. 210-4
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

2,082 C R

7 Repayment

Jun

CPJ

2082

Jun

Jun

Feedback

Solution
Account: APC - Sport Borders
Account No. 210-4
Date
May

Description

Ref.

DR

CR

Balance

31 Balance

Jun

2,082 C R

7 Repayment

CPJ

2,082

(Q=310-210-5.AcctsPay5_week1)

Account: APC - J. J. Spud


Account No. 210-5
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

3 Credit Purchase

Jun

PJ

5610

5610

CR

Jun

Jun

Feedback

Solution
Account: APC - J. J. Spud
Account No. 210-5
Date
May

Description

Ref.

DR

CR

Balance

31 Balance

Jun

3 Credit purchase

PJ

5,610

5,610 CR

(Q=320-100.CashAtBank_week1)

Account: Cash at bank


Account No. 100
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

47,496 DR

Jun

Jun

Jun

Feedback

Solution
There are no relevant entries in the Cash at bank ledger for this week.

(Q=320-110.AcctsRecControl_week1)

Account: ARC - Accounts Receivable Control


Account No. 110
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

24,078 DR

Jun

Jun

Jun

Feedback

Solution
There are no relevant entries in the Accounts Receivable Control ledger for this week.

(Q=320-210.AcctsPayControl_week1)

Account: APC - Accounts Payable Control


Account No. 210
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

35,534 C R

Jun

Jun

Jun

Feedback

Solution
There are no relevant entries in the Accounts Payable Control ledger for this week.

(Q=320-222.WagesPayable_week1)

Account: Wages Payable


Account No. 220
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

909 C R

5 Staff Wages

Jun

CPJ

909

Jun

Jun

Feedback

Solution
Account: Wages Payable
Account No. 220
Date
May

Description

Ref.

DR

CR

Balance

31 Balance

Jun

909 C R

5 Staff wages

CPJ

909

(Q=320-400.SalesRevenue_week1)

Account: Sales Revenue


Account No. 400
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

Jun

Jun

Jun

Feedback

Solution
There are no relevant entries in the Sales Revenue ledger for this week.

(Q=320-402.DiscountRecd_week1)

Account: Discount Received


Account No. 402
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

Jun

Jun

Jun

Feedback

Solution
There are no relevant entries in the Discount Received ledger for this week.

(Q=320-500.CostOfSales_week1)

Account: Cost of Sales


Account No. 500
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

Jun

Jun

Jun

Feedback

Solution
There are no relevant entries in the Cost of Sales ledger for this week.

(Q=320-516.WagesExpense_week1)

Account: Wages Expense


Account No. 516
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

Jun

Jun

Jun

Feedback

Solution
There are no relevant entries in the Wages Expense ledger for this week.

(Q=320-573.DiscountAllowed_week1)

Account: Discount Allowed


Account No. 573
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

Jun

Jun

Jun

Feedback

Solution
There are no relevant entries in the Discount Allowed ledger for this week.

(Q=330.Inventory2_week1)

parachutes
Purchases

Date
May

Units

Unit Cost

Cost of Sales
Total Cost

Units

Unit Cost

Balance

Total Cost

Units

31

Jun

20

Jun

280

5600

Unit Cost

Total Cost

11

250

2750

50

280

14000

11

250

2750

70

280

19600

11

250

2750

60

280

16800

10

280

2800

Jun

Jun

Feedback

Solution
parachutes
Purchases

Date
May

Cost of Sales

Balance

Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost
31

Jun

Jun

20

280

5600

11

250

2750

10

280

2800

11

250

2750

50

280

14000

11

250

2750

70

280

19600

60

280

16800

(Q=330.Inventory3_week1)

freestyle snowboards
Purchases

Date

Units

May

31

Jun

Cost of Sales
Total Cost

Units

Unit Cost

Balance

Total Cost

Units

Unit Cost

46

17

Jun

Unit Cost

330

5610

290

Total Cost
13340

46

290

13340

17

330

5610

19

290

5510

27

290

7830

17

330

5610

Jun

Jun

Feedback

Solution
freestyle snowboards
Purchases

Date

Cost of Sales

Balance

Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost

May

31

Jun

Jun

17

330

5610

19

290

5510

46

290

13340

46

290

13340

17

330

5610

27

290

7830

17

330

5610

(Q=330.Inventory5_week1)

M-900 melon watt skateboards


Purchases

Date

Units

May

31

Jun

Unit Cost

Cost of Sales
Total Cost

Units

Unit Cost

Balance

Total Cost

Units

Unit Cost

47

15

150

2250

170

Total Cost
7990

47

170

7990

15

150

2250

Jun

Jun

Jun

Feedback

Solution
Account: M-900 melon watt skateboards
Purchases

Date

Cost of Sales

Balance

Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost

May

31

Jun

15

150

2250

47

170

7990

47

170

7990

15

150

2250

Perdisco / latin /, v., to learn thoroughly


2006 Perdisco
Terms Of Use | Privacy Policy | Saturday, April 17, 2010, 12:55
http://www.perdisco.com.au

17/04/2010 1:10 PM

Transactions - week 2

1 of 1

http://www.perdisco.com/elms/qsam/html/qsam.aspx
Asshar
edon.
.
.
Accounting Practice Set
Being completed by: 3333396

Transactions - week 2 [feedback page]


This is a feedback page. Please review this page carefully because later pages in this practice set may build on the feedback provided here. When
you are ready, click continue.
Saving your position. If you want to save this practice set where you are up to and come back to it at a later time, click the bookmark button on
this page to save your position and be returned to your home page. To re-enter the practice set at this page at a later time, simply click the link
that you originally clicked to access this practice set.
Instructions for week 2

Navigation map

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) The following are to be posted to ledger accounts daily:
All entries affecting subsidiary ledgers
All entries in the Other Accounts column of the cash receipts and cash payments
journals
All transactions entered into the general journal.
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 after you prepare the Bank Reconciliation
Statement.
3) Update inventory cards on a daily basis.
Please note that any answers from previous pages carried through onto this page (either on the
page or in a popup information page) are the correct answers, not your particular answers.
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 journals, ledgers and inventory cards:
Not all journals, ledgers and inventory cards will be displayed on every page.
On this page you can access all journals, ledgers and inventory cards necessary to answer
this question.
There are several tabs representing different views of the journal, ledgers and inventory
cards. The active tab by default is Show All, but you may also select to view just the special
journals, the general journal, just the subsidiary ledgers, the general ledger accounts or
the inventory cards by selecting the appropriate tab.
If you fill in any journal, ledger accounts or inventory cards and change the view on this
page by selecting a different tab, the information that you have entered will remain in that
journal, ledger or inventory card and be displayed whenever you can see that journal,
ledger or inventory card.

Additional information
To answer this question you may need the following information:
Background information
Trial balance
Transactions list - week 2
Schedules of accounts payable/receivable

Journals:
Please note that in the journals when you select accounts, you will select the account using
a popup link. You cannot type directly into the field.
Original information
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
The information in the above links comes from the 'Overview' and
are required to select an account for each transaction in the special journals. Specifically, in
'Further information' pages at the beginning of the practice set. If
all special journals, under the column labeled Account, you must select the correct account
you did not print them out, and you would like to refer to them,
name for each transaction in order to receive full marks. Note that for some transactions,
you may review them below:
this will mean that the account name selected will correspond to the heading of one of the
columns in that special journal.
Overview
For each journal, in the Post Ref. column you will need to correctly type the account
Further information
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
marks, 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 marks, 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 the subsidiary ledger account in the Post Ref. column to indicate that you have posted to both accounts.
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 marking 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 marks.
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 marks, 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, changes in inventory must not be posted to the Inventory ledger on a daily basis.
Inventory cards:
Each transaction recorded in the inventory cards must be entered in a pair of lines provided. In order to receive full marks, you must not split up a transaction into
more than the two lines given in the inventory card or combine two transactions into the one pair of lines.
However, each transaction may need to be recorded in more than one line on the inventory card when the movement in inventory includes items that have two
different unit costs. You should use a separate line within the pair of lines for each different unit cost. In particular, you should not combine the total cost of the
inventory into one amount. See the inventory cards for May in the Further information popup for an example of how inventory cards are to be completed.

Special Journals

Show All

General Journal

Subsidiary Ledgers

General Ledger

Inventory
(Q=401.salesJournalWeek2)

SALES JOURNAL

Date

Account

Jun

Invoice

Post

No.

Ref.

4 ARC - Mick's Sporting Goods

11

Jun

397

ARC - C roquet and C ricket

Jun

(s elec t)

Jun

(s elec t)

Jun

(s elec t)

110-3

398

(s elec t)

Accounts
Receivable

Cost of Sales

7,980

110-6

5,510

6960

4110

Feedback

Solution
SALES JOURNAL

Date

Account

Invoice

Post

No.

Ref.

Accounts
Receivable

Cost of
Sales

Jun

4 ARC - Mick's Sporting Goods

397

110-3

7,980

5,510

Jun

11 ARC - Croquet and Cricket

398

110-6

6,960

4,110

(Q=402.purchasesJournalWeek2)

PURCHASES JOURNAL

Date

Account

Jun

1 APC - Good Sports

Jun

3 APC - J. J. Spud

Post

Terms

Jun

(s elec t)

Jun

(s elec t)

Jun

(s elec t)

Jun

(s elec t)

Accounts
Payable

Ref.
2/10, n/30

210-1

2,250

net 30

210-5

5,610

Feedback

Solution
There are no relevant entries in the purchases journal for this week.

(Q=403.cashReceiptsJournalWeek2)

CASH RECEIPTS JOURNAL


Note: In order to receive full marks, for each transaction, you must select an account under the column labelled 'Account', as indicated under the additional instructions
above.
DR
Date

Account

Jun
Jun
Jun

Post Ref.

6 Sales Revenue

Cash at
Bank
X

CR
Discount
Allowed

Sales
Revenue

9,030

Accounts
Receivable

Other
Accounts

Cost of
Sales

9,030

5,550

13

ARC - Jump Around

(s elec t)

110-1

2326

258

2584

13

Sales Revenue

(s elec t)

6670

6670

3680

Jun

(s elec t)

Jun

(s elec t)

Jun

(s elec t)

Jun

(s elec t)

Feedback

Solution
CASH RECEIPTS JOURNAL

Date
Jun

DR

Post
Ref.

Account
6 Sales Revenue

Jun

13 ARC - Jump Around

Jun

13 Sales Revenue

Cash at
Bank

CR

Cost of
Sales

Discount
Sales
Accounts
Other
Allowed Revenue Receivable Accounts

9,030

110-1

2,326

6,670

9,030

5,550

258

2,584
6,670

3,680

(Q=404.cashPaymentsJournalWeek2)

CASH PAYMENTS JOURNAL


Note: In order to receive full marks, for each transaction, you must select an account under the column labelled 'Account', as indicated under the additional instructions
above.

Date

Cheque

Account

DR

Post

No.

Accounts
Payable

Ref.

Jun

3 APC - Hike

836

210-2

Jun

3 Inventory

837

Jun

5 Wages Payable

838

220

Jun

7 APC - Sport Borders

839

210-4

CR
Wages

Inventory

Other
Accounts

Expense

Cash at
Bank

3,477

3,442
5,600

Discount
Received
35

5,600
927

909

2,082

1,836
2,040

42

11

APC - J. J. Spud

(s elec t)

840

210-5

5610

5610

Jun

12

Electricity Payable

(s elec t)

841

221

905

905

Jun

12

Wages Expense

(s elec t)

842

1742

1742

Jun

Jun

(s elec t)

Jun

(s elec t)

Jun

(s elec t)

Feedback

Solution
CASH PAYMENTS JOURNAL

Date

Cheque

Account

DR

Post

No.

CR

Wages
Accounts
Other
Inventory
Payable
Expense Accounts

Ref.

Cash at
Bank

Jun

3 APC - Hike

836

210-2

Jun

3 Inventory

837

Jun

5 Wages Payable

838

220

Jun

7 APC - Sport Borders

839

210-4

2,082

2,040

210-5

5,610

5,610

Jun

11 APC - J. J. Spud

840

Jun

12 Wages Expense

842

Jun

12 Electricity Payable

841

221

3,477

Discount
Received

3,442
5,600

35

5,600
927

909

1,836

1,742

42

1,742
905

905

(Q=405.generalJournalWeek2)

GENERAL JOURNAL

Date

Jun

12

Jun

12

12

Jun

Post

Account and Explanation

12

DR

Ref.

CR

Retained Earnings

(s elec t)

301

3500

Dividend Payable

(s elec t)

230

3500

Sales Returns and Allowances (s elec t)

401

3360

ARC - Mick's Sporting Goods

(s elec t)

110-3

3360

Inventory

(s elec t)

120

2320

C ost of Sales

(s elec t)

500

2320

Feedback

Solution
GENERAL JOURNAL

Date

Post

Account and Explanation

DR

Ref.

Jun

8 Retained Earnings

301

Jun

230

Dividend Payable

CR

3,500
3,500

(dividend declaration)
Jun

12 Sales Returns and Allowances

Jun

12

401

ARC - Mick's Sporting Goods

3,360

110-3

3,360

(sales return)
Jun

12 Inventory

120

Jun

12

500

Cost of Sales

2,320
2,320

(sales return)

(Q=410-110-1.AcctsRec1_week2)

Account: ARC - Jump Around


Account No. 110-1
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

2,584 DR

13 Repayment

Jun

CRJ

2584

Jun

Jun

Feedback

Solution
Account: ARC - Jump Around
Account No. 110-1
Date

Description

May

31 Balance

Jun

13 Repayment

Ref.

DR

CR

Balance
2,584 DR

CRJ

2,584

(Q=410-110-3.AcctsRec3_week2)

Account: ARC - Mick's Sporting Goods


Account No. 110-3
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

Jun

12,637 DR

4 C redit sale

SJ

12 Sales return

Jun

7,980

GJ

20,617 DR

17257

3360

DR

Jun

Jun

Feedback

Solution
Account: ARC - Mick's Sporting Goods
Account No. 110-3
Date
May

Description

Ref.

DR

CR

Balance

31 Balance

Jun

12,637 DR

4 C redit sale

Jun

SJ

12 Sales return

7,980

20,617 DR

GJ

3,360

17,257 DR

(Q=410-110-6.AcctsRec6_week2)

Account: ARC - Croquet and Cricket


Account No. 110-6
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

11 Credit sale

Jun

SJ

6960

6960

DR

Jun

Jun

Feedback

Solution
Account: ARC - Croquet and Cricket
Account No. 110-6
Date

Description

May

31 Balance

Jun

11 Credit sale

Ref.

DR

CR

Balance
0

SJ

6,960

6,960 DR

(Q=410-210-5.AcctsPay5_week2)

Account: APC - J. J. Spud


Account No. 210-5
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

Jun

3 C redit purchase

PJ

Jun

11 Repayment

5,610

CPJ

5610

5,610 C R

Jun

Jun

Feedback

Solution
Account: APC - J. J. Spud
Account No. 210-5
Date
May

Description

Ref.

DR

CR

Balance

31 Balance

Jun

3 C redit purchase

Jun

PJ

11 Repayment

5,610

CPJ

5,610 C R

5,610

(Q=420-100.CashAtBank_week2)

Account: Cash at bank


Account No. 100
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

47,496 DR

Jun

Jun

Jun

Feedback

Solution
There are no relevant entries in the Cash at bank ledger for this week.

(Q=420-110.AcctsRecControl_week2)

Account: ARC - Accounts Receivable Control


Account No. 110
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

24,078 DR

12 Sales return from Mick GJ

Jun

20718

3360

DR

Jun

Jun

Feedback

Solution
Account: ARC - Accounts Receivable Control
Account No. 110
Date

Description

May

31 Balance

Jun

12

Ref.

DR

CR

Balance
24,078 DR

Sales return from


Mick's Sporting Goods

GJ

3,360

20,718 DR

(Q=420-120.Inventory_week2)

Account: Inventory
Account No. 120
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

52,440 DR

12 Sales return from Mick GJ

Jun

2320

54760

DR

Jun

Jun

Feedback

Solution
Account: Inventory
Account No. 120
Date

Description

May

31 Balance

Jun

12

Ref.

DR

CR

Balance
52,440 DR

Sales return from


Mick's Sporting Goods

GJ

2,320

54,760 DR

(Q=420-221.ElectricityPayable_week2)

Account: Electricity Payable


Account No. 221
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

962 C R

12 Paid electricity bill

Jun

CPJ

905

57

CR

Jun

Jun

Feedback

Solution
Account: Electricity Payable
Account No. 221
Date

Description

May

31 Balance

Jun

12 Paid electricity bill

Ref.

DR

CR

Balance
962 C R

CPJ

905

57 CR

(Q=420-230.DividendPayable_week2)

Account: Dividend Payable


Account No. 230
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

8 Dividend declaration

Jun

GJ

3500

3500

CR

Jun

Jun

Feedback

Solution
Account: Dividend Payable
Account No. 230
Date
May

Description

Ref.

DR

CR

Balance

31 Balance

Jun

8 Dividend declaration

GJ

3,500

3,500 CR

(Q=420-301.RetainedProfits_week2)

Account: Retained Earnings


Account No. 301
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

80,574 C R

8 Dividend declaration

Jun

GJ

3500

77074

CR

Jun

Jun

Feedback

Solution
Account: Retained Earnings
Account No. 301
Date
May

Description

Ref.

DR

CR

Balance

31 Balance

Jun

80,574 C R

8 Dividend declaration

GJ

3,500

77,074 CR

(Q=420-401.SalesReturns_week2)

Account: Sales Returns and Allowances


Account No. 401
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

12 Sales return from Mick GJ

Jun

3360

3360

DR

Jun

Jun

Feedback

Solution
Account: Sales Returns and Allowances
Account No. 401
Date

Description

May

31 Balance

Jun

12

Ref.

DR

CR

Balance
0

Sales return from


Mick's Sporting Goods

GJ

3,360

3,360 DR

(Q=420-500.CostOfSales_week2)

Account: Cost of Sales


Account No. 500
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

12 Sales return from Mick GJ

Jun

2320

2320

CR

Jun

Jun

Feedback

Solution
Account: Cost of Sales
Account No. 500
Date

Description

May

31 Balance

Jun

12

Ref.

DR

CR

Balance
0

Sales return from


Mick's Sporting Goods

GJ

2,320

2,320 CR

(Q=420-516.WagesExpense_week2)

Account: Wages Expense


Account No. 516
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

Jun

Jun

Jun

Feedback

Solution
There are no relevant entries in the Wages Expense ledger for this week.

(Q=420-541.ElectricityExpense_week2)

Account: Electricity Expense


Account No. 541
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

Jun

Jun

Jun

Feedback

Solution
There are no relevant entries in the Electricity Expense ledger for this week.

(Q=430.Inventory1_week2)

bungee kits
Purchases

Date
May

Jun

Units

Unit Cost

Cost of Sales
Total Cost

Units

Unit Cost

Balance

Total Cost

Units

31

13

Unit Cost

Total Cost

25

160

4000

21

180

3780

23

160

3680

160

320

21

180

3780

Jun

Jun

Jun

Feedback

Solution
bungee kits
Purchases

Date
May

Cost of Sales

Balance

Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost
31

Jun

13

23

160

25

160

4000

21

180

3780

160

320

21

180

3780

3680

(Q=430.Inventory3_week2)

freestyle snowboards
Purchases

Date

Units

May

31

Jun

Jun

Jun

Unit Cost

Cost of Sales
Total Cost

Units

Unit Cost

Balance

Total Cost

Units

Unit Cost

46
17

330

5610

19

12

290

5510

Total Cost

290

13340

46

290

13340

17

330

5610

27

290

7830

17

330

5610

-8

290

-2320

35

290

10150

17

330

5610

Jun

Jun

Jun

Feedback

Solution
freestyle snowboards
Purchases

Date
May

31

Jun

Jun

Balance

46
17

330

5610

Jun

Cost of Sales

Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost

19

12

-8

290

5510

290

-2320

290

13340

46

290

13340

17

330

5610

27

290

7830

17

330

5610

35

290

10150

17

330

5610

(Q=430.Inventory4_week2)

extreme helmets
Purchases

Date
May

Jun

Units

Unit Cost

Cost of Sales
Total Cost

Units

Unit Cost

Balance

Total Cost

Units

31

11

Unit Cost

Total Cost

15

160

2400

22

190

4180

15

160

2400

13

190

2470

190

1710

Jun

Jun

Jun

Feedback

Solution
extreme helmets
Purchases

Date
May

Jun

Cost of Sales

Balance

Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost
31

11

15

160

2400

190

1710

15

160

2400

22

190

4180

13

190

2470

Perdisco / latin /, v., to learn thoroughly


2006 Perdisco
Terms Of Use | Privacy Policy | Saturday, April 17, 2010, 16:17
http://www.perdisco.com.au

17/04/2010 4:23 PM

Transactions - week 3

1 of 1

http://www.perdisco.com/elms/qsam/html/qsam.aspx
Asshar
edon.
.
.
Accounting Practice Set
Being completed by: 3333396

Transactions - week 3 [feedback page]


This is a feedback page. Please review this page carefully because later pages in this practice set may build on the feedback provided here. When
you are ready, click continue.
Saving your position. If you want to save this practice set where you are up to and come back to it at a later time, click the bookmark button on
this page to save your position and be returned to your home page. To re-enter the practice set at this page at a later time, simply click the link
that you originally clicked to access this practice set.
Instructions for week 3

Navigation map

1) Record all week 3 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) The following are to be posted to ledger accounts daily:
All entries affecting subsidiary ledgers
All entries in the Other Accounts column of the cash receipts and cash payments
journals
All transactions entered into the general journal.
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 after you prepare the Bank Reconciliation
Statement.
3) Update inventory cards on a daily basis.
Please note that any answers from previous pages carried through onto this page (either on the
page or in a popup information page) are the correct answers, not your particular answers.
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 journals, ledgers and inventory cards:
Not all journals, ledgers and inventory cards will be displayed on every page.
On this page you can access all journals, ledgers and inventory cards necessary to answer
this question.
There are several tabs representing different views of the journal, ledgers and inventory
cards. The active tab by default is Show All, but you may also select to view just the special
journals, the general journal, just the subsidiary ledgers, the general ledger accounts or
the inventory cards by selecting the appropriate tab.
If you fill in any journal, ledger accounts or inventory cards and change the view on this
page by selecting a different tab, the information that you have entered will remain in that
journal, ledger or inventory card and be displayed whenever you can see that journal,
ledger or inventory card.

Additional information
To answer this question you may need the following information:
Background information
Trial balance
Transactions list - week 3
Schedules of accounts payable/receivable

Journals:
Please note that in the journals when you select accounts, you will select the account using
a popup link. You cannot type directly into the field.
Original information
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
The information in the above links comes from the 'Overview' and
are required to select an account for each transaction in the special journals. Specifically, in
'Further information' pages at the beginning of the practice set. If
all special journals, under the column labeled Account, you must select the correct account
you did not print them out, and you would like to refer to them,
name for each transaction in order to receive full marks. Note that for some transactions,
you may review them below:
this will mean that the account name selected will correspond to the heading of one of the
columns in that special journal.
Overview
For each journal, in the Post Ref. column you will need to correctly type the account
Further information
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
marks, 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 marks, 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 the subsidiary ledger account in the Post Ref. column to indicate that you have posted to both accounts.
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 marking 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 marks.
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 marks, 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, changes in inventory must not be posted to the Inventory ledger on a daily basis.
Inventory cards:
Each transaction recorded in the inventory cards must be entered in a pair of lines provided. In order to receive full marks, you must not split up a transaction into
more than the two lines given in the inventory card or combine two transactions into the one pair of lines.
However, each transaction may need to be recorded in more than one line on the inventory card when the movement in inventory includes items that have two
different unit costs. You should use a separate line within the pair of lines for each different unit cost. In particular, you should not combine the total cost of the
inventory into one amount. See the inventory cards for May in the Further information popup for an example of how inventory cards are to be completed.

Special Journals

Show All

General Journal

Subsidiary Ledgers

General Ledger

Inventory
(Q=501.salesJournalWeek3)

SALES JOURNAL

Date

Account

Jun

Invoice

Post

No.

Ref.

4 ARC - Mick's Sporting Goods

Jun

11 ARC - C roquet and C ricket

19

Jun

ARC - Great Sports

Jun

(s elec t)

Jun

(s elec t)

Jun

(s elec t)

Cost of Sales

397

110-3

7,980

5,510

398

110-6

6,960

4,110

399

(s elec t)

Accounts
Receivable

110-5

14640

10070

Feedback

Solution
SALES JOURNAL

Date

Account

Jun

Invoice

Post

No.

Ref.

4 ARC - Mick's Sporting Goods

Accounts
Receivable

Cost of
Sales

397

110-3

7,980

5,510

Jun

11 ARC - C roquet and C ricket

398

110-6

6,960

4,110

Jun

19 ARC - Great Sports

399

110-5

14,640

10,090

(Q=502.purchasesJournalWeek3)

PURCHASES JOURNAL

Date

Account

Jun

1 APC - Good Sports

Jun

3 APC - J. J. Spud

Post

Terms

Jun

(s elec t)

Jun

(s elec t)

Jun

(s elec t)

Jun

(s elec t)

Accounts
Payable

Ref.
2/10, n/30

210-1

2,250

net 30

210-5

5,610

Feedback

Solution
There are no relevant entries in the purchases journal for this week.

(Q=503.cashReceiptsJournalWeek3)

CASH RECEIPTS JOURNAL


Note: In order to receive full marks, for each transaction, you must select an account under the column labelled 'Account', as indicated under the additional instructions
above.
DR
Date

Account

Jun

Post Ref.

6 Sales Revenue

Jun

13 ARC - Jump Around

Jun

13 Sales Revenue

Cash at
Bank

CR
Discount
Allowed

9,030

110-1

2,326

6,670

Sales
Revenue

Accounts
Receivable

Other
Accounts

Cost of
Sales

9,030

5,550

258

2,584
6,670

3,680

18

ARC - C roquet and


C i k t

(s elec t)

110-6

3200

3200

Jun

20

ARC - Mick's Sporting


G d

(s elec t)

110-3

17257

17257

Jun

20

Sales Revenue

(s elec t)

5590

5590

3640

Jun

Jun

(s elec t)

Jun

(s elec t)

Jun

(s elec t)

Feedback

Solution
CASH RECEIPTS JOURNAL

Date
Jun

6 Sales Revenue

Jun

DR

Post
Ref.

Account

13 ARC - Jump Around

Cash at
Bank

CR

Cost of
Sales

Discount
Sales
Accounts
Other
Allowed Revenue Receivable Accounts

9,030

110-1

2,326

Jun

13 Sales Revenue

6,670

Jun

18 ARC - Croquet and Cricket

110-6

3,200

Jun

20 ARC - Mick's Sporting Goods

110-3

17,257

Jun

20 Sales Revenue

5,590

9,030

5,550

258

2,584
6,670

3,680
3,200
17,257

5,590

3,640

(Q=504.cashPaymentsJournalWeek3)

CASH PAYMENTS JOURNAL


Note: In order to receive full marks, for each transaction, you must select an account under the column labelled 'Account', as indicated under the additional instructions
above.

Date

Cheque

Account

DR

Post

No.

Accounts
Payable

Ref.

CR
Wages

Inventory

Other
Accounts

Expense

Cash at
Bank

Jun

3 APC - Hike

836

210-2

Jun

3 Inventory

837

Jun

5 Wages Payable

838

220

Jun

7 APC - Sport Borders

839

210-4

2,082

2,040

840

210-5

5,610

5,610

Jun

11 APC - J. J. Spud

Jun

12 Wages Expense

842

Jun

12 Electricity Payable

841

221

19

Jun

Wages Expense

843

(s elec t)

Jun

(s elec t)

Jun

(s elec t)

Jun

(s elec t)

Jun

(s elec t)

Jun

(s elec t)

3,477

3,442
5,600
909

1,742

1,836
42

1,742
905

35

5,600
927

Discount
Received

1536

905

1536

Feedback

Solution
CASH PAYMENTS JOURNAL

Date

Cheque

Account

DR

Post

No.

CR

Wages
Other
Accounts
Inventory
Payable
Expense Accounts

Ref.

Cash at
Bank

Jun

3 APC - Hike

836

210-2

Jun

3 Inventory

837

Jun

5 Wages Payable

838

220

Jun

7 APC - Sport Borders

839

210-4

2,082

2,040

210-5

5,610

5,610

Jun

11 APC - J. J. Spud

840

Jun

12 Wages Expense

842

Jun

12 Electricity Payable

841

221

Jun

19 Wages Expense

843

3,477

Discount
Received

3,442
5,600

35

5,600
927

909

1,836

1,742

42

1,742
905

905

1,536

1,536

(Q=505.generalJournalWeek3)

GENERAL JOURNAL

Date

Post

Account and Explanation

DR

Ref.

Jun

8 Retained Earnings

301

Jun

230

Dividend Payable

CR
3,500
3,500

(dividend declaration)
Jun

12 Sales Returns and Allowances

Jun

12

401

ARC - Mick's Sporting Goods

3,360

110-3

3,360

(sales return)
Jun

12 Inventory

120

Jun

12

500

C ost of Sales

2,320
2,320

(sales return)

21

Jun

21

APC - Sports 'R Us

(s elec t)

210-3

2800

Inventory

(s elec t)

120

2800

(s elec t)

Jun

(s elec t)

(s elec t)

Jun

(s elec t)

Feedback

Solution
GENERAL JOURNAL

Date

Post

Account and Explanation

DR

Ref.

Jun

8 Retained Earnings

301

Jun

230

Dividend Payable

CR

3,500
3,500

(dividend declaration)
Jun

12 Sales Returns and Allowances

Jun

12

401

ARC - Mick's Sporting Goods

3,360

110-3

3,360

(sales return)
Jun

12 Inventory

120

Jun

12

500

C ost of Sales

2,320
2,320

(sales return)
Jun

21 APC - Sports 'R Us

Jun

21

210-3

Inventory

2,800

120

2,800

(purchase return)

(Q=510-110-3.AcctsRec3_week3)

Account: ARC - Mick's Sporting Goods


Account No. 110-3
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

12,637 DR

Jun

4 C redit sale

SJ

Jun

12 Sales return

GJ

20 Repayment

Jun

7,980

20,617 DR
3,360

CRJ

17,257 DR

17257

Jun

Jun

Feedback

Solution
Account: ARC - Mick's Sporting Goods
Account No. 110-3
Date
May

Description

Ref.

DR

CR

Balance

31 Balance

Jun

12,637 DR

4 C redit sale

SJ

7,980

20,617 DR

Jun

12 Sales return

GJ

3,360

17,257 DR

Jun

20 Repayment

CRJ

17,257

(Q=510-110-5.AcctsRec5_week3)

Account: ARC - Great Sports


Account No. 110-5
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

19 Credit sale

Jun

SJ

14640

14640

DR

Jun

Jun

Feedback

Solution
Account: ARC - Great Sports
Account No. 110-5
Date

Description

May

31 Balance

Jun

19 Credit sale

Ref.

DR

CR

Balance
0

SJ

14,640

14,640 DR

(Q=510-110-6.AcctsRec6_week3)

Account: ARC - Croquet and Cricket


Account No. 110-6
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

Jun

11 C redit sale

SJ

18 Repayment

Jun

6,960

CRJ

6,960 DR

3760

3200

DR

Jun

Jun

Feedback

Solution
Account: ARC - Croquet and Cricket
Account No. 110-6
Date
May

Description

Ref.

DR

CR

Balance

31 Balance

Jun

11 C redit sale

SJ

Jun

18 Repayment

6,960

6,960 DR

CRJ

3,200

3,760 DR

(Q=510-210-3.AcctsPay3_week3)

Account: APC - Sports 'R Us


Account No. 210-3
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

27,374 C R

21 Purchase return

Jun

GJ

2800

24574

CR

Jun

Jun

Feedback

Solution
Account: APC - Sports 'R Us
Account No. 210-3
Date

Description

May

31 Balance

Jun

21 Purchase return

Ref.

DR

CR

Balance
27,374 C R

GJ

2,800

24,574 CR

(Q=520-100.CashAtBank_week3)

Account: Cash at bank


Account No. 100
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

47,496 DR

Jun

Jun

Jun

Feedback

Solution
There are no relevant entries in the Cash at bank ledger for this week.

(Q=520-110.AcctsRecControl_week3)

Account: ARC - Accounts Receivable Control


Account No. 110
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

Jun

12

24,078 DR

Sales return from Mick's Sporting


Goods

GJ

3,360

20,718 DR

Jun

Jun

Jun

Feedback

Solution
There are no relevant entries in the Accounts Receivable Control ledger for this week.

(Q=520-120.Inventory_week3)

Account: Inventory
Account No. 120
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

Jun

12

52,440 DR

Sales return from Mick's Sporting


Goods

GJ

2,320

21 Purchase return to Spo GJ

Jun

54,760 DR

51960

2800

DR

Jun

Jun

Feedback

Solution
Account: Inventory
Account No. 120
Date
May

Description

Ref.

DR

CR

Balance

31 Balance

52,440 DR

Jun

12

Sales return from Mick's


Sporting Goods

GJ

Jun

21

Purchase return to
Sports 'R Us

GJ

2,320

54,760 DR
2,800

51,960 DR

(Q=520-210.AcctsPayControl_week3)

Account: APC - Accounts Payable Control


Account No. 210
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

35,534 C R

21 Purchase return to Spo GJ

Jun

2800

32734

CR

Jun

Jun

Feedback

Solution
Account: APC - Accounts Payable Control
Account No. 210
Date

Description

May

31 Balance

Jun

Purchase return to
21
Sports 'R Us

Ref.

DR

CR

Balance
35,534 C R

GJ

2,800

32,734 CR

(Q=530.Inventory2_week3)

parachutes
Purchases

Date
May

Units

Jun

Jun

Cost of Sales
Total Cost

Units

Unit Cost

Balance

Total Cost

Units

31

Jun

Jun

Unit Cost

20

280

5600

20

21

-10

280

-2800

11

250

2750

10

280

2800

Unit Cost

Total Cost

11

250

2750

50

280

14000

11

250

2750

70

280

19600

60

280

16800

13

280

3640

47

280

13160

37

280

10360

Jun

Jun

Feedback

Solution
parachutes
Purchases

Date
May

Cost of Sales

Balance

Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost
31

Jun

Jun

20

280

5600

Jun

20

Jun

21

-10

280

11

250

2750

10

280

2800

13

280

3640

-2800

11

250

2750

50

280

14000

11

250

2750

70

280

19600

60

280

16800

47

280

13160

37

280

10360

(Q=530.Inventory4_week3)

extreme helmets
Purchases

Date
May

Units

Unit Cost

Cost of Sales
Total Cost

Units

Unit Cost

Balance

Total Cost

Units

31

Jun

11

15

160

2400

190

1710

Unit Cost

Total Cost

15

160

2400

22

190

4180

13

190

2470

Jun

Jun

Jun

Jun

Feedback

Solution
There are no relevant entries in the extreme helmets card for this week.

(Q=530.Inventory5_week3)

M-900 melon watt skateboards


Purchases

Date

Units

May

31

Jun

Jun

Unit Cost

15

19

Cost of Sales
Total Cost

150

Units

Unit Cost

Balance

Total Cost

Units

2250

Unit Cost

Total Cost

47

170

7990

47

170

7990

15

150

2250

15

150

2250

170

170

46

170

7820

Jun

Jun

Jun

Feedback

Solution
M-900 melon watt skateboards
Purchases

Date
May

31

Jun

Jun

Cost of Sales

Balance

Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost
47
15

150

19

2250

47

170

7990

14

150

2100

170

7990

47

170

7990

15

150

2250

150

150

Perdisco / latin /, v., to learn thoroughly


2006 Perdisco
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17/04/2010 8:06 PM

Transactions - week 4

1 of 1

http://www.perdisco.com/elms/qsam/html/qsam.aspx
Asshar
edon.
.
.
Accounting Practice Set
Being completed by: 3333396

Transactions - week 4 [feedback page]


This is a feedback page. Please review this page carefully because later pages in this practice set may build on the feedback provided here. When
you are ready, click continue.
Saving your position. If you want to save this practice set where you are up to and come back to it at a later time, click the bookmark button on
this page to save your position and be returned to your home page. To re-enter the practice set at this page at a later time, simply click the link
that you originally clicked to access this practice set.
Instructions for week 4

Navigation map

1) Record all week 4 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) The following are to be posted to ledger accounts daily:
All entries affecting subsidiary ledgers
All entries in the Other Accounts column of the cash receipts and cash payments
journals
All transactions entered into the general journal.
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 after you prepare the Bank Reconciliation
Statement.
3) Update inventory cards on a daily basis.
Please note that any answers from previous pages carried through onto this page (either on the
page or in a popup information page) are the correct answers, not your particular answers.
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 journals, ledgers and inventory cards:
Not all journals, ledgers and inventory cards will be displayed on every page.
On this page you can access all journals, ledgers and inventory cards necessary to answer
this question.
There are several tabs representing different views of the journal, ledgers and inventory
cards. The active tab by default is Show All, but you may also select to view just the special
journals, the general journal, just the subsidiary ledgers, the general ledger accounts or
the inventory cards by selecting the appropriate tab.
If you fill in any journal, ledger accounts or inventory cards and change the view on this
page by selecting a different tab, the information that you have entered will remain in that
journal, ledger or inventory card and be displayed whenever you can see that journal,
ledger or inventory card.

Additional information
To answer this question you may need the following information:
Background information
Trial balance
Transactions list - week 4
Schedules of accounts payable/receivable

Journals:
Please note that in the journals when you select accounts, you will select the account using
a popup link. You cannot type directly into the field.
Original information
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
The information in the above links comes from the 'Overview' and
are required to select an account for each transaction in the special journals. Specifically, in
'Further information' pages at the beginning of the practice set. If
all special journals, under the column labeled Account, you must select the correct account
you did not print them out, and you would like to refer to them,
name for each transaction in order to receive full marks. Note that for some transactions,
you may review them below:
this will mean that the account name selected will correspond to the heading of one of the
columns in that special journal.
Overview
For each journal, in the Post Ref. column you will need to correctly type the account
Further information
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
marks, 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 marks, 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 the subsidiary ledger account in the Post Ref. column to indicate that you have posted to both accounts.
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 marking 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 marks.
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 marks, 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, changes in inventory must not be posted to the Inventory ledger on a daily basis.
Inventory cards:
Each transaction recorded in the inventory cards must be entered in a pair of lines provided. In order to receive full marks, you must not split up a transaction into
more than the two lines given in the inventory card or combine two transactions into the one pair of lines.
However, each transaction may need to be recorded in more than one line on the inventory card when the movement in inventory includes items that have two
different unit costs. You should use a separate line within the pair of lines for each different unit cost. In particular, you should not combine the total cost of the
inventory into one amount. See the inventory cards for May in the Further information popup for an example of how inventory cards are to be completed.

Special Journals

Show All

General Journal

Subsidiary Ledgers

General Ledger

Inventory
(Q=601.salesJournalWeek4)

SALES JOURNAL

Date

Account

Jun

Invoice

Post

No.

Ref.

4 ARC - Mick's Sporting Goods

Accounts
Receivable

Cost of Sales

397

110-3

7,980

Jun

11 ARC - C roquet and C ricket

398

110-6

6,960

4,110

Jun

19 ARC - Great Sports

399

110-5

14,640

10,090

580

380

27

Jun

ARC - C roquet and C ricket

400

(s elec t)

Jun

(s elec t)

Jun

(s elec t)

Jun

(s elec t)

110-6

5,510

Feedback

Solution
SALES JOURNAL

Date

Account

Jun

Invoice

Post

No.

Ref.

4 ARC - Mick's Sporting Goods

Jun

11 ARC - C roquet and C ricket

Accounts
Receivable

Cost of
Sales

397

110-3

7,980

5,510

398

110-6

6,960

4,110

Jun

19 ARC - Great Sports

399

110-5

14,640

10,090

Jun

27 ARC - Croquet and Cricket

400

110-6

580

380

(Q=602.purchasesJournalWeek4)

PURCHASES JOURNAL

Date

Account

Jun

1 APC - Good Sports

Jun

3 APC - J. J. Spud

Post

Terms

Jun

(s elec t)

Jun

(s elec t)

Jun

(s elec t)

Jun

(s elec t)

Accounts
Payable

Ref.
2/10, n/30

210-1

2,250

net 30

210-5

5,610

Feedback

Solution
There are no relevant entries in the purchases journal for this week.

(Q=603.cashReceiptsJournalWeek4)

CASH RECEIPTS JOURNAL


Note: In order to receive full marks, for each transaction, you must select an account under the column labelled 'Account', as indicated under the additional instructions
above.
DR
Date

Account

Jun

Post Ref.

6 Sales Revenue

Cash at
Bank
X

9,030

110-1

2,326

6,670

110-6

3,200

Jun

13 ARC - Jump Around

Jun

13 Sales Revenue

Jun

18 ARC - C roquet and C ricket

Jun

20 ARC - Mick's Sporting Goods

110-3

17,257

Jun

20 Sales Revenue

5,590

27

Jun

Sales Revenue

(s elec t)

Jun

(s elec t)

Jun

(s elec t)

Jun

(s elec t)

Jun

(s elec t)

Jun

(s elec t)

CR
Discount
Allowed

Sales
Revenue

Accounts
Receivable

Other
Accounts

Cost of
Sales

9,030

5,550

258

2,584
6,670

3,680
3,200
17,257

5,590

16380

3,640

16380

11470

Feedback

Solution
CASH RECEIPTS JOURNAL

Date
Jun

6 Sales Revenue

Jun

DR

Post
Ref.

Account

13 ARC - Jump Around

Cash at
Bank

CR

Cost of
Sales

Discount
Sales
Accounts
Other
Allowed Revenue Receivable Accounts

9,030

110-1

2,326

Jun

13 Sales Revenue

6,670

Jun

18 ARC - C roquet and C ricket

110-6

3,200

9,030

5,550

258

2,584
6,670

3,680
3,200

Jun

20 ARC - Mick's Sporting Goods

110-3

17,257

Jun

20 Sales Revenue

5,590

5,590

17,257
3,640

Jun

27 Sales Revenue

16,380

16,380

11,470

(Q=604.cashPaymentsJournalWeek4)

CASH PAYMENTS JOURNAL


Note: In order to receive full marks, for each transaction, you must select an account under the column labelled 'Account', as indicated under the additional instructions
above.

Date

Cheque

Account

DR

Post

No.

Accounts
Payable

Ref.

CR
Wages

Inventory

Other
Accounts

Expense

Cash at
Bank

Jun

3 APC - Hike

836

210-2

Jun

3 Inventory

837

Jun

5 Wages Payable

838

220

Jun

7 APC - Sport Borders

839

210-4

2,082

2,040

840

210-5

5,610

5,610

Jun

11 APC - J. J. Spud

Jun

12 Wages Expense

842

Jun

12 Electricity Payable

841

221

Jun

19 Wages Expense

843

3,477

3,442
5,600

Discount
Received
35

5,600
927

909

1,742

1,836
42

1,742
905

1,536

905
1,536

Jun

26

Wages Expense

(s elec t)

844

1054

1054

Jun

27

APC - Good Sports

(s elec t)

845

210-1

4851

4851

Jun

28

APC - Sports 'R Us

(s elec t)

846

210-3

24574

24574

Jun

(s elec t)

Jun

(s elec t)

Jun

(s elec t)

Feedback

Solution
CASH PAYMENTS JOURNAL

Date

Account

Cheque

Post

No.

Ref.

DR

CR

Wages
Other
Accounts
Inventory
Payable
Expense Accounts

Cash at
Bank

Jun

3 APC - Hike

836

210-2

Jun

3 Inventory

837

Jun

5 Wages Payable

838

220

Jun

7 APC - Sport Borders

839

210-4

2,082

2,040

840

210-5

5,610

5,610

Jun

11 APC - J. J. Spud

Jun

12 Wages Expense

842

Jun

12 Electricity Payable

841

221

Jun

19 Wages Expense

843

3,477

Discount
Received

3,442
5,600

35

5,600
927

909

1,836

1,742

42

1,742
905

905

1,536

1,536

1,054

1,054

Jun

26 Wages Expense

844

Jun

27 APC - Good Sports

845

210-1

4,851

4,851

Jun

28 APC - Sports 'R Us

846

210-3

24,574

24,574

(Q=605.generalJournalWeek4)

GENERAL JOURNAL

Date

Post

Account and Explanation

DR

Ref.

Jun

8 Retained Earnings

301

Jun

230

Dividend Payable

CR
3,500
3,500

(dividend declaration)
Jun

12 Sales Returns and Allowances

Jun

12

401

ARC - Mick's Sporting Goods

3,360

110-3

3,360

(sales return)
Jun

12 Inventory

120

Jun

12

500

C ost of Sales

2,320
2,320

(sales return)
Jun

21 APC - Sports 'R Us

Jun

21

210-3

Inventory

2,800

120

2,800

(purchase return)

24

Jun

24

Bad Debts Expense

(s elec t)

574

4294

ARC - The Locker Room

(s elec t)

110-2

4294

(s elec t)

Jun

(s elec t)

(s elec t)

Jun

(s elec t)

Feedback

Solution
GENERAL JOURNAL

Date

Post

Account and Explanation

DR

Ref.

Jun

8 Retained Earnings

301

Jun

230

Dividend Payable

CR

3,500
3,500

(dividend declaration)
Jun

12 Sales Returns and Allowances

Jun

12

401

ARC - Mick's Sporting Goods

3,360

110-3

3,360

(sales return)
Jun

12 Inventory

120

Jun

12

500

C ost of Sales

2,320
2,320

(sales return)
Jun

21 APC - Sports 'R Us

Jun

21

210-3

Inventory

2,800

120

2,800

(purchase return)
Jun

24 Bad Debts Expense

Jun

24

574

ARC - The Locker Room

4,294

110-2

4,294

(bad debt write-off)

(Q=610-110-2.AcctsRec2_week4)

Account: ARC - The Locker Room


Account No. 110-2
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

4,294 DR

24 Write off - The Locker

Jun

GJ

4294

Jun

Jun

Feedback

Solution
Account: ARC - The Locker Room
Account No. 110-2
Date

Description

May

31 Balance

Jun

24

Ref.

DR

CR

Balance
4,294 DR

Write off - The Locker


Room

GJ

4,294

(Q=610-110-6.AcctsRec6_week4)

Account: ARC - Croquet and Cricket


Account No. 110-6
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

Jun

11 C redit sale

SJ

Jun

18 Repayment

6,960 DR

C RJ

27 Credit sale

Jun

6,960
3,200

SJ

580

3,760 DR

4340

DR

Jun

Jun

Feedback

Solution
Account: ARC - Croquet and Cricket
Account No. 110-6
Date
May

Description

Ref.

DR

CR

Balance

31 Balance

Jun

11 C redit sale

Jun

18 Repayment

Jun

27 Credit sale

SJ

6,960

6,960 DR

C RJ

3,200

SJ

3,760 DR

580

4,340 DR

(Q=610-210-1.AcctsPay1_week4)

Account: APC - Good Sports


Account No. 210-1
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

2,601 C R

Jun

1 C redit purchase

PJ

Jun

27 Repayment

2,250

CPJ

4851

4,851 C R

Jun

Jun

Feedback

Solution
Account: APC - Good Sports
Account No. 210-1
Date
May

Description

Ref.

DR

CR

Balance

31 Balance

Jun

2,601 C R

1 C redit purchase

Jun

PJ

27 Repayment

2,250

CPJ

4,851 C R

4,851

(Q=610-210-3.AcctsPay3_week4)

Account: APC - Sports 'R Us


Account No. 210-3
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

27,374 C R

Jun

21 Purchase return

GJ

Jun

28 Repayment

2,800

CPJ

24,574 C R

24574

Jun

Jun

Feedback

Solution
Account: APC - Sports 'R Us
Account No. 210-3
Date
May

Description

Ref.

DR

CR

Balance

31 Balance

27,374 C R

Jun

21 Purchase return

Jun

28 Repayment

GJ

2,800

24,574 C R

CPJ

24,574

(Q=610-210-4.AcctsPay4_week4)

Account: APC - Sport Borders


Account No. 210-4
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

Jun

2,082 C R

7 Repayment

C PJ

2,082

Jun

Jun

Jun

Feedback

Solution
There are no relevant entries in the Sport Borders ledger for this week.

(Q=620-100.CashAtBank_week4)

Account: Cash at bank


Account No. 100
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

47,496 DR

Jun

Jun

Jun

Feedback

Solution
There are no relevant entries in the Cash at bank ledger for this week.

(Q=620-110.AcctsRecControl_week4)

Account: ARC - Accounts Receivable Control


Account No. 110
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

Jun

12

24,078 DR

Sales return from Mick's Sporting


Goods

GJ

24 Write off - The Locker

Jun

3,360

GJ

20,718 DR

16425

4294

DR

Jun

Jun

Feedback

Solution
Account: ARC - Accounts Receivable Control
Account No. 110
Date
May

Description

Ref.

DR

CR

Balance

31 Balance

24,078 DR

Jun

12

Sales return from Mick's


Sporting Goods

GJ

3,360

20,718 DR

Jun

24

Write off - The Locker


Room

GJ

4,294

16,424 DR

(Q=620-210.AcctsPayControl_week4)

Account: APC - Accounts Payable Control


Account No. 210
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

Jun

35,534 C R

21 Purchase return to Sports 'R Us

GJ

2,800

32,734 C R

Jun

Jun

Jun

Feedback

Solution
There are no relevant entries in the Accounts Payable Control ledger for this week.

(Q=620-301.RetainedProfits_week4)

Account: Retained Earnings


Account No. 301
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

Jun

80,574 C R

8 Dividend declaration

GJ

3,500

77,074 C R

Jun

Jun

Jun

Feedback

Solution
There are no relevant entries in the Retained Earnings ledger for this week.

(Q=620-400.SalesRevenue_week4)

Account: Sales Revenue


Account No. 400
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

Jun

Jun

Jun

Feedback

Solution
There are no relevant entries in the Sales Revenue ledger for this week.

(Q=620-516.WagesExpense_week4)

Account: Wages Expense


Account No. 516
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

Jun

Jun

Jun

Feedback

Solution
There are no relevant entries in the Wages Expense ledger for this week.

(Q=620-574.BadDebtsExpense_week4)

Account: Bad Debts Expense


Account No. 574
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

24 The Locker Room

Jun

GJ

4294

4294

DR

Jun

Jun

Feedback

Solution
Account: Bad Debts Expense
Account No. 574
Date

Description

May

31 Balance

Jun

24

Ref.

DR

CR

Balance
0

Write off - The Locker


Room

GJ

4,294

4,294 DR

(Q=630.Inventory3_week4)

freestyle snowboards
Purchases

Date

Units

May

31

Jun

Jun

17

Cost of Sales
Total Cost

330

Units

Unit Cost

19

12

290

-8

27

Balance

Total Cost

Units

5610

Jun

Jun

Unit Cost

5510

290

-2320

Unit Cost

Total Cost

46

290

13340

46

290

13340

17

330

5610

27

290

7830

17

330

5610

35

290

10150

17

330

5610

35

290

10150

13

330

4290

330

1320

Jun

Jun

Jun

Feedback

Solution
freestyle snowboards
Purchases

Date

Cost of Sales

May

31

Jun

Jun

46
17

330

5610

Jun

19

12

Jun

Balance

Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost

290

-8

27

5510

290

-2320

35

290

10150

330

1320

290

13340

46

290

13340

17

330

5610

27

290

7830

17

330

5610

35

290

10150

17

330

5610

13

330

4290

(Q=630.Inventory4_week4)

extreme helmets
Purchases

Date
May

Unit Cost

Cost of Sales
Total Cost

Units

Unit Cost

Balance

Total Cost

Units

31

Jun

Jun

Units

11

27

15

160

2400

190

1710

Unit Cost

Total Cost

15

160

2400

22

190

4180

13

190

2470

190

380

11

190

2090

Jun

Jun

Jun

Feedback

Solution
extreme helmets
Purchases

Date
May

Jun

Jun

Cost of Sales

Balance

Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost
31

11

15

160

2400

190

1710

190

380

27

15

160

2400

22

190

4180

13

190

2470

11

190

2090

(Q=630.Inventory5_week4)

M-900 melon watt skateboards


Purchases

Date

Units

May

31

Jun

Jun

Unit Cost

Cost of Sales
Total Cost

Units

Unit Cost

Balance

Total Cost

Units

Unit Cost

47
15

150

2250

19

47

170

7990

14

150

2100

170

Total Cost
7990

47

170

7990

15

150

2250

150

150

Jun

Jun

Jun

Jun

Feedback

Solution
There are no relevant entries in the M-900 melon watt skateboards card for this week.

Perdisco / latin /, v., to learn thoroughly


2006 Perdisco
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17/04/2010 9:03 PM

Transactions - week 5

1 of 1

http://www.perdisco.com/elms/qsam/html/qsam.aspx
Asshar
edon.
.
.
Accounting Practice Set
Being completed by: 3333396

Transactions - week 5 [feedback page]


This is a feedback page. Please review this page carefully because later pages in this practice set may build on the feedback provided here. When
you are ready, click continue.
Saving your position. If you want to save this practice set where you are up to and come back to it at a later time, click the bookmark button on
this page to save your position and be returned to your home page. To re-enter the practice set at this page at a later time, simply click the link
that you originally clicked to access this practice set.
Instructions for week 5

Navigation map

1) Record all week 5 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) The following are to be posted to ledger accounts daily:
All entries affecting subsidiary ledgers
All entries in the Other Accounts column of the cash receipts and cash payments
journals
All transactions entered into the general journal.
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 after you prepare the Bank Reconciliation
Statement.
3) Update inventory cards on a daily basis.
Please note that any answers from previous pages carried through onto this page (either on the
page or in a popup information page) are the correct answers, not your particular answers.
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 journals, ledgers and inventory cards:
Not all journals, ledgers and inventory cards will be displayed on every page.
On this page you can access all journals, ledgers and inventory cards necessary to answer
this question.
There are several tabs representing different views of the journal, ledgers and inventory
cards. The active tab by default is Show All, but you may also select to view just the special
journals, the general journal, just the subsidiary ledgers, the general ledger accounts or
the inventory cards by selecting the appropriate tab.
If you fill in any journal, ledger accounts or inventory cards and change the view on this
page by selecting a different tab, the information that you have entered will remain in that
journal, ledger or inventory card and be displayed whenever you can see that journal,
ledger or inventory card.

Additional information
To answer this question you may need the following information:
Background information
Trial balance
Transactions list - week 5
Schedules of accounts payable/receivable

Journals:
Please note that in the journals when you select accounts, you will select the account using
a popup link. You cannot type directly into the field.
Original information
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
The information in the above links comes from the 'Overview' and
are required to select an account for each transaction in the special journals. Specifically, in
'Further information' pages at the beginning of the practice set. If
all special journals, under the column labeled Account, you must select the correct account
you did not print them out, and you would like to refer to them,
name for each transaction in order to receive full marks. Note that for some transactions,
you may review them below:
this will mean that the account name selected will correspond to the heading of one of the
columns in that special journal.
Overview
For each journal, in the Post Ref. column you will need to correctly type the account
Further information
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
marks, 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 marks, 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 the subsidiary ledger account in the Post Ref. column to indicate that you have posted to both accounts.
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 marking 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 marks.
If the balance of a ledger account is zero you do not need to select a debit or credit from the drop-down box.
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, changes in inventory must not be posted to the Inventory ledger on a daily basis.
Inventory cards:
Each transaction recorded in the inventory cards must be entered in a pair of lines provided. In order to receive full marks, you must not split up a transaction into
more than the two lines given in the inventory card or combine two transactions into the one pair of lines.
However, each transaction may need to be recorded in more than one line on the inventory card when the movement in inventory includes items that have two
different unit costs. You should use a separate line within the pair of lines for each different unit cost. In particular, you should not combine the total cost of the
inventory into one amount. See the inventory cards for May in the Further information popup for an example of how inventory cards are to be completed.

Special Journals

Show All

General Journal

Subsidiary Ledgers

General Ledger

Inventory
(Q=701.salesJournalWeek5)

SALES JOURNAL

Date

Account

Jun

Invoice

Post

No.

Ref.

4 ARC - Mick's Sporting Goods

Accounts
Receivable

Cost of Sales

397

110-3

7,980

Jun

11 ARC - C roquet and C ricket

398

110-6

6,960

4,110

Jun

19 ARC - Great Sports

399

110-5

14,640

10,090

Jun

27 ARC - C roquet and C ricket

400

110-6

580

380

Jun

(s elec t)

Jun

(s elec t)

Jun

(s elec t)

Jun

(s elec t)

5,510

Feedback

Solution
There are no relevant entries in the sales journal for this week.

(Q=702.purchasesJournalWeek5)

PURCHASES JOURNAL

Date

Account

Jun

1 APC - Good Sports

Jun

3 APC - J. J. Spud

30

Jun

Post

Terms

APC - Sport Borders

Jun

(s elec t)

Jun

(s elec t)

Jun

(s elec t)

2/10, n/30

210-1

2,250

net 30

210-5

5,610

2/10 n/30

(s elec t)

Accounts
Payable

Ref.

210-4

1650

Feedback

Solution
PURCHASES JOURNAL

Date

Account

Jun

1 APC - Good Sports

Jun

3 APC - J. J. Spud

Jun

Post

Terms

30 APC - Sport Borders

Accounts
Payable

Ref.

2/10, n/30

210-1

net 30

210-5

2,250
5,610

2/10, n/30

210-4

1,650

(Q=703.cashReceiptsJournalWeek5)

CASH RECEIPTS JOURNAL


Note: In order to receive full marks, for each transaction, you must select an account under the column labelled 'Account', as indicated under the additional instructions
above.
DR
Date

Account

Jun

Post Ref.

6 Sales Revenue

Cash at
Bank

CR
Discount
Allowed

9,030

110-1

2,326

6,670

110-6

3,200

Sales
Revenue

Accounts
Receivable

Other
Accounts

Cost of
Sales

9,030

5,550

Jun

13 ARC - Jump Around

258

2,584

Jun

13 Sales Revenue

Jun

18 ARC - C roquet and C ricket

Jun

20 ARC - Mick's Sporting Goods

110-3

17,257

Jun

20 Sales Revenue

5,590

5,590

3,640

Jun

27 Sales Revenue

16,380

16,380

11,470

6,670

3,680
3,200
17,257

Jun

29

Sales Revenue

(s elec t)

2610

2610

1580

Jun

30

ARC - Balls 'n All

(s elec t)

110-4

4563

4563

Jun

(s elec t)

Jun

(s elec t)

Jun

(s elec t)

Jun

(s elec t)

Feedback

Solution
CASH RECEIPTS JOURNAL

Date
Jun

6 Sales Revenue

Jun

DR

Post
Ref.

Account

13 ARC - Jump Around

Cash at
Bank

CR

Cost of
Sales

Discount
Sales
Accounts
Other
Allowed Revenue Receivable Accounts

9,030

110-1

2,326

Jun

13 Sales Revenue

6,670

Jun

18 ARC - C roquet and C ricket

110-6

3,200

9,030

5,550

258

2,584
6,670

3,680
3,200

Jun

20 ARC - Mick's Sporting Goods

110-3

17,257

Jun

20 Sales Revenue

5,590

5,590

17,257
3,640

Jun

27 Sales Revenue

16,380

16,380

11,470

Jun

29 Sales Revenue

2,610

2,610

Jun

30 ARC - Balls 'n All

110-4

4,563

1,580
4,563

(Q=704.cashPaymentsJournalWeek5)

CASH PAYMENTS JOURNAL


Note: In order to receive full marks, for each transaction, you must select an account under the column labelled 'Account', as indicated under the additional instructions
above.

Date

Account

Cheque

Post

No.

Ref.

DR
Accounts
Payable

CR
Wages

Inventory

Other
Accounts

Expense

Cash at
Bank

Jun

3 APC - Hike

836

210-2

Jun

3 Inventory

837

3,477

3,442

Jun

5 Wages Payable

838

220

Jun

7 APC - Sport Borders

839

210-4

2,082

2,040

840

210-5

5,610

5,610

5,600
927

909

1,836

11 APC - J. J. Spud

Jun

12 Wages Expense

842

Jun

12 Electricity Payable

841

221

Jun

19 Wages Expense

843

Jun

26 Wages Expense

844

Jun

27 APC - Good Sports

845

210-1

4,851

4,851

Jun

28 APC - Sports 'R Us

846

210-3

24,574

24,574

30

Salary Expense

847

(s elec t)

Jun

(s elec t)

Jun

(s elec t)

Jun

(s elec t)

Jun

(s elec t)

Jun

(s elec t)

1,742

905

1,536

1,536

1,054

1,054

42

1,742
905

545

35

5,600

Jun

Jun

Discount
Received

4900

4900

Feedback

Solution
CASH PAYMENTS JOURNAL

Date

Cheque

Account

DR

Post

No.

CR

Wages
Other
Accounts
Inventory
Payable
Expense Accounts

Ref.

Cash at
Bank

Jun

3 APC - Hike

836

210-2

Jun

3 Inventory

837

3,477

Jun

5 Wages Payable

838

220

Jun

7 APC - Sport Borders

839

210-4

2,082

2,040

210-5

5,610

5,610

Discount
Received

3,442
5,600

35

5,600
927

909

1,836

Jun

11 APC - J. J. Spud

840

Jun

12 Wages Expense

842

Jun

12 Electricity Payable

841

221

Jun

19 Wages Expense

843

Jun

26 Wages Expense

844

Jun

27 APC - Good Sports

845

210-1

4,851

4,851

Jun

28 APC - Sports 'R Us

846

210-3

24,574

24,574

Jun

30 Salary Expense

847

545

1,742

42

1,742
905

905

1,536

1,536

1,054

1,054

4,900

4,900

(Q=705.generalJournalWeek5)

GENERAL JOURNAL

Date

Post

Account and Explanation

DR

Ref.

Jun

8 Retained Earnings

301

Jun

230

Dividend Payable

CR
3,500
3,500

(dividend declaration)
Jun

12 Sales Returns and Allowances

Jun

12

401

ARC - Mick's Sporting Goods

3,360

110-3

3,360

(sales return)
Jun

12 Inventory

120

Jun

12

500

C ost of Sales

2,320
2,320

(sales return)
Jun

21 APC - Sports 'R Us

Jun

21

210-3

Inventory

2,800

120

2,800

(purchase return)
Jun

24 Bad Debts Expense

Jun

24

574

ARC - The Locker Room

4,294

110-2

4,294

(bad debt write-off)

(s elec t)

Jun

(s elec t)

(s elec t)

Jun

(s elec t)

(s elec t)

Jun

(s elec t)

Feedback

Solution
There are no relevant entries in the general journal for this week.

(Q=710-110-4.AcctsRec4_week5)

Account: ARC - Balls 'n All


Account No. 110-4
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

4,563 DR

30 Repayment

Jun

CRJ

4563

Jun

Jun

Feedback

Solution
Account: ARC - Balls 'n All
Account No. 110-4
Date

Description

May

31 Balance

Jun

30 Repayment

Ref.

DR

CR

Balance
4,563 DR

CRJ

4,563

(Q=710-210-4.AcctsPay4_week5)

Account: APC - Sport Borders


Account No. 210-4
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

Jun

2,082 C R

7 Repayment

C PJ

30 Credit purchase

Jun

2,082

PJ

1650

1650

CR

Jun

Jun

Feedback

Solution
Account: APC - Sport Borders
Account No. 210-4
Date
May

Description

Ref.

DR

CR

Balance

31 Balance

Jun

2,082 C R

7 Repayment

Jun

C PJ

30 Credit purchase

2,082

PJ

1,650

1,650 CR

(Q=720-100.CashAtBank_week5)

Account: Cash at bank


Account No. 100
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

47,496 DR

Jun

Jun

Jun

Feedback

Solution
There are no relevant entries in the Cash at bank ledger for this week.

(Q=720-110-0.ARControl_week5)

Account: ARC - Accounts Receivable Control


Account No. 110
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

24,078 DR

Sales return from Mick's Sporting


Goods

Jun

12

Jun

24 Write off - The Locker Room

GJ

3,360

20,718 DR

GJ

4,294

16,424 DR

Jun

Jun

Jun

Jun

Feedback

Solution
There are no relevant entries in the Accounts Receivable Control ledger for this week.

(Q=720-210-0.APControl_week5)

Account: APC - Accounts Payable Control


Account No. 210
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

Jun

35,534 C R

21 Purchase return to Sports 'R Us

GJ

2,800

32,734 C R

Jun

Jun

Jun

Jun

Feedback

Solution
There are no relevant entries in the Accounts Payable Control ledger for this week.

(Q=720-400.SalesRevenue_week5)

Account: Sales Revenue


Account No. 400
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

Jun

Jun

Jun

Feedback

Solution
There are no relevant entries in the Sales Revenue ledger for this week.

(Q=720-402.DiscountReceived_week5)

Account: Discount Received


Account No. 402
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

Jun

Jun

Jun

Feedback

Solution
There are no relevant entries in the Discount Received ledger for this week.

(Q=720-545.SalaryExpense_week5)

Account: Salary Expense


Account No. 545
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

30 Adrian Laue

Jun

CPJ

4900

4900

DR

Jun

Jun

Feedback

Solution
Account: Salary Expense
Account No. 545
Date

Description

May

31 Balance

Jun

30 Owner salary

Ref.

DR

CR

Balance
0

CPJ

4,900

4,900 DR

(Q=720-573.DiscountAllowed_week5)

Account: Discount Allowed


Account No. 573
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

Jun

Jun

Jun

Feedback

Solution
There are no relevant entries in the Discount Allowed ledger for this week.

(Q=730.Inventory1_week5)

bungee kits
Purchases

Date
May

Unit Cost

Cost of Sales
Total Cost

Units

Unit Cost

Balance

Total Cost

Units

31

Jun

Jun

Units

13

23

29

160

3680

Unit Cost

Total Cost

25

160

4000

21

180

3780

160

320

21

180

3780

160

320

14

180

2520

180

1260

Jun

Jun

Jun

Feedback

Solution
bungee kits
Purchases

Date
May

Cost of Sales

Balance

Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost
31

Jun

13

Jun

23

29

160

25

160

4000

21

180

3780

3680

160

320

180

1260

160

320

21

180

3780

14

180

2520

(Q=730.Inventory5_week5)

M-900 melon watt skateboards


Purchases

Date

Units

May

31

Jun

Jun

Jun

Unit Cost

Cost of Sales
Total Cost

Units

Unit Cost

Balance

Total Cost

Units

Unit Cost

47
15

150

2250

19

30

11

150

1650

170

Total Cost
7990

47

170

7990

15

150

2250

150

150

47

170

7990

14

150

2100

12

150

1800

Jun

Jun

Jun

Feedback

Solution
M-900 melon watt skateboards
Purchases

Date
May

31

Jun

Jun

Jun

Cost of Sales

Balance

Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost
47
15

150

2250

19

30

11

150

47

170

7990

14

150

2100

1650

170

7990

47

170

7990

15

150

2250

150

150

12

150

1800

Perdisco / latin /, v., to learn thoroughly


2006 Perdisco
Terms Of Use | Privacy Policy | Saturday, April 17, 2010, 21:23
http://www.perdisco.com.au

17/04/2010 9:24 PM

Bank reconciliation

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Asshar
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Accounting Practice Set
Being completed by: 3333396

Bank reconciliation [feedback page]


This is a feedback page. Please review this page carefully because later pages in this practice set may build on the feedback provided here. When
you are ready, click continue.
Saving your position. If you want to save this practice set where you are up to and come back to it at a later time, click the bookmark button on
this page to save your position and be returned to your home page. To re-enter the practice set at this page at a later time, simply click the link
that you originally clicked to access this practice set.

Instructions for bank reconciliation

Navigation map

1) Identify any reconciling items and record the relevant reconciling items in the appropriate
journals.
2) The following are to be posted to ledger accounts daily:
All entries affecting subsidiary ledgers
All entries in the Other Accounts column of the cash receipts and cash payments
journals
3) Total the Cash at Bank columns in the special journals. Record the total in the bottom line of
each journal.
4) Post the total of the Cash at Bank columns in the special journals to their corresponding
ledger account.
5) To confirm that the posting has been performed, a posting reference is recorded in the last
row of the special journals.
6) Prepare the bank reconciliation statement as at 30 June.
Please note that any answers from previous pages carried through onto this page (either on the
page or in a popup information page) are the correct answers, not your particular answers.
All answers can be entered as positive or negative numbers as required.
Remember to enter all answers to the nearest whole dollar.
Additional instructions
Displaying selected journals and ledgers:

Additional information

Not all journals and ledgers will be displayed on every page.


On this page you can access all journals and ledgers necessary to answer this question.
There are several tabs representing different views of the journal and ledgers. The active
tab by default is Show All, but you may also select to view just the special journals, the
general journal, just the subsidiary ledgers or the general ledger accounts by selecting
the appropriate tab.
If you fill in any journal or ledger accounts and change the view on this page by selecting
a different tab, the information that you have entered will remain in that journal or ledger
and be displayed whenever you can see that journal or ledger.

To answer this question you may need the following


information:
Background information
Bank reconciliation statement from last
month
New bank statement
Transactions list

Journals:
Please note that in the journals when you select accounts, you will select the account
using a popup link. You cannot type directly into the field.
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 must select the
correct account name for each transaction in order to receive full marks. 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 marks, 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 marks, you must record only the letter X in the Post
Ref. column for these transactions.
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 the subsidiary ledger account in the Post Ref. column
to indicate that you have posted to both accounts.
General journal entries do NOT require a description of the journal entries.

Original information
The information in the above links comes from the
'Overview' and 'Further information' pages at the beginning
of the practice set. If you did not print them out, and you
would like to refer to them, you may review them below:
Overview
Further information

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 marking 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 marks.
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 marks, you must not split up the relevant transaction into more than one
line in the subsidiary ledger.
Bank reconciliation statement, journals and ledgers:
If a cheque number is not required, you need to fill the appropriate input box with an X.
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.
The Bank Reconciliation Statement may contain more rows than required.

Bank Reconciliation

Show All

Special Journals

General Journal

Subsidiary Ledgers

General Ledger

The Adrenaline Hut


Bank Reconciliation Statement
As at 30-06-10

34630

Balance as per bank statement:

CR

Add:

deposit in transit

17257

deposit in transit

2610

deposit in transit

4563

24430

Total

59060

CR

Less:

unpresented cheque

845

No.

4851

No.

No.

No.

4851

Total

Adjusted bank balance

54209

CR

Balance as per ledger account

54209

DR

Feedback

Solution

The Adrenaline Hut


Bank Reconciliation Statement as at 30-06-10

Balance as per bank statement:

34,630 C R

Add:
deposit in transit

17,257

deposit in transit

4,563

deposit in transit

2,610

24,430
59,060 C R

Less:
unpresented cheque

No. 845

4,851

4,851

Adjusted bank balance

54,209 C R

Balance as per ledger account

54,209 DR

(Q=801.cashReceiptsJournalBankRec)

CASH RECEIPTS JOURNAL


Note: In order to receive full marks, for each transaction, you must select an account under the column labelled 'Account', as indicated under the additional instructions
above.
DR
Date
Jun

Account

Post Ref.

6 Sales Revenue

Cash at
Bank

CR
Discount
Allowed

9,030

110-1

2,326

Jun

13 ARC - Jump Around

Jun

13 Sales Revenue

6,670

Jun

18 ARC - C roquet and C ricket

110-6

3,200

Sales
Revenue

Accounts
Receivable

Cost of
Sales

Other
Accounts

9,030

5,550

258

2,584
6,670

3,680
3,200

Jun

20 ARC - Mick's Sporting Goods

110-3

17,257

Jun

20 Sales Revenue

5,590

5,590

17,257
3,640

Jun

27 Sales Revenue

16,380

16,380

11,470

Jun

29 Sales Revenue

2,610

2,610

Jun

30 ARC - Balls 'n All

110-4

4,563

Jun

30

ARC - C roquet and


C i k t

(s elec t)

110-6

-3200

-3200

Jun

30

Interest Revenue

(s elec t)

403

388

388

Jun

30

(s elec t)

Jun

30

(s elec t)

Jun

30

(s elec t)

Jun

30

(s elec t)

1,580
4,563

64814

Total

100 )

Post Reference

Feedback

Solution
CASH RECEIPTS JOURNAL

Date
Jun

6 Sales Revenue

Jun

DR

Post
Ref.

Account

13 ARC - Jump Around

Cash at
Bank

CR

Cost of
Sales

Discount
Sales
Accounts
Other
Allowed Revenue Receivable Accounts

9,030

110-1

2,326

Jun

13 Sales Revenue

6,670

Jun

18 ARC - C roquet and C ricket

110-6

3,200

9,030

5,550

258

2,584
6,670

3,680
3,200

Jun

20 ARC - Mick's Sporting Goods

110-3

17,257

Jun

20 Sales Revenue

5,590

5,590

17,257
3,640

Jun

27 Sales Revenue

16,380

16,380

11,470

Jun

29 Sales Revenue

2,610

Jun

30 ARC - Balls 'n All

Jun

30 ARC - Croquet and Cricket

Jun

30 Interest Revenue

2,610

110-4

4,563

4,563

110-6

-3,200

-3,200

403

388

Total

1,580

388

64,814

Post reference

(100)

(Q=802.cashPaymentsJournalBankRec)

CASH PAYMENTS JOURNAL


Note: In order to receive full marks, for each transaction, you must select an account under the column labelled 'Account', as indicated under the additional instructions
above.

Date

Cheque

Account

DR

Post

No.

Accounts
Payable

Ref.

CR
Wages

Inventory

Other
Accounts

Expense

Cash at Bank

Jun

3 APC - Hike

836

210-2

Jun

3 Inventory

837

3,477

3,442

Jun

5 Wages Payable

838

220

Jun

7 APC - Sport Borders

839

210-4

2,082

2,040

210-5

5,610

5,610

5,600
927

909

1,836

11 APC - J. J. Spud

840

Jun

12 Wages Expense

842

Jun

12 Electricity Payable

841

221

Jun

19 Wages Expense

843

Jun

26 Wages Expense

844

Jun

27 APC - Good Sports

845

210-1

4,851

4,851

Jun

28 APC - Sports 'R Us

846

210-3

24,574

24,574

Jun

30 Salary Expense

847

545

Jun

30

Jun

30

(s elec t)

Jun

30

(s elec t)

Jun

30

(s elec t)

Jun

30

(s elec t)

Jun

30

(s elec t)

(s elec t)

1,742

905

1,536

1,536

1,054

1,054

42

1,742
905

572

35

5,600

Jun

Bank C harges

Discount
Received

4,900

4,900

11

11

58101

Total

Post Reference

100 )

Feedback

Solution
CASH PAYMENTS JOURNAL

Date

Account

Cheque

DR

Post

No.

CR

Wages
Other
Accounts
Inventory
Payable
Expense Accounts

Ref.

Cash at
Bank

Jun

3 APC - Hike

836

210-2

Jun

3 Inventory

837

3,477

3,442

Jun

5 Wages Payable

838

220

Jun

7 APC - Sport Borders

839

210-4

2,082

2,040

210-5

5,610

5,610

5,600

Discount
Received
35

5,600
927

909

1,836

Jun

11 APC - J. J. Spud

840

Jun

12 Wages Expense

842

Jun

12 Electricity Payable

841

221

Jun

19 Wages Expense

843

Jun

26 Wages Expense

844

Jun

27 APC - Good Sports

845

210-1

4,851

4,851

Jun

28 APC - Sports 'R Us

846

210-3

24,574

24,574

Jun

30 Salary Expense

847

545

4,900

Jun

30 Bank Charges

572

11

1,742

42

1,742
905

905

1,536

1,536

1,054

1,054

4,900
11

Total

58,101

Post reference

(100)

(Q=803-110-4.AcctsRec4_bankRec)

Account: ARC - Balls 'n All


Account No. 110-4
Date
May

Description

Ref.

DR

CR

Balance

31 Balance

4,563 DR

Jun

30 Repayment

Jun

30

Jun

30

Jun

30

C RJ

4,563

Feedback

Solution
There are no relevant entries in the Balls 'n All ledger for this week.

(Q=803-110-6.AcctsRec6_bankRec)

Account: ARC - Croquet and Cricket


Account No. 110-6
Date
May

Description

Ref.

DR

CR

Balance

31 Balance

Jun

11 C redit sale

SJ

Jun

18 Repayment

Jun

27 C redit sale

Jun

30

Jun

30

Jun

30

6,960

6,960 DR

C RJ

3,200

SJ

Dishonoured Cheque

CRJ

580

3,760 DR
4,340 DR

3200

7540

DR

Feedback

Solution
Account: ARC - Croquet and Cricket
Account No. 110-6
Date
May

Description

Ref.

DR

CR

Balance

31 Balance

Jun

11 C redit sale

Jun

18 Repayment

Jun

27 C redit sale

Jun

30 Dishonoured cheque

SJ

6,960

C RJ

6,960 DR
3,200

3,760 DR

SJ

580

4,340 DR

CRJ

3,200

7,540 DR

(Q=804-100.CashAtBank_bankRec)

Account: Cash at bank


Account No. 100
Date
May

Description

Ref.

DR

CR

Balance

31 Balance

47,496 DR

Jun

30

Total cash receipts

CRJ

64814

Jun

30

Total cash payments

CPJ

58101

Jun

30

112310
DR
54209
DR

Feedback

Solution
Account: Cash at bank
Account No. 100
Date

Description

Ref.

May

31 Balance

Jun

30

Total from cash


receipts journal

CRJ

Jun

30

Total from cash


payments journal

CPJ

DR

CR

Balance
47,496 DR

64,814

112,310 DR
58,101

54,209 DR

(Q=804-110-0.ARControl_bankRec)

Account: ARC - Accounts Receivable Control


Account No. 110
Date
May

Description

Ref.

DR

CR

Balance

31 Balance

24,078 DR

Sales return from Mick's Sporting


Goods

Jun

12

Jun

24 Write off - The Locker Room

Jun

30

Jun

30

Jun

30

Jun

30

GJ

3,360

20,718 DR

GJ

4,294

16,424 DR

Feedback

Solution
There are no relevant entries in the Accounts Receivable Control ledger for this week.

(Q=804-201.InterestPayable_bankRec)

Account: Interest Payable


Account No. 225
Date
May

Description

Ref.

DR

CR

Balance

31 Balance

Jun

30

Jun

30

Jun

30

210 C R

Feedback

Solution
There are no relevant entries in the Interest Payable ledger for this week.

(Q=804-403.InterestRevenue_bankRec)

Account: Interest Revenue


Account No. 403
Date
May

Description

Ref.

DR

CR

Balance

31 Balance

Jun

30

Jun

30

Jun

30

Interest revenue

CRJ

388

388

CR

Feedback

Solution
Account: Interest Revenue
Account No. 403
Date

Description

May

31 Balance

Jun

30

Ref.

DR

CR

Balance
0

Interest received
from the bank

CRJ

388

388 CR

(Q=804-571.InterestExpense_bankRec)

Account: Interest Expense


Account No. 571
Date
May

Description

Ref.

DR

CR

Balance

31 Balance

Jun

30

Jun

30

Jun

30

Feedback

Solution
There are no relevant entries in the Interest Expense ledger for this week.

(Q=804-572.BankCharges_bankRec)

Account: Bank Charges


Account No. 572
Date
May

Description

Ref.

DR

CR

Balance

31 Balance

Jun

30

Jun

30

Jun

30

Transaction fee

CPJ

11

11

DR

Feedback

Solution
Account: Bank Charges
Account No. 572
Date

Description

May

31 Balance

Jun

30 Transactions fee

Ref.

DR

CR

Balance
0

CPJ

11

11 DR

Perdisco / latin /, v., to learn thoroughly


2006 Perdisco
Terms Of Use | Privacy Policy | Wednesday, April 21, 2010, 21:45
http://www.perdisco.com.au

21/04/2010 9:57 PM

End of month posting

1 of 1

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Asshar
edon.
.
.
Accounting Practice Set
Being completed by: 3333396

End of month posting [feedback page]


This is a feedback page. Please review this page carefully because later pages in this practice set may build on the feedback provided here. When
you are ready, click continue.
Saving your position. If you want to save this practice set where you are up to and come back to it at a later time, click the bookmark button on
this page to save your position and be returned to your home page. To re-enter the practice set at this page at a later time, simply click the link
that you originally clicked to access this practice set.
Instructions for end of month posting

Navigation map

1) Total the columns in the special journals. Record the total in the bottom line of each journal.
2) Post the totals of the columns in the special journals to their corresponding ledger account. To
confirm that the posting has been performed, a posting reference is recorded in the last row of
the special journals. If the total of a column is not required to be posted, you need to record
an X in the post reference field for that column.
3) Record the final unadjusted balance of each ledger account in the Unadjusted Balance row of
each ledger, even for ledgers with a balance of zero. Although each ledger already has a
running balance, the Unadjusted Balance row must still be filled out in order to receive full
marks.
Please note that any answers from previous pages carried through onto this page (either on the
page or in a popup information page) are the correct answers, not your particular answers.
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 journals and ledgers:
Not all journals and ledgers will be displayed on every page.
On this page you can access all journals and ledgers necessary to answer this question.
There are several tabs representing different views of the journal and ledgers. The active
tab by default is Show All, but you may also select to view just the special journals or the
general ledger accounts by selecting the appropriate tab.
If you fill in any journal or ledger accounts and change the view on this page by selecting a
different tab, the information that you have entered will remain in that journal or ledger
and be displayed whenever you can see that journal or ledger.

Original information

Ledgers:

The information in the above links comes from the 'Overview' and
'Further information' pages at the beginning of the practice set. If
you did not print them out, and you would like to refer to them,
you may review them below:

When posting an entry 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 marking purposes. For example, it does not matter in an electricity transaction if you
type Paid for electricity or Paid electricity bill.
If the balance of a ledger account is zero you do not need to select a debit or credit from
the drop-down box.

Overview
Further information

Both journals and ledgers:


Most journals and ledgers will have blank rows left at the end of this question.

Additional information
To answer this question you may need the following information:
Inventory details

Special Journals

Show All

General Journal

Subsidiary Ledgers

General Ledger
(Q=811.salesJournalEndMonth)

SALES JOURNAL

Date

Account

Jun

Invoice

Post

No.

Ref.

4 ARC - Mick's Sporting Goods

Accounts Receivable

Cost of Sales

397

110-3

7,980

Jun

11 ARC - C roquet and C ricket

398

110-6

6,960

4,110

Jun

19 ARC - Great Sports

399

110-5

14,640

10,090

Jun

27 ARC - C roquet and C ricket

400

110-6

580

380

Jun

(s elec t)

Jun

(s elec t)

Jun

(s elec t)

Jun

(s elec t)

5,510

30160

Total

Post Reference

110 )

20090

400 )

/(

500 )

/(

120 )

Feedback

Solution
SALES JOURNAL

Date
Jun

Account

Invoice

Post

No.

Ref.

4 ARC - Mick's Sporting Goods

Accounts Receivable Cost of Sales

397

110-3

7,980

Jun

11 ARC - C roquet and C ricket

398

110-6

6,960

4,110

Jun

19 ARC - Great Sports

399

110-5

14,640

10,090

Jun

27 ARC - C roquet and C ricket

400

110-6

Total
Post Reference

5,510

580

380

30,160

20,090

(110)/(400) (500)/(120)

(Q=812.purchasesJournalEndMonth)

PURCHASES JOURNAL

Date

Account

Jun

1 APC - Good Sports

Jun

3 APC - J. J. Spud

Jun

Post

Terms

30 APC - Sport Borders

Jun

(s elec t)

Jun

(s elec t)

Jun

(s elec t)

Jun

(s elec t)

Accounts Payable

Ref.
2/10, n/30

210-1

net 30

210-5

2,250
5,610

2/10, n/30

210-4

1,650

9510

Total

Post Reference

120 )

210 )

/(

Feedback

Solution
PURCHASES JOURNAL

Date

Account

Jun

1 APC - Good Sports

Jun

3 APC - J. J. Spud

Jun

Post

Terms

30 APC - Sport Borders

Accounts Payable

Ref.

2/10, n/30

210-1

net 30

210-5

2,250
5,610

2/10, n/30

210-4

1,650

Total

9,510

Post Reference

(120)/(210)

(Q=813.cashReceiptsJournalEndMonth)

CASH RECEIPTS JOURNAL


Note: In order to receive full marks, for each transaction, you must select an account under the column labelled 'Account', as indicated under the additional instructions
above.
DR
Date

Account

Jun

Post Ref.

6 Sales Revenue

CR

Cash at
Bank

Discount
Allowed

9,030

110-1

2,326

6,670

110-6

3,200

Sales
Revenue

Accounts
Receivable

Cost of Sales

Other
Accounts

9,030

5,550

Jun

13 ARC - Jump Around

Jun

13 Sales Revenue

Jun

18 ARC - C roquet and C ricket

Jun

20 ARC - Mick's Sporting Goods

110-3

17,257

Jun

20 Sales Revenue

5,590

5,590

3,640

Jun

27 Sales Revenue

16,380

16,380

11,470

Jun

29 Sales Revenue

2,610

2,610

Jun

30 ARC - Balls 'n All

110-4

4,563

4,563

Jun

30 ARC - C roquet and C ricket

110-6

-3,200

-3,200

Jun

30 Interest Revenue

403

388

Jun

(s elec t)

Jun

(s elec t)

Jun

(s elec t)

Jun

(s elec t)

Jun

(s elec t)

Jun

(s elec t)

Total

258
6,670

3,680
3,200
17,257

1,580

388

258

64,814

Post Reference

2,584

573 )

(100)

40280
(

24404

400 )

388

110 )

X)

25920
500 )

120 )

/(

Feedback

Solution
CASH RECEIPTS JOURNAL

Date
Jun

6 Sales Revenue

Jun

DR

Post
Ref.

Account

13 ARC - Jump Around

Cash at
Bank

CR
Cost of Sales

Discount
Sales
Accounts
Other
Allowed Revenue Receivable Accounts

9,030

110-1

2,326

9,030

5,550

258

2,584

Jun

13 Sales Revenue

6,670

Jun

18 ARC - C roquet and C ricket

110-6

3,200

6,670

3,680

Jun

20 ARC - Mick's Sporting Goods

110-3

17,257

Jun

20 Sales Revenue

5,590

5,590

3,640

Jun

27 Sales Revenue

16,380

16,380

11,470

2,610

3,200
17,257

Jun

29 Sales Revenue

2,610

Jun

30 ARC - Balls 'n All

110-4

4,563

4,563

Jun

30 ARC - C roquet and C ricket

110-6

-3,200

-3,200

Jun

30 Interest Revenue

403

388

Total

1,580

388

64,814

258

40,280

24,404

388

25,920

(100)

(573)

(400)

(110)

(X)

(500)/(120)

Post reference

(Q=814.cashPaymentsJournalEndMonth)

CASH PAYMENTS JOURNAL


Note: In order to receive full marks, for each transaction, you must select an account under the column labelled 'Account', as indicated under the additional instructions
above.

Date

Cheque

Account

DR

Post

No.

Accounts
Payable

Ref.

CR
Wages

Inventory

Other
Accounts

Expense

Cash at
Bank

3,477

Discount
Received

Jun

3 APC - Hike

836

210-2

Jun

3 Inventory

837

3,442

Jun

5 Wages Payable

838

220

Jun

7 APC - Sport Borders

839

210-4

2,082

2,040

840

210-5

5,610

5,610

5,600
927

909

1,836

Jun

11 APC - J. J. Spud

Jun

12 Wages Expense

842

Jun

12 Electricity Payable

841

221

Jun

19 Wages Expense

843

Jun

26 Wages Expense

844

Jun

27 APC - Good Sports

845

210-1

4,851

4,851

Jun

28 APC - Sports 'R Us

846

210-3

24,574

24,574

Jun

30 Salary Expense

847

545

4,900

4,900

Jun

30 Bank C harges

572

11

11

Jun

(s elec t)

Jun

(s elec t)

Jun

(s elec t)

Jun

(s elec t)

Jun

(s elec t)

Jun

(s elec t)

1,742

40594
210 )

Post Reference

5600
(

1,536

1,054

1,054

6725

516 )

905

1,536

5259

120 )

42

1,742
905

Total

35

5,600

X)

77

58,101

(100)

402 )

Feedback

Solution
CASH PAYMENTS JOURNAL

Date

Account

Cheque

DR

Post

No.

CR

Wages
Other
Accounts
Inventory
Payable
Expense Accounts

Ref.

Cash at
Bank

Jun

3 APC - Hike

836

210-2

Jun

3 Inventory

837

Jun

5 Wages Payable

838

220

Jun

7 APC - Sport Borders

839

210-4

2,082

2,040

11 APC - J. J. Spud

840

210-5

5,610

5,610

Jun

12 Wages Expense

842

Jun

12 Electricity Payable

841

221

Jun

19 Wages Expense

843

Jun

26 Wages Expense

844

Jun

27 APC - Good Sports

845

210-1

4,851

4,851

Jun

28 APC - Sports 'R Us

846

210-3

24,574

24,574

Jun

30 Salary Expense

847

545

4,900

Jun

30 Bank C harges

572

11

11

Jun

3,477

3,442
5,600

35

5,600
927

909

1,836

1,742

42

1,742
905

Total

Discount
Received

905

1,536

1,536

1,054

1,054

4,900

40,594

5,600

5,259

6,725

58,101

77

(210)

(120)

(516)

(X)

(100)

(402)

Post reference

(Q=815-100.CashAtBank_endMonth)

Account: Cash at bank


Account No. 100
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

47,496 DR

Jun

30 Total from cash receipts journal

C RJ

Jun

30 Total from cash payments journal

C PJ

Jun

30

Jun

30

Jun

30

Jun

30 Unadjusted Balance

64,814

112,310 DR
58,101

54,209 DR

54209
DR

Feedback

Solution
Account: Cash at bank
Account No. 100
Date
May

Description

Ref.

DR

CR

Balance

31 Balance

47,496 DR

Jun

30

Total from cash receipts


journal

C RJ

Jun

30

Total from cash


payments journal

C PJ

Jun

30 Unadjusted Balance

64,814

112,310 DR
58,101

54,209 DR
54,209 DR

(Q=815-110-0.ARControl_endMonth)

Account: ARC - Accounts Receivable Control


Account No. 110
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

24,078 DR

Sales return from Mick's Sporting


Goods

Jun

12

GJ

3,360

20,718 DR

Jun

24 Write off - The Locker Room

GJ

4,294

16,424 DR

Jun

30

SJ total

SJ

Jun

30

CRJ total

CRJ

Jun

30

Jun

30

Jun

30 Unadjusted Balance

30160

24404

46584
DR
22180
DR

22180
DR

Feedback

Solution
Account: ARC - Accounts Receivable Control
Account No. 110
Date
May

Description

Ref.

DR

CR

Balance

31 Balance

24,078 DR

Jun

Sales return from Mick's


12
Sporting Goods

GJ

Jun

Write off - The Locker


24
Room

GJ

Jun

30

Total from sales


journal

SJ

Jun

30

Total from cash


receipts journal

CRJ

Jun

30 Unadjusted Balance

3,360

20,718 DR

4,294

16,424 DR

30,160

46,584 DR
24,404

22,180 DR
22,180 DR

(Q=815-120.Inventory_endMonth)

Account: Inventory
Account No. 120
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

52,440 DR

Sales return from Mick's Sporting


Goods

Jun

12

GJ

2,320

54,760 DR

Jun

21 Purchase return to Sports 'R Us

Jun

30

SJ total

SJ

20090

Jun

30

CRJ total

CRJ

25920

Jun

30

PJ total

PJ

9510

Jun

30

CPJ total

CPJ

5600

Jun

30 Unadjusted Balance

GJ

2,800

51,960 DR

31870
DR
5950
DR
15460
DR
21060
DR
21060
DR

Feedback

Solution
Account: Inventory
Account No. 120
Date
May

Description

Ref.

DR

CR

Balance

31 Balance

52,440 DR

Jun

12

Sales return from Mick's


Sporting Goods

GJ

Jun

21

Purchase return to
Sports 'R Us

GJ

2,800

51,960 DR

Jun

Total from sales


30
journal

SJ

20,090

31,870 DR

Jun

Total from cash


30
receipts journal

CRJ

25,920

5,950 DR

Jun

Total from purchases


30
journal

Jun

Total from cash


30
payments journal

Jun

30 Unadjusted Balance

2,320

PJ

9,510

CPJ

5,600

54,760 DR

15,460 DR
21,060 DR
21,060 DR

(Q=815-210-0.APControl_endMonth)

Account: APC - Accounts Payable Control


Account No. 210
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

35,534 C R

Jun

21 Purchase return to Sports 'R Us

GJ

Jun

30

PJ total

PJ

Jun

30

CPJ total

CPJ

Jun

30

Jun

30

Jun

30 Unadjusted Balance

2,800

32,734 C R

9510

40594

42244
CR
1650
CR

1650
CR

Feedback

Solution
Account: APC - Accounts Payable Control
Account No. 210
Date
May

Description

Ref.

DR

CR

Balance

31 Balance

35,534 C R

Jun

21

Purchase return to
Sports 'R Us

GJ

Jun

30

Total from purchases


journal

PJ

Jun

Total from cash


30
payments journal

Jun

30 Unadjusted Balance

CPJ

2,800

32,734 C R
9,510

42,244 CR

40,594

1,650 CR
1,650 CR

(Q=815-400.SalesRevenue_endMonth)

Account: Sales Revenue


Account No. 400
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

Jun

30

SJ total

SJ

30160

Jun

30

CRJ total

CRJ

40280

Jun

30

Jun

30 Unadjusted Balance

30160
CR
70440
CR

70440
CR

Feedback

Solution
Account: Sales Revenue
Account No. 400
Date

Description

Ref.

DR

CR

Balance

May

31 Balance

Jun

30

Total from sales


journal

SJ

30,160

30,160 CR

Jun

30

Total from cash


receipts journal

CRJ

40,280

70,440 CR

Jun

30 Unadjusted Balance

70,440 CR

(Q=815-401.SalesReturns_endMonth)

Account: Sales Returns and Allowances


Account No. 401
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

Sales return from Mick's Sporting


Goods

Jun

12

Jun

30

Jun

30

Jun

30

Jun

30 Unadjusted Balance

GJ

3,360

3,360 DR

3360
DR

Feedback

Solution
Account: Sales Returns and Allowances
Account No. 401
Date
May

Description

Ref.

DR

CR

Balance

31 Balance

Sales return from Mick's


Sporting Goods

Jun

12

Jun

30 Unadjusted Balance

GJ

3,360

3,360 DR
3,360 DR

(Q=815-402.DiscountReceived_endMonth)

Account: Discount Received


Account No. 402
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

CPJ total

Jun

30

Jun

30

Jun

30

Jun

30 Unadjusted Balance

CPJ

77

CR

77
CR

Feedback

Solution
Account: Discount Received
Account No. 402
Date

Description

May

31 Balance

Jun

30

Jun

30 Unadjusted Balance

Ref.

DR

CR

Balance
0

Total from cash


payments journal

CPJ

77

77 CR
77 CR

(Q=815-500.CostOfSales_endMonth)

Account: Cost of Sales


Account No. 500
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

Sales return from Mick's Sporting


Goods

Jun

12

GJ

2,320

Jun

30

SJ total

SJ

20090

Jun

30

CRJ total

CRJ

25920

Jun

30

Jun

30 Unadjusted Balance

2,320 C R

22410
CR
48330
CR

48330
CR

Feedback

Solution
Account: Cost of Sales
Account No. 500
Date
May

Description

Ref.

DR

CR

Balance

31 Balance

Jun

12

Sales return from Mick's


Sporting Goods

GJ

Jun

30

Total from sales


journal

SJ

20,090

17,770 DR

Jun

Total from cash


30
receipts journal

CRJ

25,920

43,690 DR

Jun

30 Unadjusted Balance

2,320

2,320 C R

43,690 DR

(Q=815-516.WagesExpense_endMonth)

Account: Wages Expense


Account No. 516
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

CPJ total

Jun

30

Jun

30

Jun

30

Jun

30 Unadjusted Balance

CPJ

5259

5259

DR

5259
DR

Feedback

Solution
Account: Wages Expense
Account No. 516
Date

Description

May

31 Balance

Jun

30

Jun

30 Unadjusted Balance

Ref.

DR

CR

Balance
0

Total from cash


payments journal

CPJ

5,259

5,259 DR
5,259 DR

(Q=815-573.DiscountAllowed_endMonth)

Account: Discount Allowed


Account No. 573
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

CRJ total

Jun

30

Jun

30

Jun

30

Jun

30 Unadjusted Balance

CRJ

258

258

DR

258
DR

Feedback

Solution
Account: Discount Allowed
Account No. 573
Date

Description

May

31 Balance

Jun

30

Jun

30 Unadjusted Balance

Total from cash


receipts journal

Ref.

DR

CR

Balance
0

CRJ

258

258 DR
258 DR

Perdisco / latin /, v., to learn thoroughly


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Asshar
edon.
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.
Accounting Practice Set
Being completed by: 3333396

Worksheet [feedback page]


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you are ready, click continue.
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this page to save your position and be returned to your home page. To re-enter the practice set at this page at a later time, simply click the link
that you originally clicked to access this practice set.

Instructions for worksheet


Complete the worksheet using the information in the popup links provided. Note that not all boxes on
the worksheet will need to be filled.

Navigation map

An end-of-month stocktake shows that the balance of inventory on hand is equal to the closing balance
of the Inventory account.
Please note that any answers from previous pages carried through onto this page (either on the page or
in a popup information page) are the correct answers, not your particular answers.
Remember to enter all answers to the nearest whole dollar.
Special printing information
The worksheet presented on this page of the practice set is relatively wide. A consequence of this is that
the entire worksheet cannot be printed in full if the orientation of your printer is set to portrait, which is
usually the default setting. If you would like to print this worksheet out, we recommend that you
change the printer settings so that the orientation is landscape. Exactly how this is done changes
from one printer to another (and one web browser to another), but there are two methods that are
often available:
From the File menu, select Page setup, and change the orientation setting from portrait to
landscape.
From the File menu, select Print, and click on the Properties button in the dialogue box that
opens. Change the orientation setting from portrait to landscape.
Note that you may need to change the orientation back to portrait after you have printed this page.

Additional information
To answer this question you may need the following
information:
Background information
Previous month post-closing trial balance
General ledger
Adjusting entries information

Original information
The information in the above links comes from the
'Overview' and 'Further information' pages at the beginning
of the practice set. If you did not print them out, and you
would like to refer to them, you may review them below:
Overview
Further information
(Q=820.worksheetQuestion)

The Adrenaline Hut


Worksheet

As at 30-06-10
Acct.
No.

Acct. Name

100 Cash at bank

Unadjusted Trial Balance


DR

Adjustments

CR

DR

Adjusted Trial Balance

CR

DR

Income Statement

CR

DR

Balance Sheet

CR

DR

54209

54209

54209

400

400

400

110 ARC - Accounts


Receivable Control

22180

22180

22180

120 Inventory

21060

21060

21060

101 Petty Cash

130 Office Supplies

2424

315

2109

2109

140 Prepaid Rent

7000

3500

3500

3500

12000

4000

8000

8000

4450

890

3560

3560

35000

35000

141 Prepaid
Advertising
142 Prepaid Insurance

150 Cash Registers

35000

151 Accum Depn:


Cash Registers
160 Store Fixtures

13750

393

14143

49000

161 Accum Depn:


Store Fixtures

14143

49000
15170

CR

49000
15507

15507

1650

1650

1200

1200

1200

57

261

318

318

222 Water Payable

112

112

224

224

225 Interest Payable

210

423

633

633

230 Dividend Payable

3500

3500

3500

250 Bank Loan


Payable

42067

42067

42067

300 Share Capital

45000

45000

45000

301 Retained Earnings

77074

77074

77074

400 Sales Revenue

70440

70440

210 APC - Accounts


Payable Control

337

1650

220 Wages Payable

221 Electricity Payable

401 Sales Returns and


Allowances

3360

3360

402 Discount Received

403 Interest Revenue

500 Cost of Sales

70440
3360

77

77

77

388

388

388

43690

43690

43690

4000

4000

4000

1200

6459

6459

3500

3500

3500

541 Electricity
Expense

261

261

261

542 Water Expense

112

112

112

543 Insurance
Expense

890

890

890

544 Office Supplies


Expense

315

315

315

4900

4900

511 Advertising
Expense
516 Wages Expense

5259

540 Rent Expense

545 Salary Expense

4900

560 Depn Expense:


Store Fixtures

337

337

337

561 Depn Expense:


Cash Registers

393

393

393

571 Interest Expense

423

423

423

11

11

11

258

258

258

4294

4294

4294

572 Bank Charges

573 Discount Allowed

574 Bad Debts


Expense

Totals

269495

269495

11431

11431

272221

272221

73203

Profit/loss

73203

Totals

70905

199018

2298

2298

73203

201316

201316

201316

Feedback

Solution

The Adrenaline Hut


Worksheet
As at 30-06-10
Unadjusted Trial Balance

Acct. No. Acct. Name


100
101
110
120
130
140
141
142
150
151
160
161
210
220
221
222
225
230
250
300
301
400
401
402
403
500
511
516
540
541
542
543
544
545
560
561
571
572
573
574

DR

Cash at bank
Petty Cash
ARC - Accounts Receivable Control
Inventory
Office Supplies
Prepaid Rent
Prepaid Advertising
Prepaid Insurance
Cash Registers
Accum Depn: Cash Registers
Store Fixtures
Accum Depn: Store Fixtures
APC - Accounts Payable Control
Wages Payable
Electricity Payable
Water Payable
Interest Payable
Dividend Payable
Bank Loan Payable
Share Capital
Retained Earnings
Sales Revenue
Sales Returns and Allowances
Discount Received
Interest Revenue
Cost of Sales
Advertising Expense
Wages Expense
Rent Expense
Electricity Expense
Water Expense
Insurance Expense
Office Supplies Expense
Salary Expense
Depn Expense: Store Fixtures
Depn Expense: Cash Registers
Interest Expense
Bank Charges
Discount Allow ed
Bad Debts Expense
Totals

CR

Adjustments
DR

54,209
400
22,180
21,060
2,424
7,000
12,000
4,450
35,000

CR

315
3,500
4,000
890
13,750

Adjusted Trial Balance Income Statement


DR

77
388

14,143
15,507
1,650
1,200
318
224
633
3,500
42,067
45,000
77,074
70,440
3,360

77
388
4,000
1,200
3,500
261
112
890
315

4,900
337
393
423

269,495 11,431 11,431

43,690
4,000
6,459
3,500
261
112
890
315
4,900
337
393
423
11
258
4,294
272,221

272,221

77
388
43,690
4,000
6,459
3,500
261
112
890
315
4,900
337
393
423
11
258
4,294
73,203

70,905 199,018 201,316

73,203

2,298
2,298
73,203 201,316 201,316

Profit/loss
Totals

CR

49,000

3,360

43,690

DR
54,209
400
22,180
21,060
2,109
3,500
8,000
3,560
35,000

15,507
1,650
1,200
318
224
633
3,500
42,067
45,000
77,074
70,440

1,200
261
112
423

3,360

Balance Sheet

14,143

337

57
112
210
3,500
42,067
45,000
77,074
70,440

11
258
4,294
269,495

CR

49,000
15,170
1,650

5,259

DR

54,209
400
22,180
21,060
2,109
3,500
8,000
3,560
35,000

393

49,000

CR

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Accounting Practice Set
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Adjusting entries [feedback page]


This is a feedback page. Please review this page carefully because later pages in this practice set may build on the feedback provided here. When
you are ready, click continue.
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this page to save your position and be returned to your home page. To re-enter the practice set at this page at a later time, simply click the link
that you originally clicked to access this practice set.
Instructions for adjusting entries

Navigation map

1) Today is the last day of the month. Record adjusting entries in the general journal.
2) Post the adjusting entries from the general journal to the relevant ledgers.
3) Record the final adjusted balance of each ledger account in the Adjusted Balance row of each
ledger, even for ledgers with a balance of zero. Although each ledger already has a running
balance, the Adjusted Balance row must still be filled out in order to receive full marks.
Please note that any answers from previous pages carried through onto this page (either on the
page or in a popup information page) are the correct answers, not your particular answers.
Remember to enter all answers to the nearest whole dollar.
Additional instructions
Displaying selected journals and ledgers:
Not all journals and ledgers will be displayed on every page.
On this page you can access the general journal and all ledgers necessary to answer this
question.
There are several tabs representing different views of the journal and ledgers. The active
tab by default is Show All, but you may also select General Journal to just view the general
journal or select General Ledger to just view the general ledger accounts.
If you fill in the journal or any ledger accounts and change the view on this page by
selecting a different tab, the information that you have entered will remain in that journal
or ledger and be displayed whenever you can see that journal or ledger.
On this page, you will not be able to select the tabs for special journals and the subsidiary
ledgers because you do not need to use them in this question.
General journal:
Please note that in the general journal, when you select accounts, you will select the
account using a popup link. You cannot type directly into the field.
For the general journal, in the Post ref. column you will need to correctly type the account
number of the account you are posting to.
General journal entries do NOT require a description of the journal entries.
The general journal may have blank rows left at the end of this question.

Additional information
To answer this question you may need the following information:
Background information
Adjusting entries

Ledgers:
Some ledger accounts may have blank rows left at the end of this question.
Some ledger accounts may not require any entries for this question.
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 marking 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 marks.
If the balance of a ledger account is zero you do not need to select a debit or credit from
the drop-down box.

Special Journals

Show All

General Journal

Subsidiary Ledgers

Original information
The information in the above links comes from the 'Overview' and
'Further information' pages at the beginning of the practice set. If
you did not print them out, and you would like to refer to them,
you may review them below:
Overview
Further information

General Ledger
(Q=861.generalJournalAdjEntries)

GENERAL JOURNAL

Date

Post

Account and Explanation

Jun

30

Jun

30

Jun

30

Jun

30

Jun

30

Jun

30

Jun

30

Jun

30

Jun

30

Jun

30

Jun

DR

Ref.

CR

Office Supplies Expense

(s elec t)

544

315

Office Supplies

(s elec t)

130

315

Rent Expense

(s elec t)

540

3500

Prepaid Rent

(s elec t)

140

3500

Advertising Expense

(s elec t)

511

4000

Prepaid Advertising

(s elec t)

141

4000

Insurance Expense

(s elec t)

543

890

Prepaid Insurance

(s elec t)

142

890

Depn Expense: C ash Registers (s elec t)

561

393

Accum Depn: C ash Registers

(s elec t)

151

393

Depn Expense: Store Fixtures (s elec t)

560

337

Accum Depn: Store Fixtures

(s elec t)

161

337

Wages Expense

(s elec t)

516

1200

Wages Payable

(s elec t)

220

1200

Electricity Expense

(s elec t)

541

261

Electricity Payable

(s elec t)

221

261

Water Expense

(s elec t)

542

112

Water Payable

(s elec t)

222

112

Interest Expense

(s elec t)

571

423

Interest Payable

(s elec t)

225

423

(s elec t)

30

(s elec t)

Jun

(s elec t)

30

(s elec t)

Feedback

Solution
GENERAL JOURNAL

Date

Post

Explanation

Ref.

Jun

8 Retained Earnings

301

Jun

230

Dividend Payable

DR

CR

3,500
3,500

(dividend declaration)
Jun

12 Sales Returns and Allowances

Jun

12

401

ARC - Mick's Sporting Goods

3,360

110-3

3,360

(sales return)
Jun

12 Inventory

120

Jun

12

500

C ost of Sales

2,320
2,320

(sales return)
Jun

21 APC - Sports 'R Us

Jun

21

210-3

Inventory

2,800

120

2,800

(purchase return)
Jun

24 Bad Debts Expense

Jun

24

574

ARC - The Locker Room

4,294

110-2

4,294

(bad debt write-off)


Jun

30 Depn Expense: Store Fixtures

560

Jun

30

161

Accum Depn: Store Fixtures

337
337

(adjusting entry)
Jun

30 Depn Expense: Cash Registers

561

Jun

30

151

Accum Depn: Cash Registers

393
393

(adjusting entry)
Jun

30 Water Expense

542

Jun

30

222

Water Payable

112
112

(adjusting entry)
Jun

30 Electricity Expense

541

Jun

30

221

Electricity Payable

261
261

(adjusting entry)
Jun

30 Wages Expense

516

Jun

30

220

Wages Payable

1,200
1,200

(adjusting entry)
Jun

30 Interest Expense

571

Jun

30

225

Interest Payable

423
423

(adjusting entry)
Jun

30 Office Supplies Expense

544

Jun

30

130

Office Supplies

315
315

(adjusting entry)
Jun

30 Rent Expense

540

Jun

30

140

Prepaid Rent

3,500
3,500

(adjusting entry)
Jun

30 Advertising Expense

511

Jun

30

141

Prepaid Advertising

4,000
4,000

(adjusting entry)
Jun

30 Insurance Expense

543

Jun

30

142

Prepaid Insurance

890
890

(adjusting entry)

(Q=870-130.StoreSupplies_adjEntry)

Account: Office Supplies


Account No. 130
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

2,424 DR

Adjustment

Jun

30

Jun

30

Jun

30

Jun

30 Adjusted Balance

GJ

2109

315

DR

2109
DR

Feedback

Solution
Account: Office Supplies
Account No. 130
Date

Description

May

31 Balance

Jun

30

Jun

30 Adjusted Balance

Ref.

DR

CR

Balance
2,424 DR

Monthly supplies
expense

GJ

315

2,109 DR
2,109 DR

(Q=870-140.PrepaidRent_adjEntry)

Account: Prepaid Rent


Account No. 140
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

7,000 DR

Adjustment

Jun

30

Jun

30

Jun

30

Jun

30 Adjusted Balance

GJ

3500

3500

CR

3500
DR

Feedback

Solution
Account: Prepaid Rent
Account No. 140
Date

Description

May

31 Balance

Jun

30 Usage of prepayment

Jun

30 Adjusted Balance

Ref.

DR

CR

Balance
7,000 DR

GJ

3,500

3,500 DR
3,500 DR

(Q=870-141.PrepaidAdvertising_adjEntry)

Account: Prepaid Advertising


Account No. 141
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

12,000 DR

Adjustment

Jun

30

Jun

30

Jun

30

Jun

30 Adjusted Balance

GJ

8000

4000

DR

8000
DR

Feedback

Solution
Account: Prepaid Advertising
Account No. 141
Date

Description

May

31 Balance

Jun

30 Usage of prepayment

Jun

30 Adjusted Balance

Ref.

DR

CR

Balance
12,000 DR

GJ

4,000

8,000 DR
8,000 DR

(Q=870-142.PrepaidInsurance_adjEntry)

Account: Prepaid Insurance


Account No. 142
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

4,450 DR

Adjustment

Jun

30

Jun

30

Jun

30

Jun

30 Adjusted Balance

GJ

3560

890

DR

3560
DR

Feedback

Solution
Account: Prepaid Insurance
Account No. 142
Date

Description

May

31 Balance

Jun

30 Usage of prepayment

Jun

30 Adjusted Balance

Ref.

DR

CR

Balance
4,450 DR

GJ

890

3,560 DR
3,560 DR

(Q=870-151.AccDepnCapitalAsset2_adjEntry)

Account: Accum Depn: Cash Registers


Account No. 151
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

13,750 C R

Adjustment

Jun

30

Jun

30

Jun

30

Jun

30 Adjusted Balance

GJ

14143

393

CR

14143
CR

Feedback

Solution
Account: Accum Depn: Cash Registers
Account No. 151
Date

Description

May

31 Balance

Jun

30

Jun

30 Adjusted Balance

Ref.

DR

CR

Balance
13,750 C R

Depreciation - one
month

GJ

393

14,143 CR
14,143 CR

(Q=870-161.AccDepnCapitalAsset1_adjEntry)

Account: Accum Depn: Store Fixtures


Account No. 161
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

15,170 C R

Adjustment

Jun

30

Jun

30

Jun

30

Jun

30 Adjusted Balance

GJ

15507

337

CR

15507
CR

Feedback

Solution
Account: Accum Depn: Store Fixtures
Account No. 161
Date

Description

May

31 Balance

Jun

30

Jun

30 Adjusted Balance

Ref.

DR

CR

Balance
15,170 C R

Depreciation - one
month

GJ

337

15,507 CR
15,507 CR

(Q=870-220.WagesPayable_adjEntry)

Account: Wages Payable


Account No. 220
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

Jun

909 C R

5 Staff wages

C PJ

Adjustment

Jun

30

Jun

30

Jun

30

Jun

30 Adjusted Balance

909

GJ

1200

1200

CR

1200
CR

Feedback

Solution
Account: Wages Payable
Account No. 220
Date
May

Description

Ref.

DR

CR

Balance

31 Balance

Jun

909 C R

5 Staff wages
Accrued wages
expense

Jun

30

Jun

30 Adjusted Balance

C PJ

909

GJ

0
1,200

1,200 CR
1,200 CR

(Q=870-221.ElectricityPayable_adjEntry)

Account: Electricity Payable


Account No. 221
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

962 C R

Jun

12 Paid electricity bill

Jun

30

Jun

30

Jun

30

Jun

30 Adjusted Balance

C PJ

Adjustment

905

GJ

57 C R

261

318
CR

318
CR

Feedback

Solution
Account: Electricity Payable
Account No. 221
Date
May

Description

Ref.

DR

CR

Balance

31 Balance

962 C R

Jun

12 Paid electricity bill

Jun

30

Jun

30 Adjusted Balance

Accrued electricity
expense

C PJ

905

GJ

57 C R
261

318 CR
318 CR

(Q=870-222.WaterPayable_adjEntry)

Account: Water Payable


Account No. 222
Date

Description

May

Ref.

DR

CR

31 Balance

Balance
112 C R

Adjustment

Jun

30

Jun

30

Jun

30

Jun

30 Adjusted Balance

GJ

112

224
CR

224
CR

Feedback

Solution
Account: Water Payable
Account No. 222
Date

Description

May

31 Balance

Jun

30

Jun

30 Adjusted Balance

Ref.

DR

CR

Balance
112 C R

Accrued water
expense

GJ

112

224 CR
224 CR

(Q=870-225.InterestPayable_adjEntry)

Account: Interest Payable


Account No. 225
Date
May

Description

Ref.

DR

CR

31 Balance

Adjustment

Jun

30

Jun

30

Jun

30

Jun

30 Adjusted Balance

Balance
210 C R

GJ

423

633
CR

633
CR

Feedback

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Solution
Account: Interest Payable
Account No. 225
Date

Description

May

31 Balance

Jun

Accrued interest
30
expense

Jun

30 Adjusted Balance

Ref.

DR

CR

Balance
210 C R

GJ

423

633 CR
633 CR

(Q=870-403.InterestRevenue_adjEntry)

Account: Interest Revenue


Account No. 403
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

Jun

30 Interest received from the bank

Jun

30

Jun

30

Jun

30

Jun

30 Adjusted Balance

C RJ

388

388 C R

388
CR

Feedback

Solution
Account: Interest Revenue
Account No. 403
Date
May

Description

Ref.

DR

CR

Balance

31 Balance

Interest received from


the bank

Jun

30

Jun

30 Adjusted Balance

C RJ

388

388 C R
388 CR

(Q=870-511.AdvertisingExpense_adjEntry)

Account: Advertising Expense


Account No. 511
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

Adjustment

Jun

30

Jun

30

Jun

30

Jun

30 Adjusted Balance

GJ

4000

4000

DR

4000
DR

Feedback

Solution
Account: Advertising Expense
Account No. 511
Date

Description

May

31 Balance

Jun

30 Usage of prepayment

Jun

30 Adjusted Balance

Ref.

DR

CR

Balance
0

GJ

4,000

4,000 DR
4,000 DR

(Q=870-516.WagesExpense_adjEntry)

Account: Wages Expense


Account No. 516
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

Jun

30 Total from cash payments journal

Jun

30

Jun

30

Jun

30

Jun

30 Adjusted Balance

C PJ

Adjustment

GJ

5,259

5,259 DR

1200

6459

DR

6459
DR

Feedback

Solution
Account: Wages Expense
Account No. 516
Date
May

Description

Ref.

DR

CR

Balance

31 Balance

Jun

30

Total from cash


payments journal

C PJ

5,259

Jun

30

Accrued wages
expense

GJ

1,200

Jun

30 Adjusted Balance

5,259 DR
6,459 DR
6,459 DR

(Q=870-540.RentExpense_adjEntry)

Account: Rent Expense


Account No. 540
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

Adjustment

Jun

30

Jun

30

Jun

30

Jun

30 Adjusted Balance

GJ

3500

3500

DR

3500
DR

Feedback

Solution
Account: Rent Expense
Account No. 540
Date

Description

May

31 Balance

Jun

30 Usage of prepayment

Jun

30 Adjusted Balance

Ref.

DR

CR

Balance
0

GJ

3,500

3,500 DR
3,500 DR

(Q=870-541.ElectricityExpense_adjEntry)

Account: Electricity Expense


Account No. 541
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

Adjustment

Jun

30

Jun

30

Jun

30

Jun

30 Adjusted Balance

GJ

261

261

DR

261
DR

Feedback

Solution
Account: Electricity Expense
Account No. 541
Date

Description

May

31 Balance

Jun

30

Jun

30 Adjusted Balance

Ref.

DR

CR

Balance
0

Accrued electricity
expense

GJ

261

261 DR
261 DR

(Q=870-542.WaterExpense_adjEntry)

Account: Water Expense


Account No. 542
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

Adjustment

Jun

30

Jun

30

Jun

30

Jun

30 Adjusted Balance

GJ

112

112

DR

112
DR

Feedback

Solution
Account: Water Expense
Account No. 542
Date

Description

May

31 Balance

Jun

30

Jun

30 Adjusted Balance

Ref.

DR

CR

Balance
0

Accrued water
expense

GJ

112

112 DR
112 DR

(Q=870-543.InsuranceExpense_adjEntry)

Account: Insurance Expense


Account No. 543
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

Adjustment

Jun

30

Jun

30

Jun

30

Jun

30 Adjusted Balance

GJ

890

890

DR

890
DR

Feedback

Solution
Account: Insurance Expense
Account No. 543
Date

Description

May

31 Balance

Jun

30 Usage of prepayment

Jun

30 Adjusted Balance

Ref.

DR

CR

Balance
0

GJ

890

890 DR
890 DR

(Q=870-544.SuppliesExpense_adjEntry)

Account: Office Supplies Expense


Account No. 544
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

Adjustment

Jun

30

Jun

30

Jun

30

Jun

30 Adjusted Balance

GJ

315

315

DR

315
DR

Feedback

Solution
Account: Office Supplies Expense
Account No. 544
Date

Description

May

31 Balance

Jun

30

Jun

30 Adjusted Balance

Ref.

DR

CR

Balance
0

Monthly supplies
expense

GJ

315

315 DR
315 DR

(Q=870-560.DepnExpenseCapitalAsset1_adjEntry)

Account: Depn Expense: Store Fixtures


Account No. 560
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

Adjustment

Jun

30

Jun

30

Jun

30

Jun

30 Adjusted Balance

GJ

337

337

DR

337
DR

Feedback

Solution
Account: Depn Expense: Store Fixtures
Account No. 560
Date

Description

May

31 Balance

Jun

30

Jun

30 Adjusted Balance

Ref.

DR

CR

Balance
0

Depreciation - one
month

GJ

337

337 DR
337 DR

(Q=870-561.DepnExpenseCapitalAsset2_adjEntry)

Account: Depn Expense: Cash Registers


Account No. 561
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

Adjustment

Jun

30

Jun

30

Jun

30

Jun

30 Adjusted Balance

GJ

393

393

DR

393
DR

Feedback

Solution
Account: Depn Expense: Cash Registers
Account No. 561
Date

Description

May

31 Balance

Jun

30

Jun

30 Adjusted Balance

Ref.

DR

CR

Balance
0

Depreciation - one
month

GJ

393

393 DR
393 DR

(Q=870-571.InterestExpense_adjEntry)

Account: Interest Expense


Account No. 571
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

Adjustment

Jun

30

Jun

30

Jun

30

Jun

30 Adjusted Balance

GJ

423

423

DR

423
DR

Feedback

Solution
Account: Interest Expense
Account No. 571
Date

Description

May

31 Balance

Jun

30

Jun

30 Adjusted Balance

Accrued interest
expense

Ref.

DR

CR

Balance
0

GJ

423

423 DR
423 DR

Perdisco / latin /, v., to learn thoroughly


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Schedules of accounts

1 of 1

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Asshar
edon.
.
.
Accounting Practice Set
Being completed by: 3333396

Schedules of accounts [feedback page]


This is a feedback page. Please review this page carefully because later pages in this practice set may build on the feedback provided here. When
you are ready, click continue.
Saving your position. If you want to save this practice set where you are up to and come back to it at a later time, click the bookmark button on
this page to save your position and be returned to your home page. To re-enter the practice set at this page at a later time, simply click the link
that you originally clicked to access this practice set.

Instructions for schedules of accounts


1) Create a schedule of accounts receivable balances as at the end of the month.

Navigation map

2) Create a schedule of accounts payable balances as at the end of the month.


Please note that any answers from previous pages carried through onto this page (either on the page
or in a popup information page) are the correct answers, not your particular answers.
Remember to enter all answers to the nearest whole dollar.

(Q=900.schedulesOfAccounts)
The Adrenaline Hut
Schedule of Accounts Receivable
As at 30-06-10

Account No.

Name

Balance

110-1 ARC - Jump Around

110-2 ARC - The Locker Room

110-3 ARC - Mick's Sporting Goods

110-4 ARC - Balls 'n All

0
14640 DR

110-5 ARC - Great Sports

Additional information

7540 DR

110-6 ARC - C roquet and C ricket

To answer this question you may need the following information:

22180 DR

Total

Background information
Subsidiary ledgers

The Adrenaline Hut


Schedule of Accounts Payable
As at 30-06-10

Account No.

Name

Terms

General ledger

Balance

210-1 APC - Good Sports

2/10,
n/30

210-2 APC - Hike

1/15,
n/30

net 30

210-3 APC - Sports 'R Us

2/10,
n/30

210-4 APC - Sport Borders

1650 CR

210-5 APC - J. J. Spud

net 30

210-6 APC - Extreme Sports Supplies

net 30

Original information
The information in the above links comes from the 'Overview' and
'Further information' pages at the beginning of the practice set. If
you did not print them out, and you would like to refer to them,
you may review them below:
Overview
Further information

1650 CR

Total

Feedback

Solution
The Adrenaline Hut
Schedule of Accounts Receivable
As at 30-06-10
Account No.

Name

Balance

110-1 ARC - Jump Around


110-2 ARC - The Locker Room
110-3 ARC - Mick's Sporting Goods
110-4 ARC - Balls 'n All
110-5 ARC - Great Sports
110-6 ARC - C roquet and C ricket

14,640
DR
7,540 DR
22,180
DR

Total

The Adrenaline Hut


Schedule of Accounts Payable
As at 30-06-10
Account No.

Name

Terms

210-1 APC - Good Sports

2/10,
n/30

210-2 APC - Hike

1/15,
n/30

210-3 APC - Sports 'R Us


210-4 APC - Sport Borders

net 30
2/10,
n/30

210-5 APC - J. J. Spud

net 30

210-6 APC - Extreme Sports Supplies

net 30

Total

Balance

1,650 C R

1,650
CR

Perdisco / latin /, v., to learn thoroughly


2006 Perdisco
Terms Of Use | Privacy Policy | Friday, April 30, 2010, 23:31
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30/04/2010 11:32 PM

Closing entries

1 of 2

http://www.perdisco.com/elms/qsam/html/qsam.aspx
Asshar
edon.
.
.
Accounting Practice Set
Being completed by: 3333396

Closing entries [feedback page]


This is a feedback page. Please review this page carefully because later pages in this practice set may build on the feedback provided here. When
you are ready, click continue.
Saving your position. If you want to save this practice set where you are up to and come back to it at a later time, click the bookmark button on
this page to save your position and be returned to your home page. To re-enter the practice set at this page at a later time, simply click the link
that you originally clicked to access this practice set.
Instructions for closing entries

Navigation map

1) Record closing entries in the general journal.


2) Post the closing entries from the general journal to the relevant ledger accounts
3) Record the final closing balance of each ledger account in the Post-Closing Balance row of each
ledger, even for ledgers with a balance of zero. Although each ledger already has a running
balance, the Post-Closing Balance row must still be filled out in order receive full marks.
Please note that any answers from previous pages carried through onto this page (either on the
page or in a popup information page) are the correct answers, not your particular answers.
Remember to enter all answers to the nearest whole dollar.
Additional instructions
Displaying selected journals and ledgers:
Not all journals and ledgers will be displayed on every page.
On this page you can access the general journal and all ledgers necessary to answer this
question.
There are several tabs representing different views of the journal and ledgers. The active
tab by default is Show All, but you may also select General Journal to just view the general
journal or select General Ledger to just view the general ledger accounts.
If you fill in the journal or any ledger accounts and change the view on this page by
selecting a different tab, the information that you have entered will remain in that journal
or ledger and be displayed whenever you can see that journal or ledger.
On this page, you will not be able to select the tabs for special journals and the subsidiary
ledgers because you do not need to use them in this question.
General journal:
Please note that in the general journal, when you select accounts, you will select the
account using a popup link. You cannot type directly into the field.
For the general journal, in the Post ref. column you will need to correctly type the account
number of the account you are posting to.
General journal entries do NOT require a description of the journal entries.
The general journal may have blank rows left at the end of this question.

Additional information
To answer this question you may need the following information:
Background information
Worksheet

Ledgers:
Some ledger accounts may have blank rows left at the end of this question.
Some ledger accounts may not require any entries for this question.
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 marking 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 marks.
If the balance of a ledger account is zero you do not need to select a debit or credit from
the drop-down box.

Special Journals

Show All

General Journal

Subsidiary Ledgers

Original information
The information in the above links comes from the 'Overview' and
'Further information' pages at the beginning of the practice set. If
you did not print them out, and you would like to refer to them,
you may review them below:
Overview
Further information

General Ledger

GENERAL JOURNAL

Date

Post

Account and Explanation

Jun

DR

Ref.

CR

310

73203

Sales Returns and Allowances (s elec t)

401

3360

C ost of Sales

(s elec t)

500

43690

Advertising Expense

(s elec t)

511

4000

Wages Expense

(s elec t)

516

6459

Rent Expense

(s elec t)

540

3500

Electricity Expense

(s elec t)

541

261

Water Expense

(s elec t)

542

112

Insurance Expense

(s elec t)

543

890

Office Supplies Expense

(s elec t)

544

315

Salary Expense

(s elec t)

545

4900

Depn Expense: Store Fixtures (s elec t)

560

337

Depn Expense: C ash Registers (s elec t)

561

393

Interest Expense

(s elec t)

571

423

Bank C harges

(s elec t)

572

11

Discount Allowed

(s elec t)

573

258

Bad Debts Expense

(s elec t)

574

4294

30 Profit and Loss Summary

(s elec t)

(C losing entry to debit the Profit and Loss Summary


account)

Jun

30

Sales Revenue

(s elec t)

400

70440

Discount Received

(s elec t)

402

77

Interest Revenue

(s elec t)

403

388

(s elec t)

(s elec t)

(s elec t)

310

Profit and Loss Summary

70905

(C losing entry to credit the Profit and Loss Summary


account)

Jun

30

Profit and Loss Summary

310

Retained Earnings

301

2298
2298

(To close the balance of the Profit and Loss Summary


account)

Feedback

Solution
GENERAL JOURNAL

Date

Post

Explanation

DR

Ref.

Jun

8 Retained Earnings

301

Jun

230

Dividend Payable

CR

3,500
3,500

(dividend declaration)
Jun

12 Sales Returns and Allowances

Jun

12

401

ARC - Mick's Sporting Goods

3,360

110-3

3,360

(sales return)
Jun

12 Inventory

120

Jun

12

500

C ost of Sales

2,320
2,320

(sales return)
Jun

21 APC - Sports 'R Us

Jun

21

210-3

Inventory

2,800

120

2,800

(purchase return)
Jun

24 Bad Debts Expense

Jun

24

574

ARC - The Locker Room

4,294

110-2

4,294

(bad debt write-off)


Jun

30 Depn Expense: Store Fixtures

560

Jun

30

161

Accum Depn: Store Fixtures

337
337

(adjusting entry)
Jun

30 Depn Expense: C ash Registers

561

Jun

30

151

Accum Depn: C ash Registers

393
393

(adjusting entry)
Jun

30 Water Expense

542

Jun

30

222

Water Payable

112
112

(adjusting entry)
Jun

30 Electricity Expense

541

Jun

30

221

Electricity Payable

261
261

(adjusting entry)
Jun

30 Wages Expense

516

Jun

30

220

Wages Payable

1,200
1,200

(adjusting entry)
Jun

30 Interest Expense

571

Jun

30

225

Interest Payable

423
423

(adjusting entry)
Jun

30 Office Supplies Expense

544

Jun

30

130

Office Supplies

315
315

(adjusting entry)
Jun

30 Rent Expense

540

Jun

30

140

Prepaid Rent

3,500
3,500

(adjusting entry)
Jun

30 Advertising Expense

511

Jun

30

141

Prepaid Advertising

4,000
4,000

(adjusting entry)
Jun

30 Insurance Expense

543

Jun

30

142

Prepaid Insurance

890
890

(adjusting entry)
Jun

30 Profit and Loss Summary

310

Jun

30

Sales Returns and Allowances

401

73,203
3,360

Jun

30

Cost of Sales

500

43,690

Jun

30

Advertising Expense

511

4,000

Jun

30

Wages Expense

516

6,459
3,500

Jun

30

Rent Expense

540

Jun

30

Electricity Expense

541

261

Jun

30

Water Expense

542

112

Jun

30

Insurance Expense

543

890

Jun

30

Office Supplies Expense

544

315
4,900

Jun

30

Salary Expense

545

Jun

30

Depn Expense: Store Fixtures

560

337

Jun

30

Depn Expense: Cash Registers

561

393
423

Jun

30

Interest Expense

571

Jun

30

Bank Charges

572

11

Jun

30

Discount Allowed

573

258

Jun

30

Bad Debts Expense

574

4,294

(Closing entry to debit the Profit and Loss Summary account)


Jun

30 Sales Revenue

400

Jun

30 Discount Received

402

77

Jun

30 Interest Revenue

403

388

Jun

30

310

Profit and Loss Summary

70,440

70,905

(Closing entry to credit the Profit and Loss Summary account)


Jun

30 Retained Earnings

301

Jun

30

310

2,298

CR

Balance

Profit and Loss Summary

2,298

(To close the balance of the Profit and Loss Summary


account)

Account: Retained Earnings


Account No. 301
Date

Description

May

Ref.

DR

31 Balance

Jun

80,574 C R

8 Dividend declaration

GJ

p/l

GJ

Jun

30

Jun

30

Jun

30

Jun

30 Post-Closing Balance

3,500

77,074 C R

2298

74776

CR

74776
CR

Feedback

Solution
Account: Retained Earnings
Account No. 301
Date
May

Description

Ref.

DR

CR

Balance

31 Balance

Jun

80,574 C R

8 Dividend declaration
Transfer from Profit
and Loss Summary

Jun

30

Jun

30 Post-Closing Balance

GJ

3,500

77,074 C R

GJ

2,298

74,776 CR
74,776 CR

Account: Profit and Loss Summary


Account No. 310
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

Jun

30

dr p/l

GJ

73203

Jun

30

cr p/l

GJ

70905

Jun

30

re transfer

GJ

2298

Jun

30 Post-Closing Balance

73203
DR
2298
DR
0

Feedback

Solution
Account: Profit and Loss Summary
Account No. 310
Date

Description

Ref.

DR

CR

Balance

May

31 Balance

Jun

Closing entry to debit


30 the Profit and Loss
Summary account

Jun

30

Closing entry to
credit the Profit and
Loss Summary
account

GJ

70,905

2,298 DR

Jun

30

Transfer to Retained
Earnings

GJ

2,298

Jun

30 Post-Closing Balance

GJ

73,203

73,203 DR

Account: Sales Revenue


Account No. 400
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

Jun

30 Total from sales journal

Jun

30 Total from cash receipts journal

Jun

30

Jun

30

Jun

30

Jun

30 Post-Closing Balance

closing entry

SJ

30,160

30,160 C R

C RJ

40,280

70,440 C R

GJ

70440

Feedback

Solution
Account: Sales Revenue
Account No. 400
Date
May

Description

Ref.

DR

CR

Balance

31 Balance

Jun

30 Total from sales journal

SJ

Jun

30

Total from cash receipts


journal

C RJ

Jun

30 Closing entry

Jun

30 Post-Closing Balance

GJ

30,160

30,160 C R

40,280

70,440 C R

70,440

0
0

Account: Sales Returns and Allowances


Account No. 401
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

Sales return from Mick's Sporting


Goods

Jun

12

Jun

30

Jun

30

Jun

30

Jun

30 Post-Closing Balance

GJ

closing entry

3,360

GJ

3,360 DR

3360

Feedback

Solution
Account: Sales Returns and Allowances
Account No. 401
Date
May

Description

Ref.

DR

CR

Balance

31 Balance

Sales return from Mick's


Sporting Goods

Jun

12

Jun

30 Closing entry

Jun

30 Post-Closing Balance

GJ

3,360

GJ

3,360 DR
3,360

0
0

Account: Discount Received


Account No. 402
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

Jun

30 Total from cash payments journal

Jun

30

Jun

30

Jun

30

Jun

30 Post-Closing Balance

C PJ

closing entry

77

GJ

77

77 C R

Feedback

Solution
Account: Discount Received
Account No. 402
Date
May

Description

Ref.

DR

CR

Balance

31 Balance

Total from cash


payments journal

Jun

30

Jun

30 Closing entry

Jun

30 Post-Closing Balance

C PJ

77

GJ

77 C R

77

0
0

Account: Interest Revenue


Account No. 403
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

Jun

30 Interest received from the bank

Jun

30

Jun

30

Jun

30

Jun

30 Post-Closing Balance

C RJ

closing entry

388

GJ

388

388 C R

Feedback

Solution
Account: Interest Revenue
Account No. 403
Date
May

Description

Ref.

DR

CR

Balance

31 Balance

Interest received from


the bank

Jun

30

Jun

30 Closing entry

Jun

30 Post-Closing Balance

C RJ

388

GJ

388 C R

388

0
0

Account: Cost of Sales


Account No. 500
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

Sales return from Mick's Sporting


Goods

Jun

12

Jun

30 Total from sales journal

Jun

30 Total from cash receipts journal

Jun

30

Jun

30

Jun

30

Jun

30 Post-Closing Balance

GJ

closing entry

2,320

2,320 C R

SJ

20,090

17,770 DR

C RJ

25,920

43,690 DR

GJ

43690

Feedback

Solution
Account: Cost of Sales
Account No. 500
Date
May

Description

Ref.

DR

CR

Balance

31 Balance

Jun

12

Sales return from Mick's


Sporting Goods

GJ

2,320

2,320 C R

Jun

30 Total from sales journal

SJ

20,090

17,770 DR

Jun

30

Total from cash receipts


journal

C RJ

25,920

43,690 DR

Jun

30 Closing entry

Jun

30 Post-Closing Balance

GJ

43,690

0
0

Account: Advertising Expense


Account No. 511
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

Jun

30 Usage of prepayment

Jun

30

Jun

30

Jun

30

Jun

30 Post-Closing Balance

GJ

closing entry

4,000

GJ

4,000 DR

4000

Feedback

Solution
Account: Advertising Expense
Account No. 511
Date
May

Description

Ref.

DR

CR

Balance

31 Balance

Jun

30 Usage of prepayment

GJ

Jun

30 Closing entry

GJ

Jun

30 Post-Closing Balance

4,000

4,000 DR
4,000

0
0

Account: Wages Expense


Account No. 516
Date
May

Description

Ref.

DR

CR

31 Balance

Jun

30 Total from cash payments journal

Jun

30 Accrued wages expense

Jun

30

Jun

30

Jun

30

Jun

30 Post-Closing Balance

closing entry

Balance
0

GJ

C PJ

5,259

5,259 DR

GJ

1,200

6,459 DR

6459

1/05/2010 3:11 AM

Closing entries

2 of 2

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Asshar
edon.
.
.

Feedback

Solution
Account: Wages Expense
Account No. 516
Date
May

Description

Ref.

DR

CR

Balance

31 Balance

Jun

30

Total from cash


payments journal

C PJ

5,259
1,200

Jun

30 Accrued wages expense

GJ

Jun

30 Closing entry

GJ

Jun

30 Post-Closing Balance

5,259 DR
6,459 DR
6,459

0
0

Account: Rent Expense


Account No. 540
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

Jun

30 Usage of prepayment

Jun

30

Jun

30

Jun

30

Jun

30 Post-Closing Balance

GJ

closing entry

3,500

GJ

3,500 DR

3500

Feedback

Solution
Account: Rent Expense
Account No. 540
Date
May

Description

Ref.

DR

CR

Balance

31 Balance

Jun

30 Usage of prepayment

GJ

Jun

30 Closing entry

GJ

Jun

30 Post-Closing Balance

3,500

3,500 DR
3,500

0
0

Account: Electricity Expense


Account No. 541
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

Jun

30 Accrued electricity expense

Jun

30

Jun

30

Jun

30

Jun

30 Post-Closing Balance

GJ

closing entry

261

GJ

261 DR

261

Feedback

Solution
Account: Electricity Expense
Account No. 541
Date
May

Description

Ref.

DR

CR

Balance

31 Balance

Accrued electricity
expense

Jun

30

Jun

30 Closing entry

Jun

30 Post-Closing Balance

GJ

261

GJ

261 DR
261

0
0

Account: Water Expense


Account No. 542
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

Jun

30 Accrued water expense

Jun

30

Jun

30

Jun

30

Jun

30 Post-Closing Balance

GJ

closing entry

112

GJ

112 DR

112

Feedback

Solution
Account: Water Expense
Account No. 542
Date
May

Description

Ref.

DR

CR

Balance

31 Balance

Jun

30 Accrued water expense

GJ

Jun

30 Closing entry

GJ

Jun

30 Post-Closing Balance

112

112 DR
112

0
0

Account: Insurance Expense


Account No. 543
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

Jun

30 Usage of prepayment

Jun

30

Jun

30

Jun

30

Jun

30 Post-Closing Balance

GJ

closing entry

890

GJ

890 DR

890

Feedback

Solution
Account: Insurance Expense
Account No. 543
Date
May

Description

Ref.

DR

CR

Balance

31 Balance

Jun

30 Usage of prepayment

GJ

Jun

30 Closing entry

GJ

Jun

30 Post-Closing Balance

890

890 DR
890

0
0

Account: Office Supplies Expense


Account No. 544
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

Jun

30 Monthly supplies expense

Jun

30

Jun

30

Jun

30

Jun

30 Post-Closing Balance

GJ

closing entry

315

GJ

315 DR

315

Feedback

Solution
Account: Office Supplies Expense
Account No. 544
Date
May

Description

Ref.

DR

CR

Balance

31 Balance

Monthly supplies
expense

Jun

30

Jun

30 Closing entry

Jun

30 Post-Closing Balance

GJ

315

GJ

315 DR
315

0
0

Account: Salary Expense


Account No. 545
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

Jun

30 Owner salary

Jun

30

Jun

30

Jun

30

Jun

30 Post-Closing Balance

C PJ

closing entry

4,900

GJ

4,900 DR

4900

Feedback

Solution
Account: Salary Expense
Account No. 545
Date
May

Description

Ref.

DR

CR

Balance

31 Balance

Jun

30 Owner salary

Jun

30 Closing entry

Jun

30 Post-Closing Balance

C PJ

4,900

GJ

4,900 DR
4,900

0
0

Account: Depn Expense: Store Fixtures


Account No. 560
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

Jun

30 Depreciation - one month

Jun

30

Jun

30

Jun

30

Jun

30 Post-Closing Balance

GJ

closing entry

337

GJ

337 DR

337

Feedback

Solution
Account: Depn Expense: Store Fixtures
Account No. 560
Date
May

Description

Ref.

DR

CR

Balance

31 Balance

Depreciation - one
month

Jun

30

Jun

30 Closing entry

Jun

30 Post-Closing Balance

GJ

337

GJ

337 DR
337

0
0

Account: Depn Expense: Cash Registers


Account No. 561
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

Jun

30 Depreciation - one month

Jun

30

Jun

30

Jun

30

Jun

30 Post-Closing Balance

GJ

closing entry

393

GJ

393 DR

393

Feedback

Solution
Account: Depn Expense: Cash Registers
Account No. 561
Date
May

Description

Ref.

DR

CR

Balance

31 Balance

Depreciation - one
month

Jun

30

Jun

30 Closing entry

Jun

30 Post-Closing Balance

GJ

393

GJ

393 DR
393

0
0

Account: Interest Expense


Account No. 571
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

Jun

30 Accrued interest expense

Jun

30

Jun

30

Jun

30

Jun

30 Post-Closing Balance

GJ

closing entry

423

GJ

423 DR

423

Feedback

Solution
Account: Interest Expense
Account No. 571
Date
May

Description

Ref.

DR

CR

Balance

31 Balance

Accrued interest
expense

Jun

30

Jun

30 Closing entry

Jun

30 Post-Closing Balance

GJ

423

GJ

423 DR
423

0
0

(Q=960-572.BankCharges_ClosingEntries)

Account: Bank Charges


Account No. 572
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

Jun

30 Transactions fee

Jun

30

Jun

30

Jun

30

Jun

30 Post-Closing Balance

C PJ

closing entry

11

GJ

11 DR

11

Feedback

Solution
Account: Bank Charges
Account No. 572
Date
May

Description

Ref.

DR

CR

Balance

31 Balance

Jun

30 Transactions fee

Jun

30 Closing entry

Jun

30 Post-Closing Balance

C PJ

11

11 DR

GJ

11

0
0

Account: Discount Allowed


Account No. 573
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

Jun

30 Total from cash receipts journal

Jun

30

Jun

30

Jun

30

Jun

30 Post-Closing Balance

C RJ

closing entry

258

GJ

258 DR

258

Feedback

Solution
Account: Discount Allowed
Account No. 573
Date
May

Description

Ref.

DR

CR

Balance

31 Balance

Total from cash receipts


journal

Jun

30

Jun

30 Closing entry

Jun

30 Post-Closing Balance

C RJ

258

GJ

258 DR
258

0
0

Account: Bad Debts Expense


Account No. 574
Date

Description

May

Ref.

DR

CR

Balance

31 Balance

Jun

24 Write off - The Locker Room

Jun

30

Jun

30

Jun

30

Jun

30 Post-Closing Balance

GJ

closing entry

4,294

GJ

4,294 DR

4294

Feedback

Solution
Account: Bad Debts Expense
Account No. 574
Date
May

Description

Ref.

DR

CR

31 Balance
Write off - The Locker
Room

Jun

24

Jun

30 Closing entry

Jun

30 Post-Closing Balance

Balance
0

GJ

4,294

GJ

4,294 DR
4,294

0
0

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Post closing trial balance

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Post closing trial balance [feedback page]


This is a feedback page. Please review this page carefully because later pages in this practice set may build on the feedback provided here. When
you are ready, click continue.
Saving your position. If you want to save this practice set where you are up to and come back to it at a later time, click the bookmark button on
this page to save your position and be returned to your home page. To re-enter the practice set at this page at a later time, simply click the link
that you originally clicked to access this practice set.

Instructions for post-closing trial balance

Navigation map

Create a post-closing trial balance as at the end of the month.


Please note that any answers from previous pages carried through onto this page (either on the page
or in a popup information page) are the correct answers, not your particular answers.
Remember to enter all answers to the nearest whole dollar.

(Q=960.Post closing trial balance)


The Adrenaline Hut
Post-closing trial-balance
As at 30-06-10

Account No.

Name

Debit

Credit

54209

400

110 ARC - Accounts Receivable C ontrol

22180

120 Inventory

21060

130 Office Supplies

2109

140 Prepaid Rent

3500

141 Prepaid Advertising

8000

142 Prepaid Insurance

3560

100 C ash at bank


101 Petty C ash

35000

14143

49000

161 Accum Depn: Store Fixtures

15507

210 APC - Accounts Payable C ontrol

1650

220 Wages Payable

1200

150 C ash Registers


151 Accum Depn: C ash Registers
160 Store Fixtures

221 Electricity Payable

318

222 Water Payable

224

225 Interest Payable

633

230 Dividend Payable

3500

250 Bank Loan Payable

42067

300 Share C apital

45000

301 Retained Earnings

74776

310 Profit and Loss Summary

400 Sales Revenue

401 Sales Returns and Allowances

402 Discount Received

403 Interest Revenue

500 C ost of Sales

511 Advertising Expense

516 Wages Expense

540 Rent Expense

541 Electricity Expense

542 Water Expense

543 Insurance Expense

544 Office Supplies Expense

545 Salary Expense

560 Depn Expense: Store Fixtures

561 Depn Expense: C ash Registers

571 Interest Expense

572 Bank C harges

573 Discount Allowed

574 Bad Debts Expense

199018

199018

Total

Additional information
To answer this question you may need the following information:
Background information
Worksheet

Original information
The information in the above links comes from the 'Overview' and
'Further information' pages at the beginning of the practice set. If
you did not print them out, and you would like to refer to them,
you may review them below:
Overview
Further information

Feedback

Solution
The Adrenaline Hut
Post-closing trial-balance
As at 30-06-10
Account No.

Name

100 C ash at bank


101 Petty C ash

Debit
400

110 ARC - Accounts Receivable C ontrol

22,180

120 Inventory

21,060

130 Office Supplies

2,109

140 Prepaid Rent

3,500

141 Prepaid Advertising

8,000

142 Prepaid Insurance


150 C ash Registers

3,560
35,000

151 Accum Depn: C ash Registers


160 Store Fixtures
161 Accum Depn: Store Fixtures

Credit

54,209

14,143
49,000
15,507

210 APC - Accounts Payable C ontrol

1,650

220 Wages Payable

1,200

221 Electricity Payable

318

222 Water Payable

224

225 Interest Payable


230 Dividend Payable

633
3,500

250 Bank Loan Payable

42,067

300 Share C apital

45,000

301 Retained Earnings

74,776

310 Profit and Loss Summary


400 Sales Revenue
401 Sales Returns and Allowances
402 Discount Received
403 Interest Revenue
500 C ost of Sales
511 Advertising Expense
516 Wages Expense
540 Rent Expense
541 Electricity Expense
542 Water Expense
543 Insurance Expense
544 Office Supplies Expense
545 Salary Expense
560 Depn Expense: Store Fixtures
561 Depn Expense: C ash Registers
571 Interest Expense
572 Bank C harges
573 Discount Allowed
574 Bad Debts Expense
Total

199,018 199,018

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Financial statements

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Accounting Practice Set
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Financial statements [feedback page]


This is your last feedback page in this practice set.
When you are ready, to ensure that your final score is recorded complete this practice set by clicking finish. You will then see your final score.

Navigation map

Instructions for financial statements


1) Prepare an income statement for the month. Select the appropriate accounts using a popup link.
Then, enter all values as positive values since values to be subtracted are indicated on the income
statement with brackets around the input box. Note that there are two instances where you are
required to select profit or loss from a drop-down list. Brackets will be displayed if you select loss.
2) Prepare a statement of changes in equity for the month. Most values are to be entered in the
input boxes as positive values, since values to be subtracted are already indicated on the
statement with brackets around the input box. Note that you are required to select profit/loss
from a drop-down list. Brackets will be displayed if you select loss.
Potential exceptions where you may be required to enter a value as a negative number are the line
items for the opening and closing balance of RETAINED EARNINGS. In order to be marked as
correct, a credit balance of Retained Earnings must be entered as a positive number and a debit
balance of Retained Earnings must be entered as a negative number.
3) Prepare a balance sheet as at the end of the month. Select the appropriate accounts using a
popup link. Then, enter all values as positive values since values to be subtracted will be indicated
on the balance sheet with brackets around the input box.
Please note that any answers from previous pages carried through onto this page (either on the page
or in a popup information page) are the correct answers, not your particular answers.
Remember to enter all answers to the nearest whole dollar.

Displaying selected financial statements


On this page you can access the Income Statement, the Statement of Changes in Equity and
the Balance Sheet.
There are several tabs that allow you to view each financial statement individually. The active
tab by default is Show All, but you may also select to view each statement by itself.
If you fill in any statement and change the view on this page by selecting a different tab, the
information that you have entered will remain in that statement and be displayed whenever
you can see that statement.

Additional information
To answer this question you may need the following information:
Background information
Worksheet
Trial balance as at end of last month
Trial balance as at end of this month
General ledger

Original information
The information in the above links comes from the 'Overview' and
'Further information' pages at the beginning of the practice set. If
you did not print them out, and you would like to refer to them,
you may review them below:
Overview
Further information

Income Statement

Show All

Changes in Equity

Balance Sheet

The A drenaline Hut


Income Statement
For the month ended 30-06-10

INCOME
Revenue
Sales Revenue

(s elec t)

Sales Returns and Allowances

(s elec t)

70440
3360 )

(s elec t)

(s elec t)

67080

Net sales revenue

COST OF SALES

GROSS

43690 )
23390

PROFIT

Other Income
Discount Received

(s elec t)

77

Interest Revenue

(s elec t)

388

(s elec t)

(s elec t)

23855

TOTAL INCOME
EXPENSES
Selling and distribution expenses

4000 )

6459 )

3500 )

261 )

112 )

890 )

337 )

393 )

Advertising Expense

(s elec t)

Wages Expense

(s elec t)

Rent Expense

(s elec t)

Electricity Expense

(s elec t)

Water Expense

(s elec t)

Insurance Expense

(s elec t)

Depn Expense: Store Fixtures

(s elec t)

Depn Expense: C ash Registers

(s elec t)

15952 )

5215 )

4986 )

Administrative expenses

315 )

4900 )

Office Supplies Expense

(s elec t)

Salary Expense

(s elec t)

(s elec t)

(s elec t)

(s elec t)

(s elec t)

(s elec t)

(s elec t)

Financial and other expenses

423 )

11 )

258 )

4294 )

Interest Expense

(s elec t)

Bank C harges

(s elec t)

Discount Allowed

(s elec t)

Bad Debts Expense

(s elec t)

(s elec t)

(s elec t)

(s elec t)

(s elec t)

TOTAL EXPENSES

LOSS

BEFORE INCOME TAX

26153 )

2298 )

Feedback

Solution

The A drenaline Hut


Income Statement
For the month ended 30-06-10

INCOME
Revenue
Sales Revenue

70,440

Sales Returns and Allowances

(3,360)

Net sales revenue

67,080

COST OF SALES

(43,690)

GROSS PROFIT

23,390

Other Income
Discount Received

77

Interest Revenue

388

TOTAL INCOME

23,855

EXPENSES
Selling and distribution expenses
Advertising Expense

(4,000)

Wages Expense

(6,459)

Rent Expense

(3,500)

Electricity Expense

(261)

Water Expense

(112)

Insurance Expense

(890)

Depn Expense: Store Fixtures

(337)

Depn Expense: C ash Registers

(393)
(15,952)

Administrative expenses
Office Supplies Expense

(315)

Salary Expense

(4,900)
(5,215)

Financial and other expenses


Interest Expense

(423)

Bank C harges

(11)

Discount Allowed

(258)

Bad Debts Expense

(4,294)
(4,986)
(26,153)

TOTAL EXPENSES

(2,298)

LOSS BEFORE INCOME TAX

(Q=980.statementOfChangesInEquity)

The A drenaline Hut


Statement of Changes in Equity
For the month ended 30-06-10

SHARE CAPITAL

45000

Opening balance 31-05-10

Issue of share capital

45000

C losing balance 30-06-10

RETAINED EARNINGS

80574

Opening balance 31-05-10

Loss

for the period

Dividend declared

2298 )

3500 )
74776

C losing balance 30-06-10

Feedback

The Adrenaline Hut


Statement of Changes in Equity
For the month ended 30-06-10
SHARE CAPITAL
Opening balance 31-05-10

45,000
0

Issue of share capital

45,000

C losing balance 30-06-10


RETAINED EARNINGS
Opening balance 31-05-10

80,574

Loss for the period

(2,298)

Dividend declared

(3,500)

C losing balance 30-06-10

74,776

The Adrenaline Hut


Balance sheet
As at 30-06-10
ASSETS
Current Assets
C ash at bank

(s elec t)

54209

Petty C ash

(s elec t)

400

ARC - Accounts Receivable C ontrol

(s elec t)

22180

Inventory

(s elec t)

21060

Office Supplies

(s elec t)

2109

Prepaid Rent

(s elec t)

3500

Prepaid Advertising

(s elec t)

8000

Prepaid Insurance

(s elec t)

3560

(s elec t)

115018

TOTAL CURRENT ASSETS

Non-current Assets
C ash Registers

(s elec t)

35000

Accum Depn: C ash Registers

(s elec t)

14143 )

Store Fixtures

(s elec t)

49000

Accum Depn: Store Fixtures

(s elec t)

15507 )

(s elec t)

(s elec t)

(s elec t)

(s elec t)

(s elec t)

54350

TOTAL NON-CURRENT ASSETS

169368

TOTAL ASSETS

LIABILITIES
Current Liabilities
APC - Accounts Payable C ontrol

(s elec t)

1650

Wages Payable

(s elec t)

1200

Electricity Payable

(s elec t)

318

Water Payable

(s elec t)

224

Interest Payable

(s elec t)

633

Dividend Payable

(s elec t)

3500

(s elec t)

(s elec t)

(s elec t)

7525

TOTAL CURRENT LIABILITIES

Non-current Liabilities
Bank Loan Payable

(s elec t)

42067

(s elec t)

(s elec t)

(s elec t)

(s elec t)

(s elec t)

(s elec t)

(s elec t)

(s elec t)

42067

TOTAL NON-CURRENT LIABILITIES

49592

TOTAL LIABILITIES

119776

NET ASSETS

EQUITY
Share C apital

(s elec t)

45000

Retained Earnings

(s elec t)

74776

(s elec t)

(s elec t)

119776

TOTAL EQUITY

Feedback

Solution

The Adrenaline Hut


Balance sheet
As at 30-06-10
ASSETS
Current Assets
C ash at bank
Petty C ash

54,209
400

ARC - Accounts Receivable C ontrol

22,180

Inventory

21,060

Office Supplies

2,109

Prepaid Rent

3,500

Prepaid Advertising

8,000

Prepaid Insurance

3,560

TOTAL CURRENT ASSETS

115,018

Non-current Assets
C ash Registers
Accum Depn: C ash Registers
Store Fixtures
Accum Depn: Store Fixtures

35,000
(14,143)
49,000
(15,507)
54,350

TOTAL NON-CURRENT ASSETS

169,368

TOTAL ASSETS
LIABILITIES
Current Liabilities
APC - Accounts Payable C ontrol

1,650

Wages Payable

1,200

Electricity Payable

318

Water Payable

224

Interest Payable
Dividend Payable

633
3,500

TOTAL CURRENT LIABILITIES

7,525

Non-current Liabilities
Bank Loan Payable

42,067

TOTAL NON-CURRENT LIABILITIES

42,067
49,592

TOTAL LIABILITIES

119,776

NET ASSETS
EQUITY
Share C apital

45,000

Retained Earnings

74,776

TOTAL EQUITY

119,776

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Accounting Practice Set

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Accounting Practice Set


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Accounting Practice Set [now finished]


Total score: 97%
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