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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
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. Please note that
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
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).
7/04/2010 8:48 PM
Overview
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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.
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
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
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
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
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
28
Paid the full amount owing to Sports 'R Us, cheque no. 846.
Week 5
29
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
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Overview
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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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Navigation map
Additional information
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
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.
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
(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
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)
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)
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
(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
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
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)
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)
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)
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)
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)
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)
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)
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)
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)
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)
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)
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)
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)
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)
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)
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
17/04/2010 1:10 PM
Transactions - week 2
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Accounting Practice Set
Being completed by: 3333396
Navigation map
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.
11
Jun
397
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
397
110-3
7,980
5,510
Jun
398
110-6
6,960
4,110
(Q=402.purchasesJournalWeek2)
PURCHASES JOURNAL
Date
Account
Jun
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)
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
(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
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)
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
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
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
12
DR
Ref.
CR
Retained Earnings
(s elec t)
301
3500
Dividend Payable
(s elec t)
230
3500
401
3360
(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
DR
Ref.
Jun
8 Retained Earnings
301
Jun
230
Dividend Payable
CR
3,500
3,500
(dividend declaration)
Jun
Jun
12
401
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)
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)
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)
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)
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)
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)
Description
May
Ref.
DR
CR
Balance
31 Balance
24,078 DR
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
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
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
GJ
2,320
54,760 DR
(Q=420-221.ElectricityPayable_week2)
Description
May
Ref.
DR
CR
Balance
31 Balance
962 C R
Jun
CPJ
905
57
CR
Jun
Jun
Feedback
Solution
Account: Electricity Payable
Account No. 221
Date
Description
May
31 Balance
Jun
Ref.
DR
CR
Balance
962 C R
CPJ
905
57 CR
(Q=420-230.DividendPayable_week2)
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)
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)
Description
May
Ref.
DR
CR
Balance
31 Balance
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
GJ
3,360
3,360 DR
(Q=420-500.CostOfSales_week2)
Description
May
Ref.
DR
CR
Balance
31 Balance
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
GJ
2,320
2,320 CR
(Q=420-516.WagesExpense_week2)
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)
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
17/04/2010 4:23 PM
Transactions - week 3
1 of 1
http://www.perdisco.com/elms/qsam/html/qsam.aspx
Asshar
edon.
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.
Accounting Practice Set
Being completed by: 3333396
Navigation map
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.
Jun
19
Jun
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.
Accounts
Receivable
Cost of
Sales
397
110-3
7,980
5,510
Jun
398
110-6
6,960
4,110
Jun
399
110-5
14,640
10,090
(Q=502.purchasesJournalWeek3)
PURCHASES JOURNAL
Date
Account
Jun
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)
Account
Jun
Post Ref.
6 Sales Revenue
Jun
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
(s elec t)
110-6
3200
3200
Jun
20
(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
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
110-6
3,200
Jun
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)
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
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
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
DR
Ref.
Jun
8 Retained Earnings
301
Jun
230
Dividend Payable
CR
3,500
3,500
(dividend declaration)
Jun
Jun
12
401
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
(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
DR
Ref.
Jun
8 Retained Earnings
301
Jun
230
Dividend Payable
CR
3,500
3,500
(dividend declaration)
Jun
Jun
12
401
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
Jun
21
210-3
Inventory
2,800
120
2,800
(purchase return)
(Q=510-110-3.AcctsRec3_week3)
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)
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)
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)
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)
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)
Description
May
Ref.
DR
CR
Balance
31 Balance
Jun
12
24,078 DR
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
GJ
2,320
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
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)
Description
May
Ref.
DR
CR
Balance
31 Balance
35,534 C R
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)
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
17/04/2010 8:06 PM
Transactions - week 4
1 of 1
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Accounting Practice Set
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Navigation map
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.
Accounts
Receivable
Cost of Sales
397
110-3
7,980
Jun
398
110-6
6,960
4,110
Jun
399
110-5
14,640
10,090
580
380
27
Jun
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.
Jun
Accounts
Receivable
Cost of
Sales
397
110-3
7,980
5,510
398
110-6
6,960
4,110
Jun
399
110-5
14,640
10,090
Jun
400
110-6
580
380
(Q=602.purchasesJournalWeek4)
PURCHASES JOURNAL
Date
Account
Jun
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)
Account
Jun
Post Ref.
6 Sales Revenue
Cash at
Bank
X
9,030
110-1
2,326
6,670
110-6
3,200
Jun
Jun
13 Sales Revenue
Jun
Jun
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
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
110-6
3,200
9,030
5,550
258
2,584
6,670
3,680
3,200
Jun
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)
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
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
(s elec t)
845
210-1
4851
4851
Jun
28
(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
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
845
210-1
4,851
4,851
Jun
846
210-3
24,574
24,574
(Q=605.generalJournalWeek4)
GENERAL JOURNAL
Date
Post
DR
Ref.
Jun
8 Retained Earnings
301
Jun
230
Dividend Payable
CR
3,500
3,500
(dividend declaration)
Jun
Jun
12
401
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
Jun
21
210-3
Inventory
2,800
120
2,800
(purchase return)
24
Jun
24
(s elec t)
574
4294
(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
DR
Ref.
Jun
8 Retained Earnings
301
Jun
230
Dividend Payable
CR
3,500
3,500
(dividend declaration)
Jun
Jun
12
401
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
Jun
21
210-3
Inventory
2,800
120
2,800
(purchase return)
Jun
Jun
24
574
4,294
110-2
4,294
(Q=610-110-2.AcctsRec2_week4)
Description
May
Ref.
DR
CR
Balance
31 Balance
4,294 DR
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
GJ
4,294
(Q=610-110-6.AcctsRec6_week4)
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)
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)
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)
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)
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)
Description
May
Ref.
DR
CR
Balance
31 Balance
Jun
12
24,078 DR
GJ
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
GJ
3,360
20,718 DR
Jun
24
GJ
4,294
16,424 DR
(Q=620-210.AcctsPayControl_week4)
Description
May
Ref.
DR
CR
Balance
31 Balance
Jun
35,534 C R
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)
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)
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)
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)
Description
May
Ref.
DR
CR
Balance
31 Balance
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
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)
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.
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
Navigation map
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.
Accounts
Receivable
Cost of Sales
397
110-3
7,980
Jun
398
110-6
6,960
4,110
Jun
399
110-5
14,640
10,090
Jun
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
Jun
3 APC - J. J. Spud
30
Jun
Post
Terms
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
Jun
3 APC - J. J. Spud
Jun
Post
Terms
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)
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
258
2,584
Jun
13 Sales Revenue
Jun
Jun
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
(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
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
110-6
3,200
9,030
5,550
258
2,584
6,670
3,680
3,200
Jun
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
110-4
4,563
1,580
4,563
(Q=704.cashPaymentsJournalWeek5)
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
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
845
210-1
4,851
4,851
Jun
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
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
845
210-1
4,851
4,851
Jun
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
DR
Ref.
Jun
8 Retained Earnings
301
Jun
230
Dividend Payable
CR
3,500
3,500
(dividend declaration)
Jun
Jun
12
401
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
Jun
21
210-3
Inventory
2,800
120
2,800
(purchase return)
Jun
Jun
24
574
4,294
110-2
4,294
(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)
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)
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)
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)
Description
May
Ref.
DR
CR
Balance
31 Balance
24,078 DR
Jun
12
Jun
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)
Description
May
Ref.
DR
CR
Balance
31 Balance
Jun
35,534 C R
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)
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)
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)
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)
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)
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
17/04/2010 9:24 PM
Bank reconciliation
1 of 1
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Accounting Practice Set
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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
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
34630
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
54209
CR
54209
DR
Feedback
Solution
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
54,209 C R
54,209 DR
(Q=801.cashReceiptsJournalBankRec)
Account
Post Ref.
6 Sales Revenue
Cash at
Bank
CR
Discount
Allowed
9,030
110-1
2,326
Jun
Jun
13 Sales Revenue
6,670
Jun
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
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
110-4
4,563
Jun
30
(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
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
110-6
3,200
9,030
5,550
258
2,584
6,670
3,680
3,200
Jun
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
Jun
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)
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
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
845
210-1
4,851
4,851
Jun
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
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
845
210-1
4,851
4,851
Jun
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)
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)
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)
Description
Ref.
DR
CR
Balance
31 Balance
47,496 DR
Jun
30
CRJ
64814
Jun
30
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
CRJ
Jun
30
CPJ
DR
CR
Balance
47,496 DR
64,814
112,310 DR
58,101
54,209 DR
(Q=804-110-0.ARControl_bankRec)
Description
Ref.
DR
CR
Balance
31 Balance
24,078 DR
Jun
12
Jun
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)
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)
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)
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)
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
21/04/2010 9:57 PM
1 of 1
http://www.perdisco.com/elms/qsam/html/qsam.aspx
Asshar
edon.
.
.
Accounting Practice Set
Being completed by: 3333396
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
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.
Accounts Receivable
Cost of Sales
397
110-3
7,980
Jun
398
110-6
6,960
4,110
Jun
399
110-5
14,640
10,090
Jun
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.
397
110-3
7,980
Jun
398
110-6
6,960
4,110
Jun
399
110-5
14,640
10,090
Jun
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
Jun
3 APC - J. J. Spud
Jun
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
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
Jun
3 APC - J. J. Spud
Jun
Post
Terms
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)
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
Jun
13 Sales Revenue
Jun
Jun
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
110-4
4,563
4,563
Jun
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
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
110-6
3,200
6,670
3,680
Jun
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
110-4
4,563
4,563
Jun
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)
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
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
845
210-1
4,851
4,851
Jun
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
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
845
210-1
4,851
4,851
Jun
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)
Description
May
Ref.
DR
CR
Balance
31 Balance
47,496 DR
Jun
C RJ
Jun
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
C RJ
Jun
30
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)
Description
May
Ref.
DR
CR
Balance
31 Balance
24,078 DR
Jun
12
GJ
3,360
20,718 DR
Jun
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
GJ
Jun
GJ
Jun
30
SJ
Jun
30
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
Jun
12
GJ
2,320
54,760 DR
Jun
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
GJ
Jun
21
Purchase return to
Sports 'R Us
GJ
2,800
51,960 DR
Jun
SJ
20,090
31,870 DR
Jun
CRJ
25,920
5,950 DR
Jun
Jun
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)
Description
May
Ref.
DR
CR
Balance
31 Balance
35,534 C R
Jun
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
PJ
Jun
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)
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
SJ
30,160
30,160 CR
Jun
30
CRJ
40,280
70,440 CR
Jun
30 Unadjusted Balance
70,440 CR
(Q=815-401.SalesReturns_endMonth)
Description
May
Ref.
DR
CR
Balance
31 Balance
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
Jun
12
Jun
30 Unadjusted Balance
GJ
3,360
3,360 DR
3,360 DR
(Q=815-402.DiscountReceived_endMonth)
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
CPJ
77
77 CR
77 CR
(Q=815-500.CostOfSales_endMonth)
Description
May
Ref.
DR
CR
Balance
31 Balance
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
GJ
Jun
30
SJ
20,090
17,770 DR
Jun
CRJ
25,920
43,690 DR
Jun
30 Unadjusted Balance
2,320
2,320 C R
43,690 DR
(Q=815-516.WagesExpense_endMonth)
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
CPJ
5,259
5,259 DR
5,259 DR
(Q=815-573.DiscountAllowed_endMonth)
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
Ref.
DR
CR
Balance
0
CRJ
258
258 DR
258 DR
30/04/2010 8:30 PM
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Accounting Practice Set
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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)
As at 30-06-10
Acct.
No.
Acct. Name
Adjustments
CR
DR
CR
DR
Income Statement
CR
DR
Balance Sheet
CR
DR
54209
54209
54209
400
400
400
22180
22180
22180
120 Inventory
21060
21060
21060
2424
315
2109
2109
7000
3500
3500
3500
12000
4000
8000
8000
4450
890
3560
3560
35000
35000
141 Prepaid
Advertising
142 Prepaid Insurance
35000
13750
393
14143
49000
14143
49000
15170
CR
49000
15507
15507
1650
1650
1200
1200
1200
57
261
318
318
112
112
224
224
210
423
633
633
3500
3500
3500
42067
42067
42067
45000
45000
45000
77074
77074
77074
70440
70440
337
1650
3360
3360
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
112
112
112
543 Insurance
Expense
890
890
890
315
315
315
4900
4900
511 Advertising
Expense
516 Wages Expense
5259
4900
337
337
337
393
393
393
423
423
423
11
11
11
258
258
258
4294
4294
4294
Totals
269495
269495
11431
11431
272221
272221
73203
Profit/loss
73203
Totals
70905
199018
2298
2298
73203
201316
201316
201316
Feedback
Solution
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
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
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
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
30/04/2010 10:11 PM
Adjusting entries
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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
Jun
30
Jun
30
Jun
30
Jun
30
Jun
30
Jun
30
Jun
30
Jun
30
Jun
30
Jun
30
Jun
DR
Ref.
CR
(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
561
393
(s elec t)
151
393
560
337
(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
Jun
12
401
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
Jun
21
210-3
Inventory
2,800
120
2,800
(purchase return)
Jun
Jun
24
574
4,294
110-2
4,294
560
Jun
30
161
337
337
(adjusting entry)
Jun
561
Jun
30
151
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
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)
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)
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)
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)
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)
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)
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)
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)
Description
May
Ref.
DR
CR
Balance
31 Balance
962 C R
Jun
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
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)
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)
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
30/04/2010 11:04 PM
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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)
Description
May
Ref.
DR
CR
Balance
31 Balance
Jun
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
Jun
30
Jun
30 Adjusted Balance
C RJ
388
388 C R
388 CR
(Q=870-511.AdvertisingExpense_adjEntry)
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)
Description
May
Ref.
DR
CR
Balance
31 Balance
Jun
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
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)
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)
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)
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)
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)
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)
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)
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)
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
30/04/2010 11:04 PM
Schedules of accounts
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(Q=900.schedulesOfAccounts)
The Adrenaline Hut
Schedule of Accounts Receivable
As at 30-06-10
Account No.
Name
Balance
0
14640 DR
Additional information
7540 DR
22180 DR
Total
Background information
Subsidiary ledgers
Account No.
Name
Terms
General ledger
Balance
2/10,
n/30
1/15,
n/30
net 30
2/10,
n/30
1650 CR
net 30
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
14,640
DR
7,540 DR
22,180
DR
Total
Name
Terms
2/10,
n/30
1/15,
n/30
net 30
2/10,
n/30
net 30
net 30
Total
Balance
1,650 C R
1,650
CR
30/04/2010 11:32 PM
Closing entries
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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
Jun
DR
Ref.
CR
310
73203
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
(s elec t)
544
315
Salary Expense
(s elec t)
545
4900
560
337
561
393
Interest Expense
(s elec t)
571
423
Bank C harges
(s elec t)
572
11
Discount Allowed
(s elec t)
573
258
(s elec t)
574
4294
(s elec t)
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
70905
Jun
30
310
Retained Earnings
301
2298
2298
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
Jun
12
401
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
Jun
21
210-3
Inventory
2,800
120
2,800
(purchase return)
Jun
Jun
24
574
4,294
110-2
4,294
560
Jun
30
161
337
337
(adjusting entry)
Jun
561
Jun
30
151
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
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
310
Jun
30
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
544
315
4,900
Jun
30
Salary Expense
545
Jun
30
560
337
Jun
30
561
393
423
Jun
30
Interest Expense
571
Jun
30
Bank Charges
572
11
Jun
30
Discount Allowed
573
258
Jun
30
574
4,294
30 Sales Revenue
400
Jun
30 Discount Received
402
77
Jun
30 Interest Revenue
403
388
Jun
30
310
70,440
70,905
30 Retained Earnings
301
Jun
30
310
2,298
CR
Balance
2,298
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
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
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
Description
May
Ref.
DR
CR
Balance
31 Balance
Jun
Jun
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
SJ
Jun
30
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
Description
May
Ref.
DR
CR
Balance
31 Balance
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
Jun
12
Jun
30 Closing entry
Jun
30 Post-Closing Balance
GJ
3,360
GJ
3,360 DR
3,360
0
0
Description
May
Ref.
DR
CR
Balance
31 Balance
Jun
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
Jun
30
Jun
30 Closing entry
Jun
30 Post-Closing Balance
C PJ
77
GJ
77 C R
77
0
0
Description
May
Ref.
DR
CR
Balance
31 Balance
Jun
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
Jun
30
Jun
30 Closing entry
Jun
30 Post-Closing Balance
C RJ
388
GJ
388 C R
388
0
0
Description
May
Ref.
DR
CR
Balance
31 Balance
Jun
12
Jun
Jun
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
GJ
2,320
2,320 C R
Jun
SJ
20,090
17,770 DR
Jun
30
C RJ
25,920
43,690 DR
Jun
30 Closing entry
Jun
30 Post-Closing Balance
GJ
43,690
0
0
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
Description
Ref.
DR
CR
31 Balance
Jun
Jun
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
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Solution
Account: Wages Expense
Account No. 516
Date
May
Description
Ref.
DR
CR
Balance
31 Balance
Jun
30
C PJ
5,259
1,200
Jun
GJ
Jun
30 Closing entry
GJ
Jun
30 Post-Closing Balance
5,259 DR
6,459 DR
6,459
0
0
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
Description
May
Ref.
DR
CR
Balance
31 Balance
Jun
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
Description
May
Ref.
DR
CR
Balance
31 Balance
Jun
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
GJ
Jun
30 Closing entry
GJ
Jun
30 Post-Closing Balance
112
112 DR
112
0
0
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
Description
May
Ref.
DR
CR
Balance
31 Balance
Jun
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
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
Description
May
Ref.
DR
CR
Balance
31 Balance
Jun
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
Description
May
Ref.
DR
CR
Balance
31 Balance
Jun
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
Description
May
Ref.
DR
CR
Balance
31 Balance
Jun
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)
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
Description
May
Ref.
DR
CR
Balance
31 Balance
Jun
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
Jun
30
Jun
30 Closing entry
Jun
30 Post-Closing Balance
C RJ
258
GJ
258 DR
258
0
0
Description
May
Ref.
DR
CR
Balance
31 Balance
Jun
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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Account No.
Name
Debit
Credit
54209
400
22180
120 Inventory
21060
2109
3500
8000
3560
35000
14143
49000
15507
1650
1200
318
224
633
3500
42067
45000
74776
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
Debit
400
22,180
120 Inventory
21,060
2,109
3,500
8,000
3,560
35,000
Credit
54,209
14,143
49,000
15,507
1,650
1,200
318
224
633
3,500
42,067
45,000
74,776
199,018 199,018
1/05/2010 3:22 AM
Financial statements
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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
INCOME
Revenue
Sales Revenue
(s elec t)
(s elec t)
70440
3360 )
(s elec t)
(s elec t)
67080
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)
(s elec t)
(s elec t)
15952 )
5215 )
4986 )
Administrative expenses
315 )
4900 )
(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)
423 )
11 )
258 )
4294 )
Interest Expense
(s elec t)
Bank C harges
(s elec t)
Discount Allowed
(s elec t)
(s elec t)
(s elec t)
(s elec t)
(s elec t)
(s elec t)
TOTAL EXPENSES
LOSS
26153 )
2298 )
Feedback
Solution
INCOME
Revenue
Sales Revenue
70,440
(3,360)
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)
(337)
(393)
(15,952)
Administrative expenses
Office Supplies Expense
(315)
Salary Expense
(4,900)
(5,215)
(423)
Bank C harges
(11)
Discount Allowed
(258)
(4,294)
(4,986)
(26,153)
TOTAL EXPENSES
(2,298)
(Q=980.statementOfChangesInEquity)
SHARE CAPITAL
45000
45000
RETAINED EARNINGS
80574
Loss
Dividend declared
2298 )
3500 )
74776
Feedback
45,000
0
45,000
80,574
(2,298)
Dividend declared
(3,500)
74,776
(s elec t)
54209
Petty C ash
(s elec t)
400
(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
Non-current Assets
C ash Registers
(s elec t)
35000
(s elec t)
14143 )
Store Fixtures
(s elec t)
49000
(s elec t)
15507 )
(s elec t)
(s elec t)
(s elec t)
(s elec t)
(s elec t)
54350
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
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
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
54,209
400
22,180
Inventory
21,060
Office Supplies
2,109
Prepaid Rent
3,500
Prepaid Advertising
8,000
Prepaid Insurance
3,560
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
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
7,525
Non-current Liabilities
Bank Loan Payable
42,067
42,067
49,592
TOTAL LIABILITIES
119,776
NET ASSETS
EQUITY
Share C apital
45,000
Retained Earnings
74,776
TOTAL EQUITY
119,776
1/05/2010 3:43 AM
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1/05/2010 3:45 AM