Transactions - Week 1 Soln
12
Transactions - week 1 http://www.perdisco.com/elms/qsam/html/qsam.aspx 1 of 12 5/3/2008 11:34 PM Navigation map Additional information To answer this question you may need the following 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: Overview Further information Transactions - week 1 [feedback page] This is a feedback page. Please review this page carefully because later pages in this practice set may build on the feedback provided here. When you are ready, click continue. Saving your position. If you want to save this practice set where you are up to and come back to it at a later time, click the bookmark button on this page to save your position and be returned to your home page. To re-enter the practice set at this page at a later time, simply click the link that you originally clicked to access this practice set. Instructions for week 1 Record all week 1 transactions in the relevant journals. Note that special journals must be used where applicable. Any transaction that cannot be recorded in a special journal should be recorded in the general journal. The following are to be posted to ledger accounts daily: All entries affecting subsidiary ledgers All entries in the Other Accounts column of the cash receipts and cash payments journals All transactions entered into the general journal. Note that the relevant totals of the special journals will be posted to the general ledger accounts at the end of the month. You will enter this after you prepare the Bank Reconciliation Statement. Update inventory cards on a daily basis. Please note that any answers from previous pages carried through onto this page (either on the page or in a popup information page) are the correct answers, not your particular answers. Remember to enter all answers to the nearest whole dollar . When calculating a discount, if a discount is not a whole number, round the discount to the nearest whole dollar. Then, to calculate the cash at bank amount, subtract the discount from the original amount. Additional instructions Displaying selected journals, ledgers and inventory cards: Not all journals, ledgers and inventory cards will be displayed on every page. On this page you can access all journals, ledgers and inventory cards necessary to answer this question. There are several tabs representing different views of the journal, ledgers and inventory cards. The active tab by default is Show All, but you may also select to view just the special journals, the general journal, just the subsidiary ledgers, the general ledger accounts or the inventory cards by selecting the appropriate tab. If you fill in any journal, ledger accounts or inventory cards and change the view on this page by selecting a different tab, the information that you have entered will remain in that journal, ledger or inventory card and be displayed whenever you can see that journal, ledger or inventory card. 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. Specialty Sports Store Practice Set Being completed by: chapm0n 1) 2) 3)
Transcript of Transactions - Week 1 Soln
Transactions - week 1 http://www.perdisco.com/elms/qsam/html/qsam.aspx
1 of 12 5/3/2008 11:34 PM
Navigation map
Additional information
To answer this question you may need the following 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:
Overview
Further information
Transactions - week 1 [feedback page]
This is a feedback page. Please review this page carefully because later pages in this practice set may build on the
feedback provided here. When you are ready, click continue.
Saving your position. If you want to save this practice set where you are up to and come back to it at a later time,
click the bookmark button on this page to save your position and be returned to your home page. To re-enter the
practice set at this page at a later time, simply click the link that you originally clicked to access this practice set.
Instructions for week 1
Record all week 1 transactions in the relevant journals.
Note that special journals must be used where applicable. Any
transaction that cannot be recorded in a special journal should be
recorded in the general journal.
The following are to be posted to ledger accounts daily:
All entries affecting subsidiary ledgers
All entries in the Other Accounts column of the cash
receipts and cash payments journals
All transactions entered into the general journal.
Note that the relevant totals of the special journals will be posted
to the general ledger accounts at the end of the month. You will
enter this after you prepare the Bank Reconciliation Statement.
Update inventory cards on a daily basis.
Please note that any answers from previous pages carried through
onto this page (either on the page or in a popup information page)are the correct answers, not your particular answers.
Remember to enter all answers to the nearest whole dollar. When
calculating a discount, if a discount is not a whole number, round the
discount to the nearest whole dollar. Then, to calculate the cash at
bank amount, subtract the discount from the original amount.
Additional instructions
Displaying selected journals, ledgers and inventory cards:
Not all journals, ledgers and inventory cards will be displayed
on every page.
On this page you can access all journals, ledgers and
inventory cards necessary to answer this question.
There are several tabs representing different views of the
journal, ledgers and inventory cards. The active tab bydefault is Show All, but you may also select to view just the
special journals, the general journal, just the subsidiary
ledgers, the general ledger accounts or the inventory cards
by selecting the appropriate tab.
If you fill in any journal, ledger accounts or inventory cards
and change the view on this page by selecting a different tab,
the information that you have entered will remain in that
journal, ledger or inventory card and be displayed whenever
you can see that journal, ledger or inventory card.
Journals:
Please note that in the journals when you select accounts,
you will select the account using a popup link. You cannottype 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.
Specialty Sports Store Practice SetBeing completed by: chapm0n
1)
2)
3)
Transactions - week 1 http://www.perdisco.com/elms/qsam/html/qsam.aspx
2 of 12 5/3/2008 11:34 PM
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 General Journal Subsidary Ledgers General Ledger Inventory
(Q=301.salesJournalWeek1)
SALES JOURNAL
Date Account InvoiceNo.
PostRef.
Accounts Receivable
Cost of Sales
Jun (select)
Jun (select)
Jun (select)
Jun (select)
Feedback
Solution
SALES JOURNAL
Date Account InvoiceNo.
PostRef.
Accounts Receivable
Cost of Sales
Jun 5 ARC - Great Sports 601 110-3 5,000 3,200
5 ARC - Great Sports 601 110-3 5000 3200
Show All
Transactions - week 1 http://www.perdisco.com/elms/qsam/html/qsam.aspx
3 of 12 5/3/2008 11:34 PM
(Q=302.purchasesJournalWeek1)
PURCHASES JOURNAL
Date Account Terms PostRef.
Accounts Payable
Jun (select) net 30net 30
Jun (select) 2/10 n/302/10 n/30
Jun (select)
Jun (select)
Feedback
Solution
PURCHASES JOURNAL
Date Account Terms PostRef.
Accounts Payable
Jun 2 APC - J. J. Spud net 30 210-5 1,980
Jun 7 APC - Hike 2/10, n/30 210-1 3,960
(Q=303.cashReceiptsJournalWeek1)
CASH RECEIPTS JOURNAL
Note: In order to receive full marks, for each transaction, you must select an account under the column labelled 'Account', as indicated under
the additional instructions above.
Date Account Post Ref.
DR CRCost of Sales
Cash at Bank
Discount Allowed
Sales Revenue
Accounts Receivable
Other Accounts
Jun (select)
Jun (select)
Jun (select)
Jun (select)
Jun (select)
Jun (select)
Feedback
Solution
CASH RECEIPTS JOURNAL
2 APC - J. J. Spud 210-5 1980
7 APC - Hike 210-1 3960
5 Cash at bank X 9200 0 9200 0 0 5980
Transactions - week 1 http://www.perdisco.com/elms/qsam/html/qsam.aspx
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Date AccountPost Ref.
DR CRCost of Sales
Cash at Bank
Discount Allowed
Sales Revenue
Accounts Receivable
Other Accounts
Jun 5 Sales Revenue X 9,200 9,200 5,440
(Q=304.cashPaymentsJournalWeek1)
CASH PAYMENTS JOURNAL
Note: In order to receive full marks, for each transaction, you must select an account under the column labelled 'Account', as indicated under
the additional instructions above.
Date Account ChequeNo.
PostRef.
DR CR
Accounts Payable
Inventory WagesExpense
Other Accounts
Cash at Bank
Discount Received
Jun (select)
Jun (select)
Jun (select)
Jun (select)
Jun (select)
Jun (select)
Feedback
Solution
CASH PAYMENTS JOURNAL
Date Account ChequeNo.
PostRef.
DR CR
Accounts Payable
Inventory WagesExpense
Other Accounts
Cash at Bank
Discount Received
Jun 2 APC - Good Sports 412 210-4 3,212 3,148 64
Jun 3 Inventory 413 X 1,300 1,300
Jun 5 Wages Payable 414 220 1,669 662 2,331
Jun 6 APC - Sports 'R Us 415 210-2 2,224 2,202 22
(Q=305.generalJournalWeek1)
GENERAL JOURNAL
Date Account and Explanation PostRef.
DR CR
Jun (select)
(select)
Jun (select)
(select)
Jun (select)
2 APC - Good Sports 412 210-4 3212 0 0 0 3148 64
3 Inventory 413 X 0 1300 0 0 1300 0
5 Wages Expense 414 X 0 0 2331 0 2331 0
6 APC - Sports 'R Us 415 210-2 2224 0 0 0 2202 22
Transactions - week 1 http://www.perdisco.com/elms/qsam/html/qsam.aspx
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(select)
Feedback
Solution
There are no relevant entries in the general journal for this week.
(Q=310-110-3.AcctsRec3_week1)
Account: ARC - Great Sports Account No. 110-3
Date Description Ref. DR CR Balance
May 31 Balance 4,997 DR
Jun SJSJ DRDR
Jun
Jun
Feedback
Solution
Account: ARC - Great Sports Account No. 110-3
Date Description Ref. DR CR Balance
May 31 Balance 4,997 DR
Jun 5 Credit sale SJ 5,000 9,997 DR
(Q=310-210-1.AcctsPay1_week1)
Account: APC - Hike Account No. 210-1
Date Description Ref. DR CR Balance
May 31 Balance 2,364 CR
Jun PJPJ CRCR
Jun
Jun
Feedback
Solution
Account: APC - Hike Account No. 210-1
Date Description Ref. DR CR Balance
May 31 Balance 2,364 CR
5 sold 20 extreme helmets 5000 0 9997
7 bungee kits 0 3960 6324
Transactions - week 1 http://www.perdisco.com/elms/qsam/html/qsam.aspx
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Jun 7 Credit purchase PJ 3,960 6,324 CR
(Q=310-210-2.AcctsPay2_week1)
Account: APC - Sports 'R Us Account No. 210-2
Date Description Ref. DR CR Balance
May 31 Balance 2,224 CR
Jun CPJCPJ
Jun
Jun
Feedback
Solution
Account: APC - Sports 'R Us Account No. 210-2
Date Description Ref. DR CR Balance
May 31 Balance 2,224 CR
Jun 6 Repayment CPJ 2,224 0
(Q=310-210-4.AcctsPay4_week1)
Account: APC - Good Sports Account No. 210-4
Date Description Ref. DR CR Balance
May 31 Balance 3,212 CR
Jun CPJCPJ
Jun
Jun
Feedback
Solution
Account: APC - Good Sports Account No. 210-4
Date Description Ref. DR CR Balance
May 31 Balance 3,212 CR
Jun 2 Repayment CPJ 3,212 0
(Q=310-210-5.AcctsPay5_week1)
Account: APC - J. J. Spud Account No. 210-5
Date Description Ref. DR CR Balance
May 31 Balance 0
6 paid amount owing 2224 0 0
2 Paid full amount owing 3212 0 0
Transactions - week 1 http://www.perdisco.com/elms/qsam/html/qsam.aspx
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Jun PJPJ CRCR
Jun
Jun
Feedback
Solution
Account: APC - J. J. Spud Account No. 210-5
Date Description Ref. DR CR Balance
May 31 Balance 0
Jun 2 Credit purchase PJ 1,980 1,980 CR
(Q=320-100.CashAtBank_week1)
Account: Cash at bank Account No. 100
Date Description Ref. DR CR Balance
May 31 Balance 46,071 DR
Jun
Jun
Jun
Feedback
Solution
There are no relevant entries in the Cash at bank ledger for this week.
(Q=320-110.AcctsRecControl_week1)
Account: ARC - Accounts Receivable Control Account No. 110
Date Description Ref. DR CR Balance
May 31 Balance 16,174 DR
Jun
Jun
Jun
Feedback
Solution
There are no relevant entries in the Accounts Receivable Control ledger for this week.
2 purchase for 11 extreme helmets 0 1980 1980
Transactions - week 1 http://www.perdisco.com/elms/qsam/html/qsam.aspx
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(Q=320-210.AcctsPayControl_week1)
Account: APC - Accounts Payable Control Account No. 210
Date Description Ref. DR CR Balance
May 31 Balance 15,206 CR
Jun PJPJ CRCR
Jun PJPJ CRCR
Jun
Feedback
Solution
There are no relevant entries in the Accounts Payable Control ledger for this week.
(Q=320-222.WagesPayable_week1)
Account: Wages Payable Account No. 220
Date Description Ref. DR CR Balance
May 31 Balance 662 CR
Jun
Jun
Jun
Feedback
Solution
Account: Wages Payable Account No. 220
Date Description Ref. DR CR Balance
May 31 Balance 662 CR
Jun 5 Staff wages CPJ 662 0
(Q=320-400.SalesRevenue_week1)
Account: Sales Revenue Account No. 400
Date Description Ref. DR CR Balance
May 31 Balance 0
Jun SJSJ DRDR
Jun CRJCRJ DRDR
Jun
Feedback
2 Purchase 11 extreme helmets 0 1980 17186
3 Purchased some body boards 0 1300 18486
5 extreme helmets 5000 0 5000
5 body board 9200 0 14200
Transactions - week 1 http://www.perdisco.com/elms/qsam/html/qsam.aspx
9 of 12 5/3/2008 11:34 PM
Solution
There are no relevant entries in the Sales Revenue ledger for this week.
(Q=320-402.DiscountRecd_week1)
Account: Discount Received Account No. 402
Date Description Ref. DR CR Balance
May 31 Balance 0
Jun CPJCPJ DRDR
Jun CPJCPJ DRDR
Jun
Feedback
Solution
There are no relevant entries in the Discount Received ledger for this week.
(Q=320-500.CostOfSales_week1)
Account: Cost of Sales Account No. 500
Date Description Ref. DR CR Balance
May 31 Balance 0
Jun SJSJ CRCR
Jun CRJCRJ CRCR
Jun
Feedback
Solution
There are no relevant entries in the Cost of Sales ledger for this week.
(Q=320-516.WagesExpense_week1)
Account: Wages Expense Account No. 516
Date Description Ref. DR CR Balance
May 31 Balance 0
Jun CPJCPJ DRDR
Jun
Jun
2 Good Sports discount 64 0 64
6 sports r us 22 0 86
5 extreme helmets 0 3200 3200
5 body boards 0 5980 9180
5 Staff wages for the week 0 2331 2331
Transactions - week 1 http://www.perdisco.com/elms/qsam/html/qsam.aspx
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Feedback
Solution
There are no relevant entries in the Wages Expense ledger for this week.
(Q=320-573.DiscountAllowed_week1)
Account: Discount Allowed Account No. 573
Date Description Ref. DR CR Balance
May 31 Balance 0
Jun
Jun
Jun
Feedback
Solution
There are no relevant entries in the Discount Allowed ledger for this week.
(Q=330.Inventory2_week1)
Body boards
DatePurchases Cost of Sales Balance
Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost
May 31 27 110 2970
45 130 5850
Jun
Jun
Jun
Jun
Feedback
Solution
Body boards
3 10 130 1300 0 0 0 0 0 0
0 0 0 55 130 7150
5 0 0 0 0 0 0 0 0 0
46 5980 0 9 130 1170
Transactions - week 1 http://www.perdisco.com/elms/qsam/html/qsam.aspx
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DatePurchases Cost of Sales Balance
Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost
May 31 27 110 2970
45 130 5850
Jun 3 10 130 1300 27 110 2970
55 130 7150
Jun 5 27 110 2970 36 130 4680
19 130 2470
(Q=330.Inventory3_week1)
extreme helmets
DatePurchases Cost of Sales Balance
Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost
May 31 65 160 10400
Jun
Jun
Jun
Jun
Feedback
Solution
extreme helmets
DatePurchases Cost of Sales Balance
Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost
May 31 65 160 10400
Jun 2 11 180 1980 65 160 10400
11 180 1980
Jun 5 20 160 3200 45 160 7200
11 180 1980
(Q=330.Inventory5_week1)
bungee kits
DatePurchases Cost of Sales Balance
Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost
May 31 41 260 10660
2 11 180 1980 0 0 0 65 160 10400
0 0 0 11 180 1980
5 0 0 0 20 160 3200 45 160 7200
0 0 0 0 0 0
Transactions - week 1 http://www.perdisco.com/elms/qsam/html/qsam.aspx
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Jun
Jun
Jun
Jun
Feedback
Solution
Account: bungee kits
DatePurchases Cost of Sales Balance
Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost
May 31 41 260 10660
Jun 7 18 220 3960 41 260 10660
18 220 3960
Perdisco / latin /, v., to learn thoroughly
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7 18 220 3960 0 0 0 41 260 10660
0 0 0 18 220 3960
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