sier018 “Transactions - week 5 Manual Accounting Practice Set Specialty Sports Store, US GAAP Edition 3 t Feedback: Transactions - week 5 This is a feedback page. Please review this page carefully because later pages in this practice set build on the feedback provided here. After you have reviewed your feedback page, click Continue at the bottom of this page to move on to the next page of your practice set. Your progress Your grading sNTRODUCTION nagar ™ ‘Awarded Total Points (priorto this page) «490496 Mien pes Points (on this page) 45 45 Points (after this page) - ste Total 535 7,088 a ‘einai eatin Now eIMIsieD completed: 41% (approximately) CB romaining pages wil ake: upto 11.25 nous The time frames we provide are a guide only. It may take you more of less time to complete each step, You are now required to enter transactions that occurred during the final week of June into the company’s books. The following trensactions occurred throughout the last week of June Week 5 Date Transaction description 29 Received 12 SmartCue Snooker Sets for $304 each, which were ordered on the 24". Agreed terms with Sports 'R Us are 2/10, n/30 29 Made cash sale of 24 sets of Sting Ray Golf Clubs for $992 each, 30 Mick's Sporting Goods paid the full amount owing on their account 30 Purchased 11 Signed Rugby Balls with cash for a list price of $192 each. A trade discount of 25% applies, Check No. 852. 30 Paid monthly salary of $4,800 to Imogen Lee, Check No. 853. Instructions for week 5 11) Record all week 5 transactions in the relevant journals. Note that special journals must be used where applicable, Any transaction that cannot be recorded in a special journal should be recorded in the general journal. bps:twar pordsco.com msigsanvmligsam aspx anasier018 “Transactions - week 5 2) Post entries recorded in the journals to the appropriate ledger accounts according to the company's accounting nolicies and procedures. Note that the relevant totals of the special journals will be posted to the general ledger accounts at the end of the ‘month. You will enter this before you prepare the Bank Reconciliation Statement. 3) Update inventory cards on a dally basis. Back-On-Track functionality Please note that any answers from previous pages carried through onto this page (either on the page or in 2 popup information page) have been reset, if necessary, to the correct answers. Your particular answers from previous pages are no longer shown. Remember: Enter all answers to the nearest whole dollar. * You are also required to apply the journals and ledgers instructions and the inventory cards instructions provided in previous weeks. Before pressing the Submit answers button, we recommend that you click the Shaw All tab and check that all relevant accounting records have been completed. Show All (Q=701 salesvournalWeek5) SALES JOURNAL 403] 110-3 6,336] 3,744 sun] 11 sun] 16 404) 110-5 4,040] 920 Jun] 24 405) 110-5] 33,320| 19,936, Jun] 26 406) 110-0) 12,144/ 7,032 Jun I Jun I Jun I ‘un I ‘There are no relevant entries in the sales journal for this week, 02.purchasesJournalWeek5) PURCHASES JOURNAL [ net sol 2108] 3016]sier018 “Transactions - week 5 Jun] 15] APC - Extreme Sports inc 2N0,n/30)) 210-1 5,776 Jun net 30] 210-5] 7,104 Jun zong0 + || 210-4 3648 |v | | —F wunff iE _ wun IE — PURCHASES JOURNAL 8 | APG - Addax Sports 48 |APC- Extreme Sports Inc _ 16 } APC - J. J. Spud ~ 29 | APC - Sports 'R Us (Q=703.cashReceiptsiournalveeks) CASH RECEIPTS JOURNAL Note: In order to receive full points, for each transaction you must select an account under the column labeled ‘Account’, ‘as indicated under the additional instructions above. Since all transactions In this journal affect the Cash account, you aré asked to enter the name of the appropriate account credited in these transactions into the Account column so that the type of transaction can be determined by the name of the account entered into this columa, Jun] 1 Bank Loan Payable 250) 42,000 42,000 Jun] SARC Jump Around 110-5] 2,199 2.199 Jun] B|ARC-The Locker Room | 110-1] 3.303] 377 3770 jun] 13] Sales Revenue x| 17.856 17,856 8,496 Jun] 16 | ARC Balls n All 410-6] 1,200 4,200 “jun” 20]| Sales Revenue x 13440 13,440 9.432 Jun] 25] ARC - Great Sports 110-3] 17,372 W372 stun] 27 7.144 7.144 4.576 sun [29 2308 || 0 || 23808 0 o|| 13208 | v sun |f-30 4063 || oj 0|| 4063 0 oly Jun I I un [ Isier018 Jun Jun “Transactions - week 5 CASH RECEIPTS JOURNAL CASH PAYMENTS JOURNAL Note: In order to receive full points, for each transaction you must select an account under the column labeled ‘Account’, as indicated under the additional instructions above. Since all transactions in this journal affect the Cash account, you aré ‘asked to enter the name of the appropriate account debited in these transactions Into the Account column so that the type of transaction can be determined by the name of the account entered into this column, | Jun] 1 | Bank Loan Payable 250) 42,000 42,000 sun] S]ARG-Jump Around ——*| 110-5] 2,199 ~ 2,199 - sun] 8[ARG-The Locker Room | 110-1] 3,393] 377] _ 3,770 - Jun 13 | Sales Revenue —_ x] 17,856 8,496 Jun/16[ARC-Bals'nal ———~—=*«; «110-6 1,200 4,200 - Jun |20 | Sales Revenue —_ x] 13.440 9,432 Jun|25]ARC-Great Sports __—_—*| 110-3) 17,372 17,372 - Jun |27 | Sales Revenue —_ x] 7.744 4,576 ‘Jun |29 | Sales Revenue —_ x| 23,808 13,248, Jun |30[ ARC - Mick's Sporting Goods | 110-4] 4,063 4,063 - (Q=704.cashPaymentsJournalWeeks) Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun Prepaid Rent 7 l 20 2,162 2,051 2,219 3,331 941 2,199 2,187 1,620 8,500] 8,500 321 321 2,162 877 877, 1135| 2,076 2,051 2,199 2,219 3,331 2,157 1,620sier018 “Transactions - week 5 Jun| 28] APC 851] 210-4] 5,776 5,776 Jun] 30 | Merchandise inventory || asa || x 0 0 o|) 1584 |v un} 30 | Balary Expense 853 || 545, 0 0 || 4800 |) 4800 | v Jun Jun Jun Jun CASH PAYMENTS JOURNAL Jun] 1 | Prepaid Rent e4o[ 140 8,s00| 8,500 Jun 1 s2tf 321 Jun 2,162 | 2it62 Jun ar7| a7 Jun sai] 1,135] 2,076 Jun 2,051 “| 2.081 Jun 2,199 [2199 Jun 2.219 “| 22t9 Jun [14 | APG J. J. Spud 848 210-5 3,331 “| 3331 ‘un |18| Wages Expense —*«| ada x 2.157 “| 2.157 sun]25|Wages Expense —*|_aso[ x 1,620 [11820 Jun |28 | APC - Extreme Sports Inc] 851[ 210-1] 5,776 “| 776 ‘Jun|30| Merchandise inventory | 852) X 1,584 [1584 dun ry Expense | 853) 545 4,800| 4,800 (Q=705.generaldournalWeek5) GENERAL JOURNAL Jun] 19] Sales Retums and Allowances 401] 2112 ‘Jun 110/110-3, 2.112 htps:twm perdsco.convelmsigeanvhimligsam asp 54“Transactions - week 5 rchandise Inventory (sales return) Jun| 28] APC-J. J. Spud 210/210-5 Jun| 28] Merchandise Inventory 120 (purchase retum) Feedback There are no relevant entries in the general journal for this week. (Q=710-110-4.AectsRecd_week5) SUBSIDIARY LEDGERS ‘Account: ARC - Mick's Sporting Goods Account No, 110-4 ee oe Dato May 4,063 DR, Jun Jun Jun Feedback ‘Account: ARC - Mick's Sporting Goods Account No, 110-4 Date Description Ref. Debit | Credit Balance May| 31 [Balance Jun| 30| Repayment CRI | 0 pate pericocomlna/qean/nigeam. ap ona 4,063 DRsier2018 “Tansactions - week 5 (Q=710-210-6.AcctsPays_ weeks) ‘Account: APC - Sports 'R Us ‘Account No. 210-4 | | | | May] 3t]Balance _ 2,820 CR Jun} [29 | [Credit purchase Ps vit; 0 | 3648 5968 [CRY |v Jun vi] | 7 Jun vi] | 7 ‘Account: APC - Sports ’R Us ‘Account No, 210-4 | | | | | | May[ 31] Balance 2,320 CR Jun| "29 | Credit purchase PJ 3,648 ____5,968 CR GENERAL LEDGER ‘Account: Cash ‘Account No. 100 | (Q=720-100.Cash_weeks) May] 31] Balance 68,355 DR anf f I, :C*«wdSrSC wT = y anff I, sd wT = 5 wn}, I IL vil | ~ v There are no relevant entries in the Cash ledger for this week. Account: ARC - Accounts Receivable Control Account No. 110 (Q=720-110-0.ARControl weeks) bps:twar pordsco.convolme/qsanvhitni/qsa 2pxsier018 “Teansactons - week 5 Feedback ‘There are no relevant entries in the Accounts Receivable Control ledger for this week. (Q=720-210-0.APControl_weeks) ‘Account: APC - Accounts Payable Control ‘Account No. 210 Description Balance J. Spud 36,139 CR Feedback ‘There are no relevant entries in the Accounts Payable Control ledger for this week. (Q#720-400 SalesRevenue_weeks) Account: Sales Revenue Account No. 400 [oe [econ] Date May Feedback There are no relevant entries in the Sales Revenue ledger for this week 120-402 SalesDise_weekS) Account: Sales Discounts Account No. 402 htps:itwm perdsco.convelmsigeanvhimligeam asp anasier2018 ‘Teansactons - week 5 Description Feedback ‘There are no relevant entries in the Sales Discounts ledger for this week, /29-500.CostOfSales_weekS) Account: Cost of Goods Sold Account No. 500 [ae [tebe me oe [oe Te Feedback ‘There are no relevant entries in the Cost of Goods Sold ledger for this week. @ 0-516. WagesExpense_weekS) ‘Account: Wages Expense Account No. 516 0 Feedback ‘There are no relevant entries in the Wages Expense ledger for this week. 20-545,SalaryExpense_weeks) Account: Salary Expense Account No. 545 htps:twm perdsco.convelmsigeanvhimligeam asp. ona‘Transactions - week 5 sier2018 Description ‘Account: Account No, 545 Description 4,800 DR (Q=730.1nventory_week5) INVENTORY CARDS Sets Of Sting Ray Golf Clubs Purchases Cost of Goods Sold Balance Unit Cost] Total Cost Unit Cost | Total Cost (3) () (3) (3) rone pst perdsco.convelmsigeanvhimligeam asp.“Tansactons - week 5 Feedback Sets Of Sting Ray Golf Clubs Purchases Cost of Goods Sold Balance () (3) Unit Cost] Total Cost| Units | Unit Cost () Total Cost (s) Unit Cost] Total Cost Signed Rugby Balls Purchases Cost of Goods Sold Unit Cost] Total Cost (3) (8) Unit Cost (3) pst perdsco.convelmsigeanvhimligeam asp Total Cost (s) ana“Tansactons - week 5 1584 192 9984 144 1584 Feedback Signed Rugby Balls Purchases Cost of Goods So Id Balance Total Gost | Units ‘SmartCue Snooker Sets Purchases Cost of Goods Sold Unit Cost (8) Total Cost 3) Unit Cost pst perdsco.convelmsigeanvhimligeam asp ranesier018 “Tansactons - week 5 19 304 9776 Jun] 24 82 232 16 304 4864 912 sun] | 29[{ 12| | a04|[ aee|| 0] | 0 ze| | 304|| asta Feedback ‘SmartCue Snooker Sets Purchases Cost of Goods Sold Balance Unit Cost] Total Cost Total Cost Unit Cost] Total Cost (s) htps:lwmw perdsco.convelmeigeanvhimiigsam asp 134sier2016 ‘Transactions - week 5 Manual Accounting Practice Sot ‘Speoatty Sports Store, US GAAP Elton 3 (VSUSa) ©7009" 2014 Perisce/ atin. learn thoroughly ‘ep peraca com Teims OF Use | Privacy Bolly | Saturday, March 10, 2018, 05:25 perdisca htpsstwm perdgco.convelmsigeanvhimligeam asp rane