sier018 “Transactions - week 2 Manual Accounting Practice Set Specialty Sports Store, US GAAP Edition 3 t Feedback: Transactions - week 2 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 ‘Awarded Total Points (prior tothis page) 156156 Points (on this page) 16 116 Points (after this page) - 817 Total 272. 1,089 ‘cuosme Ton vou mii ares satin owe rinse completed: 20% (approximately) remaining pages wil ake: upto 15:25 hours The time frames we provide are a guide only. It may take you more of less time to complete each step, You are now instructed to record transactions that occurred throughout the second week of June into the company's books. The week 2 transactions are listed below Week 2 Date Transaction description 8 Purchased 13 SmariCue Snooker Sets from Addax Sports for $232 each, terms net 30. 8 The Locker Room paid the full amount owing on their account. Since The Locker Room has been a loyal customer from the day the business commenced, a 10% discount was given for this early repayment. 44 Paid the full amount owing to Sport Borders, Check No. 845. Payment fell outside discount period 11 Sold 18 boxes of radio-chipped Golf Balls to Great Sports for $352 each, Invoice No. 403. 11 Paid sales staff wages of $2,199 for the week up to and including yesterday, Check No. 846, 13 Paid the full amount owing to Extreme Sports Inc, Check No. 847. 13. Made cash sale of 18 sets of Sting Ray Golf Clubs for $992 each 14 Paid the full amount owing to J. J. Spud, Check No. 848. Instructions for week 2 11) Record all week 2 transactions in the relevant journals. bps:twar pordsco.com msigsanvmligsam aspx anasier018 “Transactions - week 2 Note that special journals must be used where applicable. Any transaction that cannot be recorded in a special journal should be recorded in the general journal 2) Post entries recorded in the journals to the appropriate ledger accounts according to the company's accounting policies 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 Staterent, 3) Update inventory cards on a daily basis. Back-On-Track functionality popup information page) have been reset, if necessary, to the correct answers. Your particular answers from a Please note that any answers from previous pages carried through onto this page (either on the page or in 2 previous pages are no longer shown. Remember to enter all answers to the nearest whole dollar. When calculating a ciscount, if a discount is not a whole number, round the discount to the nearest whole dollar, Then, to calculate the cash amount, subtract the discount from the original amount. Before pressing the Submit answers button, we recommend that you click the Show All tab and check that all relevant ‘accounting records have been completed. Additional instructions Inventory cards: Each transaction recorded in the inventory cards must be entered in 2 pair of lines provided. You may be required to record a transaction in a single line or two separate lines within the pair of lines provided. Whether one or two lines are required depends on the unit costs of the items involved in that transaction. If a transaction involves items with the same unit cost, you must record that transaction in a single line, Alternatively, if those items have two different unit costs, you are required to use a separate line within the pair of lines provided for each different unit cost, In order to receive full points, you must not combine two transactions into the one pair of lines. See the Inventory cards ~ May popup below the ‘Information from previous pages' heading for an example of how Inventory cards are to be completed. + Note that you may enter a positive or negative number into the Units and Total Cost columns but all unit costs must be entered as positive numbers into the Unit Cost columns. Remember: + Each transaction recorded in a special journal must be entered in one line. In order to receive full points, you must not split up the relevant transaction into more than one line In the special journal. * 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 points, 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 points, you must record only the letter X in the Post Ref. column for these transactions. + You are also required to apply the journals and ledgers instructions provided in Week 1. Show All (Q=401 salestournaliveek2) SALES JOURNAL Jun |[~11 | [ARC - Great Sports 403 110-3 6336 | 3744] ¥ un i Jun | pst perdgco.convelmsigeanvhimligeam asp anasier018 “Transactions - week 2 — ee [ Jun SALES JOURNAL Jun] 11] ARC - Great Sports 403 | 110-3 6,336] 3,744 (=402,purchaseslournaleek2) PURCHASES JOURNAL [APC - Addax Sports 3016 |v Jun Jun Jun PURCHASES JOURNAL Jun]8] APC - Addax Sports net 30 | 210-6 3,016 (Q=403.cashReceiptsJournalveek2) 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 column. ‘Jun Jun bps:twara pordsco.convolm/qsanvhitni/qsa 7 2,199 2,199 Bank Loan Payable 250] 42,000 42,000 110-5 2pxsier018 “Transactions - week 2 Jun|[ | BRO The CookerRoom —][rtoxt | 3398 | a77|[_0|[_3770 ° ol” ‘Jun|/ 13 | Sates Revenue 400 || 17856 |) 0 || 17856 0 o|| 8496 |v Jun I [ wun I i Jun I I Jun [ I Solution CASH RECEIPTS JOURNAL Jun "8 ARC -The Locker Room | 110-1 377 3,770 Jun [13 | Sales Revenue x| 17,856 17,856 8,496 (=404,cashPaymentsJournalWeek2) 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 are {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]/Prepaid Rent 8,500 8,500 un] 2] Office Supplies a2i| 21 Jun} 4]/APC - Addax Sports 2,162 2,162 stun] 4] Etectrity Paye a77| 677 Jun] 4 | Wages Payabi 1.135] 2,076 stun|[ 11 | APC Sport Borders J 2061 0|| 2051 |v stun [11 | fvages Expense ; oo 0|| 2199 |v Jn | 13 [APC Extreme Sports ine 2219 oj 2219 |v dun] 14 [APC - J. 3 Spud 3331 O|| saat |vsier018 ‘Transactions - week 2 van [ [ [ I Jun I I [ I Feedback CASH PAYMENTS JOURNAL e Supplies ‘APG - Addax Sports Electricity Payable Wages Payable ‘APG - Sport Borders Wages Expense ‘APG - Extreme Sports Inc ‘APC -J. J. Spud Feedback ‘There are no relevant entries in the general journal for this week (Q=410-110-1.AcctsRect_week2) htps:twm perdsco.convelmsigeanvhimligeam asp. snasier2016 “Transactions - week 2 SUBSIDIARY LEDGERS Account: ARC - The Locker Room Account No, 110-1 May] 31) Balance 3,770 DR Jun] [8 [Repayment S| CRY 0| | 3770 oily wn}, | IE ’ ~ v wn}? | Ss , = Y Account: ARC - The Locker Room Account No, 110-1 May| 31] Balance Jun| 8 | Repayment CRU 3,770 0 (Q=410-110-3.AectsRec3_week2) Account: ARC - Great Sports Account No. 110-3 May] _ 31] Balance 13,148 DR Jun] [ 11 |[Credtsae S| sly 6336|| 0 19484 DR v |v wn}? | IL , = Y unl; {> O”~ddSrSC . = . Account: ARC - Great Sports Account No. 110-3 May| 31 [Balance 13,148 DR Jun| 11 SJ 6,336 19,484 DR (Q=410-110-6.ncctsRecé_week2) Account: ARC - Balls ‘n All Account No, 110-6 — 4 bps:twara pordsco.confolme/qsanvhitni/gsa sx anasier018 “Transactions - week 2 Feedback ‘There are no relevant entries in the Balls 'n All ledger for this week, (Q=410-210-1,AcetsPay1_week2) Account: APC - Extreme Sports Inc Account No, 210-1 ‘May Balance 2,219 CR Repayment o| Feedback Account: APC - Extreme Sports Inc Account No, 210-1 Description Credit Balance 2,219 CR (Q=410-210-2.AcctsPay2_week2) Account: APC - Sport Borders Account No, 210-2 Feedback ‘Account: APC - Sport Borders Account No. 210-2 htps:twaw perdgco.convelmsigeanvhimligsam aspx m4sier2018 | | | Balance HehHik at 2,081 “Transactions - week 2 2,051 CR Account: APC - J. J. Spud Account No, 210-5 tps: perdgco.convelmsigeanvhimligeam asp | | | | | Toy] | bance aaa oR Jun 14 | (Repayment 3331 0 0 v4 vn . vn 5 7 Account: APC J. Spud fecount No. 210-5 | | | | | Tey] 31 [Baines Jan [14 Repayment eal 338i - Account: APC Addex Sports fecaunt No 2106 | | | | | Woy] | Bainco : Bez oR Tn] 4 Repayment area 0 Jun 8 | (Credit purchase 0 3016 3016 [CR v4 on a un F 5 Account: APC - Addex Sports fecount No. 210-6 | | | | | rE Jin} [ Repayment oil 2te8 Jan] 8 [Gre purchase Pi 018‘rans actions - week 2 GENERAL LEDGER ‘Account: Cash ‘Account No. 100 — ae (Q=420-100.cash_week2 ) 68,355 DR Feedback ‘There are no relevant entries in the Cash ledger for this week. Account: ARC - Accounts Receivable Control Account No. 110 120-110.AectsRecCantrol_week2) Feedback ‘There are no relevant entries in the Accounts Receivable Control ledger for this week ‘Account: Merchandise Inventory ‘Account No. 120 [axe [—“oesernron [er] May 20-120.Inventory_week2) 81,504 DR htps:twm perdsco.convelmsigeanvhimligeam asp. onasier2016 “Transactions - week 2 Feedback ‘There are no relevant entries in the Merchandise Inventory ledger for this week, 120-400 SalesRevenue_week?) Account: Sales Revenue Account No, 400 3 Feedback ‘There are no relevant entries in the Sales Revenue ledger for this week. (Q=420-401,SalesReturns_week2) Account: Sales Returns and Allowances Account No. 401 eT 3 Feedback ‘There are no relevant entries in the Sales Returns and Allowances ledger for this week. (Q=420-402.SalesDise_week2) Account: Sales Discounts Account No. 402 0 Feedback htps:twm perdsco.convelmsigeanvhimligeam asp 104sier2018 “Transactions - week 2 ‘There are no relevant entries in the Sales Discounts ledger for this week. (Q=420-500.Costofsales_week?) Account: Cost of Goods Sold Account No. 500 Description Balance Feedback There are no relevant entries in the Cost of Goods Sold ledger for this week. (Q=420-516.Wagestxpense_week2) Account: Wages Expense Account No. 516 : May Feedback ‘There are no relevant entries in the Wages Expense ledger for this week. (Q=430.Invantory1_week2) INVENTORY CARDS Sets Of Sting Ray Golf Clubs Purchases Cost of Goods Sold Balance Unit Cost] Total Cost| Units | Unit Cost a) 3) pst perdsco.convelmsigeanvhimligeam asp. anasier018 “Transactions - week 2 18 592|[ 10656 Jun Feedback Sets Of Sting Ray Golf Clubs Purchases Cost of Goods Sold Balance Boxes Of Radio-Chipped Golf Balls Purchases Cost of Goods Sold Unit Cost @) Total Cost (3) Unit Cost () tps:twm perdsco.convelmsigeanvhimligsam aspx ranesier018 ‘Transactions - week 2 Jun Feedback Boxes Of Radio-Chipped Golf Balls Purchases Cost of Goods Sold Balance Date units | Unit Cost] Tota! Cost Units] Unit Cost | Total Cost] Units | Unit Cost] Total Cost (s) (s) () (s) () @) May| 31 72 208 14976 11232| ‘SmartCue Snooker Sets Purchases Cost of Goods Sold (Q=430.Invantory5_week2) Balance Units] Unit Gost] Total Cost | Units (3) Unit Cost (6) htps:twm perdsco.convelmsigeanvhimligeam asp. 134sier2016 “Transactions - week 2 ‘SmartCue Snooker Sets May] 31 69 232| 16008 dun] 8] 13] 232| sore] ~ 82 232| 19024 Manual Aecountng Practice Set Spcoatty Sports store, {© 2009" 2014 Perciac / atin. ¥, lean thoroughly US GAAP ration 2 (vSU3a) pfu: peraco.com Tass OF Use | Brag Pole | Friday, March 09, 2018, 08:07 bps:twar pordsco.com msigsanvmligsam aspx rane