siarz018 ‘Transactions - week 4 Manual Accounting Practice Set Specialty Sports Store, US GAAP Edition 3 t Feedback: Transactions - week 1 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 to this page) 0 0 Points (on this page) 156156 Points (after this page) = 933 Total 156 1,089 ie SeaMEats EARS ‘cose Ton vou mii ices satin owe rintsieo ¥ compteted ‘9% (approximately) CG romaining pages wil take: upto 17.25 hours The time frames we provide are a guide only. It may take you more of less time to complete each step, Now that you have reviewed information about Outsport, you are ready to begin the first step in the accounting cycle, recording transactions. On this page of the practice set, you are asked to record transactions that occurred during the first week of June into the company's journals and post the appropriate entries to the ledger accounts. The following transactions occurred throughout the first week of June: Week 1 Date Transaction description 1 Issued Check No. 840 for $8,500 to pay ZNG Property Group for two month's worth of rent in advance. 1 Obtained a loan of $42,000 from ZNZ Bank at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2018 and the principal of the loan is to be repaid on June 1, 2021, Issued Check No. 841 to Office Supplies Warehouse for the purchase of $321 worth of office supplies. Paid the full amount owing to Addax Sports, Check No. 842. Made payment of $877 to PowerGen for 3 months of electricity up to and including May 31, Check No. 843 Paid sales staff wages of $2,076 for the week up to and including yesterday, Check No, 844. Note that $1,135 of this payment relates to the wages expense incurred during the last week of May. 5 Jump Around paid the full amount owing on their account. aan ‘After completing this practice set page, you should know how to record basic transactions in the journals provided below and understand the posting process in the manual accounting system. Nate that you will record the remaining June transactions in the following sections of this practice set. bps:twar pordsco.com msigsanvmligsam aspx anesiarz018 ‘Transactions - week 4 Remember, one purpose of using special journals is to make the posting process more efficient by posting the total of most columns in the special journals after all of the transactions for the period have been recorded. However, some parts of 2 journal entry are still required to be posted on a daily basis. View the company’s accounting policies and procedures for details of what is to be posted daily or monthly. Instructions for week 1 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. 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 Statement. 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 amount, subtract the discount from the original amount, Additional instructions Displaying selected accounting records: + To save space, not all accounting records (e.g. journals and ledgers) will be displayed on every page. However, on each page you can access all accounting records necessary to answer the questions on that page. + There are several tabs representing different views of the accounting records. The active tab by default is Show All, but you may also select to view just one particular accounting record by selecting the appropriate tab. * If you fill in any accounting records and change the view on the page by selecting a different tab, the information that you have entered will remain in that accounting record and be displayed whenever you can see that accounting record. * Before submitting your answers, we recommend that you click the Show All tab and check that all relevant accounting records have been completed. You are required to complete all relevant accounting records before pressing the Submit answers button. Once submitted, you will not be able to return to the page to re-enter or alter your answers. Journals: + 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. * 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 points. Note that for some transactions, this will mean that the account name selected will correspond to the heading of one af the columns in that special journal. + For each jouirnal, 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 points, every transaction entered in a special journal requires an entry in the Post Ret. 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 dally basis. In order to receive full points, 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 net 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 both the general ledger account and the subsidiary ledger account in the Post Ref. column to indicate that you have pasted to both accounts. For example, if the reference number for the control account is 110 and the reference number for the subsidiary ledger account is 110-1, you should type '110/110-1' into the Post Ref. column * 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 grading 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 points, If the balance of a ledger account is zero you do not need to select a debit or credit from the drop-down box. pst perdgco.convelmsigeanvhimligsam asp anasierz018 ‘Transactions - week 4 + Each transaction posted to the subsidiary ledgers 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 subsidiary ledger, Both journals and ledgers: + Most journals and ledgers will have blank rows left at the end of the page, * Some journals and ledgers may not require any entries. + When purchases and sales are recorded in special journals, changes in inventory must not be posted to the Merchandise Inventory account in the general ledger on a dally basis. Show All (Q=301 salestournaliveek1) SALES JOURNAL “un l Jun I sun I un i ‘There are no relevant entries in the sales journal for this week, 302.purchasesJournalWeek1) PURCHASES JOURNAL Jun 7 A (ee | — v A (ee | — . A) (ee | — . There are no relevant entries in the purchases journal for this week. (Q=303.cashReceiptsJournaleskt) bups:twar pordsco.com mssql aspx ansierz018 ‘Transactions - week 4 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|["4 | Bank Loan Payable 250 | {42000 || oj! 0 0|[ 42000 oly Sun |) 8 | ARC Jump aroun 1105 || 2199|; of| of 2199 0 oly sun I I un I I Jun I I un I I CASH RECEIPTS JOURNAL Jun|5] ARC - Jump Around Jun]1]Bank Loan Payable | 250] 42,000 42,000 5 110-5] 2,199 2,199 (Q=304.cashPaymentsJournalWeek1) 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 | Prenat Rent eo |) ia0]) 0 0]; 0|| #500 || 8500 |v ‘wun|| 2 aai |) 130); 0] | ol, o|| azt|aat|v ‘uun|| 4 42 |lo10-6|| 2162| | || 0 of) 2162 |v ‘uun|| 4 aaa} 221]; 0] | o|| o|| a77|)ar7|v ‘un|| 4 aaa} 220]; 0] | 0|| 941|| 1135|) 2076 |y Shunsierz018 “Transactions - week 4 ——— (oy! | CASH PAYMENTS JOURNAL Jun [1] Prepaid Rent B40] 140 8,500 Jun |2] Office Supplies e41] 130 321 Jun|4] APC - Addax Sports| 842] 210-6| 2,162 Jun|4] Electricity Payable | 843] 221 877 Jun |4] Wages Payable 344] 220 941| 1,135] 2,076 (Q=305.generaournalWeek1) GENERAL JOURNAL There are no relevant entries in the general journal for this week (Q=310-110-5.AcctsRecS_week1) SUBSIDIARY LEDGERS Account: ARC - Jump Around Account No, 110-5 — 4 bps:twara pordsco.confolme/qsanvhitni/gsa sx szsierz018 ‘Transactions - week 1 May| 31 [Balance 2,199 DR Jun] [5 [ [Repayment CRIY 3 ori ‘hin 7 5 un . 7 Account: ARC - Jump Around Account No, 110-5 2,199 DR CRI 2,199 (Q=310-210-1.AcetsPayl_weekt) Account: APC - Extreme Sports Inc Account No, 210-1 May] 31] Balance 2219 CR unl, |) SOSO”~C~wdSSCS ’ ~ ’ unl}? If C«wSSC . = Y wn, | SIL , = Y ‘There are no relevant entries in the Extreme Sports Inc ledger for this week. 20-210-6.AcctsPay6_week!) Account: APC - Addax Sports Account No, 210-6 May] _31] Balance 2,162 GR Jun] | 4/[Repayment | CPJ 2162|| 0 o/ |v unl; {> ”~«ddSrSC ’ = ’ wn}? | IL , = Y Account: APC - Addax Sports Account No. 210-6 bps:twara pordsco.convolme/qsanvhitniigsa 5x anasierz018 Date Description Ref. 4] Repayment ‘Transactions - week 1 Debit | Credit Balance 2,162 CR GENERAL LEDGER ‘Account: Cash ‘Account No. 100 Description Balance 68,355 DR Debit | Creait Feedback There are no relevant entries in the Cash ledger for this week. Account: ARC - Accounts Receivable Control Account No. 110 =e (Q=220-110.AcctsRecControl_weekt) Feedback There are no relevant entries in the Accounts Receivable Control ledger for this week. Account: Office Supplies Account No. 130 Pe eee Te] 720-130. StoreSupplies_week1) 2,912 DR pst perdsco.convelmsigeanvhimligeam asp masierz018 ‘Transactions - week 4 snl FI Jos Feedback Account: Office Supplies Account No. 130 Account: Prepaid Rent Account No. 140 Feedback ‘Account: Prepaid Rent ‘Account No. 140 Description Ref. Debit | Credit Balance CPJ ‘Account: APC - Accounts Payable Control Account No. 210 (Q=320-210 AAcctsPayControl_week) Dato Description Ref [Debit | credit Balance May] 31 [Balance 37,915 CR Jun vi ~ 7 anf? if OT”™~«~dSCS “I . 7 nf f IT ™”™~dWSSC vf ~ 7 Feedback There are no relevant entries in the Accounts Payable htps:twm perdsco.convelmsigeanvhimligeam asp Control ledger for this week. anasierz018 Account: Wages Payable Account No. 220 ‘Transactions - week 4 (Q=320-220.wagesPayable_week1) May] _ 31] Balance Jun] | 4 Paid staf wages Jun Jun 1135 1,135 CR Account: Wages Payable Account No. 220 4,135 CR Account: Electricity Payable Account No. 221 (Q=320-221 FlectricityPayable_week!) | | | | | May] 31[Balance 936 CR Jun} [4 Paid Etectricty Bil CPJ 877 59 CRY |¥ Jun ’ Y Jun . 0 ‘Account: Electricity Payable ‘Account No, 221 [ | [ew _[ | May| $1 [Balance _ a Jun] 4] Paid ot cps 877 Account: Bank Loan Payable Account No. 250 (Q~320-250.LoanPayable_week1) | bups:twar pordsco.convolme/qsanvhitni/gsa a"‘Transactions - week 1 sierz018 42000 [CR ¥ || ¥ CRI || | [Loan from ZNZ Bank 0| | 42000 Jun vi 7 Jun ’ 7 Feedback Account: Bank Loan Payable Account No, 250 Description Account: Sales Revenue Account No. 400 Feedback There are no relevant entries in the Sales Revenue ledger for this week. Account: Sales Discounts Account No. 402 ee 0 (Q320-402.SalesDise_week1) Feedback ‘There are no relevant entries in the Sales Discounts ledger for this week. htps:twm perdsco.convelmsigeanvhimligeam asp. ronzsierz018 ‘Transactions - week 4 :20-500,CostofSales_weekl) Account: Cost of Goods Sold Account No. 500 Description Credit Balance May] 31] Balance Feedback There are no relevant entries in the Cost of Goods Sold ledger for this week. (Q+320-516.WagesExpense_week!) Account: Wages Expense Account No. 516 May 31 | Bal 0 Feedback ‘There are no relevant entries in the Wages Expense ledger for this week. (Q-320-541 ElectricityExpense_week1) Account: Electricity Expense Account No. 541 0 Feedback There are no relevant entries in the Electricity Expense ledger for this week. (Q=320-544.SuppllesExpense_week1) htps:twm perdsco.convelmsigeanvhimligeam asp. anesierz018 ‘Transactions - week 4 Account: Office Supplies Expense Account No. 544 Description May] 31| Balance Balance Jun Jun Jun Feedback ‘There are no relevant entries in the Office Supplies Expense ledger for this week. Manual Accounting Practice Set ‘Spooatty parts Store, US GAAP Eaton 3 (VSU3a) 2009 20% Persia latin /. vy learn thoroughly b:Fwcerdisco.com ‘etm OF Use | Srivacy Poly | Friday, March 09, 2018, 05:37 htpsstwm perdgco.convelmsigeanvhimligeam asp rane