sier018 “Transactions - week 4 Manual Accounting Practice Set Specialty Sports Store, US GAAP Edition 3 t Feedback: Transactions - week 4 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 The time frames we provide are a guide only. It may take you more of less time to complete each step, snTRODUCTION nagar ene ‘Awarded Total = Points (prior to this page) 402-408 (OHS _ tamsacrions Py raaysactrons es oe pci Points (on this page) 88 88. Points (after this page) = 593 Total 490 1,089) au gomenutes Ape Post-c.osine ‘cuosme Taunt vou mii erate eatin Now eIMIsieD completed: 36% (approximately) remaining pages wil ake: upto 12.25 hours You are now asked to record transactions that occurred throughout the fourth week of June in the company's books. The week 4 transactions are listed below: Week 4 Date Transaction description 24 24 25 25 26 27 28 28 Sold 85 SmartCue Snooker Sets to Jump Around for $392 each, Invoice No. 405. Ordered 12 SmartCue Snooker Sets from Sports 'R Us for $304 each. Agreed terms with Sports 'R Us are 2/10, 1130. Great Sports paid the full amount owing on their account. Paid sales staff wages of $1,620 for the week up to and including yesterday, Check No. 850. Delivered 33 boxes of Super-Sprung Tennis Balls to Balls ‘n All for $368 each, Invoice No. 406, These items were ordered on the 21° Made cash sale of 22 boxes of radio-chipped Golf Balls for $352 each Paid the full amount owing to Extreme Sports Inc, Check No. 851. Payment fell outside discount period. Returned 3 faulty sets of Sting Ray Golf Clubs, originally purchased for $582 each, to J.J. Spud. Received a Credit Note for $1,776. Instructions for week 4 a bps:twar pordsco.com Record all week 4 transactions in the relevant journals. msigsanvmligsam aspx wrsier018 “Transactions - week 4 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, 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 @ previous pages are no longer shown. Remember: + Enter all answers to the nearest whole dollar, * 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 posted 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. + When completing the inventory cards, 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. + 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 Show All tab and check that all relevant accounting records have been completed. — Show all] T (Q=601 salestournaliveek4) SALES JOURNAL Ton] Ti [ARO Great Spore weal 0a] ease] area Son] 748 [ARE sump Around” a a Son] 3a | RE aoa =a [108 | [isan || ass Lv Sn] 6 [ARO Bais nA —je6 | aos | [aaa | tone |v unl) iP — I dun j SALES JOURNAL [Te Peter eee] htps:twm perdgco.convelmsigeanvhimligeam aspx. 2n7sier2018 ‘Transactions - week 4 ‘ARG - Great Sports ‘ARC - Jump Around ARG - Jump Around ARC - Balls ‘n All PURCHASES JOURNAL 8 | APC - Addax Sports 15 | APC - Extreme Sports In 16] APC- J. J. Spud net 30 2/10, n/30 net 30 Jun Jun Jun Jun Jun Jun (Q=602.purchasesiournal¥ieek4) There are no relevant entries in the purchases journal for this week. CASH RECEIPTS JOURNAL (Q=603.cashReceiptsiournal¥eek4) 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 bups:war pordsco.convolme/qsanvhitmi/qsa 2px 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 Jun] S| ARC Jump Around 110-5] 2,198 2.198 dun] BJARC-The Locker Room | 110-1] 3,993] 977 3,770 jun] 13] Sales Revenue x| 17.856 17,856 8,496 Jun] 16] ARC Balls 'n All 110-6] 1,200 4,200 sun] 20 Sales Revenue x] 13.440 13,440 9.432 Jun|[25|ARC-GreatSponts ||| 110-8 || 17372 0 0|| 17372 0 oly Jun |) 27 Bales Revenue x 7744 0 7744 0 oO 4576 |vsier018 ‘Transactions - week 4 Jun Jun Jun Jun CASH RECEIPTS JOURNAL | | Ton] 1 ]onktoan Pavan | 250 un] S]ARC-Jump Around | 110-5] 2,199 Sin] 8 ARC The Locker oom 316] “33887 Jun | 13 | Sales Revenue ~ x] 35 17,856 Jun} 16 | ARC - Balls 'n All “| 110-6] 1,200 Sin) 0 | Sie Revenue |x ao Baas ‘un |25 ant Grea pons wa] 1732 sun |2t[ Sais Revenue [7.44 ia 42,000 2,199 3,770 3,496 1,200 9,432 17,372 4,576 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. (Q=604,cashPaymentsJournaliveek4) Jun] 1] Prepaid Rent un 2 sun [4 sun] 4 sun] 4 sun [44 sun [11 Jun] 13 sun] 14 Jun] 18 btps:twara pordsco.convolme/qsanvhtni/gsa 2,162 2,051 2,219 3,331 2px 8,500 321 2,162 877 2,076 2,051 2,199 2.219 3,331 2.187 877 941] 1,136 2,199 2,187sier018 “Transactions - week 4 bps:twar pordsco.convolme/qsanvhtni/gsa 2px Jun|['25 | Wages Expense / 850 x 0 1620 olf 1620 |“ “jun|/ 28 |APC Extreme Sports inc |]['as1 ||2t0-1 || 5776 o|| s77e|v un Jun un Jun CASH PAYMENTS JOURNAL Jun] 1 | Prepaid Rent 240] 140 8.500] 8,500 Jun] 2] Office Supplies aai| 130 324 Jun] 4 APC - Addax Sports aa2| 210-6] 2,162 Jun] 4 | Electricity Payabie aaa) 221 arr Jun] 4] Wages Payabie aaa) 220 eai| 4,436 Jun] 11 [APC - Sport Borders 845 2,051 “jun 77 | Wages Expense 346 2.199 Jun|13|APC- Extreme Sports Ine | 847 2219 Jun] 14 APC -J. J. Spud 348 3.331 stun [18 | Wages Expense 349 2.187 “Jun [25 | Wages Expense aso) x 7,620 ‘Jun [26 | APC -Extreme Sports inc | 851] 210-1] 5,776 (Q=605.generalJournaiveek) GENERAL JOURNAL Jun] _19] Sales Returns and Allowances 401] 2,112 tun not03 22 un 1248 un 1248sier018 ‘Transactions - week & pst perdsco.convelmsigeanvhimligeam asp. Jun || 28 [APC - J.J. Spud 210/210-5 1776 oly 28 | Merchandise Inventory 120 olf 1776) 4 Jun Jun GENERAL JOURNAL 2.112 2.112 1,248 1,248, 4,776 1,776 (Q=610-110-3.AcctsRec3_weekd) SUBSIDIARY LEDGERS Account: ARC - Great Sports Account No, 110-3 May| 31 [Balance 13,148 DR Jun] 11] Credit sale 6,336 19,484 DR Jun] 19] Sales return 2.112 17,372 DR Jun} [25 | Repayment o| | 17372 oilysier018 “Transactions - week 4 Jun v 7 Jun ’ . Account: ARC - Great Sports Account No. 110-3 May| 31 [Balance 13,148 DR dun] 11 | Credit sate SJ 6,336 19,484 DR Jun] 19 | Sales return GJ 2.112 17,372 DR Jun| 25] Repayment cRJ 17,372 0 (Q=610-110-5.AcctsRecS_weekd) ‘Account: ARC - Jump Around Account No, 110-5 May| 31 [Balance 2,199 DR Jun 5 Repayment CRI 2,199 0 Jun] 16] Credit sale SJ 1,840 1,840 DR Jun} [24 } (Credit sale sly 33320 0 35160 [OR v ||¥ Jun ¥ a Jun . * Account: ARC - Jump Around Account No, 110-5 May| 31] Balance 2,199 DR Jun| 5] Repayment CRU 2,199 0 Jun| 16 | Credit sate SJ 1,840 1,840 DR Jun| 24] Credit sale su] 33,320 35,160 DR ‘Account: ARC - Balls ‘n All Account No. 110-6 (Q=610-110-6.AcctsRecé_weekd) | Wey] Baas tse piconet aseaDR |sier018 Jun| 16] Repayment “Transactions - week 4 RI 4.200 2.362 OR wun] | 26|{Gredtsae ~—~*‘<(L (suv | | taraa| | o| | 14508 or viv unl; {> Cw vy = Y unl; {> O”~C~wddSrS v I Y Account: ARC - Balls 'n All Account No. 110-6 May| 31 | Balance 3,562 DR Jun] 16 | Repayment cRI 4,200 2,362 DR Jun} 26} Credit sale SJ 12,144 14,506 DR (Q+610-210-1.ActsPayi_weeka) Account: APC - Extreme Sports Inc Account No. 210-1 May] _31] Balance 2219 CR Jun! 13] Repayment cru] 2210 0 Jun| 18 | Credit purchase Pi 5.76 OR Jun| [26 | [Repayment cpsy)| | 5776 o( iy Jun vi Y Jun v I | 7 Account: APC - Extreme Sports Inc Account No. 210-1 May] _31 [Balance 2,219 OR Jun] 13 | Repayment cru] 2219 0 Jun] 18 [Credit purchase Pl 5776 5,76 OR Jun | 28 | Repayment cpu] 5776 o ‘Account: APC - Sports 'R Us Account No, 210-4 bups:twar pordsco.conveime/qsanvini/gsa oPsier018 “Transactions - week 4 May] 31] Balance 2,320 CR unl) ffCSwSC vi ~ . unl; {> ”~«w vit | = v unl) ff C«wSSC vy] ~ 7 ‘There are no relevant entries in thi 1e Sports 'R Us ledger for this week. Account: APC - J. J. Spud Account No. 210-5 (Q=620-210-5.AcctsPayS_meeka) ups:twara pordsco.convolme/qsanvtni/gsa Px May] 31] Balance 3.331 OR Jun| 14] Repayment cru] 333i 0 Jun| 16 | Gredit purchase Pl 7.104 7.104 GR Jun| [26 | Purchase retum Gv| | i76 0 5328 CRY | Jun vl | 7 Jun vl | 7 Account: APC - J J. Spud Account No, 210-5 May] _31 [Balance 3,331 OR Jun] 14 | Repayment cru] 3.331 ° Jun] 16 | Credit purchase Pl 7.104 7.104 GR Jun |” 28 | Purchase return qi] 4776 5,328 CR (9=620-100,Cash_weeka) GENERAL LEDGER Account: Cash Account No, 100 May] 31] Balance 68,355 DR Jun vf 7 wolf {fF ”™~dYC vi .sier018 “Transactions - week 4 sol TI Ti vedback There are no relevant entries in the Cash ledger for this week. (Q~620-110.AcctsRecControl_week4) ‘Account: ARC - Accounts Receivable Control Account No. 110 eee 31,503 DR Feedback There are no relevant entries in the Accounts Receivable Control ledger for this week. (Q=620-120.Inventory_weekd) Account: Merchandise Inventory Account No. 120 eee ae ee Feedback ‘Account: Merchandise Inventory Account No. 120 Description Credit Balance 81,504 DR 82,752 DR 80,976 DR htps:twm perdsco.convelmsigeanvhimligeam asp. 10n7sier2016 Account: APC - Accounts Payable Control Account No. 210 “Transactions - week 4 (Q=620-210.AcctsPayControl_week4) May| 31 [Balance 37,915 CR Jun} [28 | Purchase retum to J Qy 1776 0 36139 [CR ¥ ||-¥ Jun v . Jun v ¥ Account: APC - Accounts Payable Control Account No. 210 May| 31] Balance 37,915 CR Jun| 28] Purchase return to J. J. Spud Gs 4,776 36,139 CR Account: Sales Revenue Account No. 400 (Q=620-400.SalesRevenue_weekd) May| St [Baianco Jun 7 unl; {> C*dSrSC v ual? {> —sSdYL v ‘There are no relevant entries in the Sales Revenue ledger for this week. Account: Sales Discounts Account No. 402 (Q=620-402.Salesbisc_week4) May| 31 [Balance Jun ’ Jun ’ Jun 7 htps:twm perdsco.convelmsigeanvhimligeam asp. nrsier2016 “Transactions - week & Feedback There are no relevant entries in the Sales Discounts ledger for this week, (Q=620-500.CostorSales_neek4) Account: Cost of Goods Sold Account No, 500 ee ee ee Feedback There are no relevant entries in the Cost of Goods Sold ledger for this week. (Q=620-516.WagesExpense_weekd) Account: Wages Expense Account No. 516 0 Feedback ‘There are no relevant entries in the Wages Expense ledger for this week. (Q=630.1nventory_week4) INVENTORY CARDS Sets Of Sting Ray Golf Clubs Purchases Cost of Goods Sold Balance Unit Cost] Total Cost| Units | Unit Cost (8) 3) pst perdsco.convelmsigeanvhimligeam asp. snr‘Transactions - week 4 18 472 7104 8 ‘472 18 592 8 472, 3776 10656 3776 “A776 8 472 3776 27 592 15984 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 htps:twm perdsco.convelmsigeanvhimligeam asp. 137sier2016 Boxes Of Radio-Chipped Golf Balls “Transactions - week 4 (Q=630.1nventory3_week4) May] 31 72208] 14976 Jun] 14 _ 18) 208 3744] 54 208| 11232 Jun 19 ~— “| 208 60 208 12480 sun] | 27][ 0 0 z2| | 208 38|| 208|| 7904 ae 4 ¥ 0 0 0 ° Jun Jun Jun Boxes Of Radio-Chipped Golf Balls May] 31 72] 208] 14976 Jun 14 18 208] a7aal 54 208] 11232 Jun} 19 208 60 208] 12480 Jun| 27 me) 208] 4576| 38 208] 7904 bups:twar pordsco.convoime/qsanvhitniigsa 2px 14n7sier2016 Boxes Of Super-Sprung Tennis Balls Purchases “Transactions - week 4 Cost of Goods Sold (Q=630.1nventory4_week4) Balance (3) Unit Cost Total Cost (3) Unit Cost | Total Cost] Units] Unit Cost] Total Cost () Feedback Boxes Of Super-Sprung Tennis Balls htps:twm perdgco.convelmsigeanvhimligeam asp 5 184 25 9 104] 1656 1 24 224 5376 Purchases Cost of Goods Sold Balance Date [Units] Unit Cost] Total Cost| Units | Unit Cost | Total Cost| Units | Unit Cost] Total Cost (3) (3) (3) ) (6) (i) May| 31 14 184 2876 a ~ 25 224 0 184 224 224 187sier2018 “Transactions - week 4 (Q=630..nventory5_meeks) SmartCue Snooker Sets Purchases Cost of Goods Sold Balance Date Units] Unit Cost] Total Cost| Units | Unit Cost | Total Cost] Units | Unit Cost] Total Cost (3) (8) (s) (3) (3) Feedback ‘SmartCue Snooker Sets Purchases Cost of Goods Sold Balan Unit Cost] Total Cost htps:twm perdsco.convelmsigeanvhimiigeam aspx Unit Cost (8) Unit Cost] Total Cost 1617sier2018 “Transactions - week 4 Jun| 24 82 232| 19024] 16 304 4864 3 304 912 Manual Accounting Practice Sot ‘Specialty Sports Store, US GAAP Eaton 3 (VSU34) 18 2009" 2014 Perisce/ atin. learn thorughiy Atp/fww.peraseo com ‘Terms OF Use | Privacy Policy | Saturday, March 10, 2018, 04:32 perdiscoa bups:twara pordsco.convolme/qsanvhtni/gsa sx war