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Transactions - week 3 http://www.perdisco.com/elms/qsam/html/qsam.aspx

1 of 11 17/05/2008 7:16 PM

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Additional information

To answer this question you may need the following information:

Background information

Trial balance

Transactions list - week 3

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 3 [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 3

Record all week 3 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: Beanut

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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=501.salesJournalWeek3)

SALES JOURNAL

Date Account InvoiceNo.

PostRef.

Accounts Receivable

Cost of Sales

Jun 6 ARC - Jump Around 599 110-3 1,820 1,300

Jun 9 ARC - Great Sports 600 110-6 25,920 15,880

Jun (select)

Jun (select)

Jun (select)

Jun (select)

Feedback

Solution

SALES JOURNAL

Date Account Invoice PostAccounts Receivable

Cost of Sales

16 ARC - Mick's Sporting Goods 601 110-5 15180 11370

Show All


3 of 11 17/05/2008 7:16 PM

No. Ref.

Jun 6 ARC - Jump Around 599 110-3 1,820 1,300

Jun 9 ARC - Great Sports 600 110-6 25,920 15,880

Jun 16 ARC - Mick's Sporting Goods 601 110-5 15,180 11,370

(Q=502.purchasesJournalWeek3)

PURCHASES JOURNAL

Date Account Terms PostRef.

Accounts Payable

Jun 2 APC - J. J. Spud net 30 210-5 1,440

Jun 6 APC - Good Sports 2/10, n/30 210-1 1,960

Jun (select)

Jun (select)

Jun (select)

Jun (select)

Feedback

Solution

There are no relevant entries in the purchases journal for this week.

(Q=503.cashReceiptsJournalWeek3)

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 6 Sales Revenue X 12,190 12,190 7,530

Jun 13 Sales Revenue X 880 880 440

Jun 14 ARC - Croquet and Cricket 110-1 4,225 470 4,695

Jun (select)

Jun (select)

Jun (select)

Jun (select)

Jun (select)

Jun (select)

Feedback

Solution

16 ARC - Great Sports 110-6 20200 0 0 20200 0 0

17 ARC - Jump Around 110-3 4237 0 0 4237 0 0

20 Sales Revenue X 5060 0 5060 0 0 3300


4 of 11 17/05/2008 7:16 PM

CASH RECEIPTS JOURNAL

Date AccountPost Ref.

DR CRCost of Sales

Cash at Bank

Discount Allowed

Sales Revenue

Accounts Receivable

Other Accounts


Jun 13 Sales Revenue X 880 880 440

Jun 14 ARC - Croquet and Cricket 110-1 4,225 470 4,695

Jun 16 ARC - Great Sports 110-6 20,200 20,200

Jun 17 ARC - Jump Around 110-3 4,237 4,237


(Q=504.cashPaymentsJournalWeek3)

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 1 APC - Sports 'R Us 308 210-2 2,300 2,277 23

Jun 3 APC - Extreme Sports Supplies 309 210-4 3,403 3,335 68

Jun 3 Inventory 310 X 3,000 3,000

Jun 4 Wages Payable 311 220 891 807 1,698

Jun 9 APC - J. J. Spud 312 210-5 1,440 1,440

Jun 9 Electricity Payable 313 221 780 780

Jun 11 Wages Expense 314 X 1,642 1,642

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 1 APC - Sports 'R Us 308 210-2 2,300 2,277 23

Jun 3 APC - Extreme Sports Supplies 309 210-4 3,403 3,335 68

Jun 3 Inventory 310 X 3,000 3,000

Jun 4 Wages Payable 311 220 891 807 1,698

Jun 9 APC - J. J. Spud 312 210-5 1,440 1,440

Jun 9 Electricity Payable 313 221 780 780



(Q=505.generalJournalWeek3)

18 Wages Expense 315 X 0 0 1880 0 1880 0


5 of 11 17/05/2008 7:16 PM

GENERAL JOURNAL

Date Account and Explanation PostRef.

DR CR

Jun 8 Sales Returns and Allowances 401 1,260

Jun 8 ARC - Jump Around 110-3 1,260

(sales return)

Jun 8 Inventory 120 900

Jun 8 Cost of Sales 500 900

(sales return)

Jun 13 Retained Earnings 301 1,000

Jun 13 Dividend Payable 230 1,000

(dividend declaration)

Jun (select)

21 (select)

Jun (select)

(select)

Jun (select)

(select)

Feedback

Solution

GENERAL JOURNAL

Date Account and Explanation PostRef.

DR CR

Jun 8 Sales Returns and Allowances 401 1,260

Jun 8 ARC - Jump Around 110-3 1,260

(sales return)

Jun 8 Inventory 120 900

Jun 8 Cost of Sales 500 900

(sales return)

Jun 13 Retained Earnings 301 1,000

Jun 13 Dividend Payable 230 1,000

(dividend declaration)

Jun 21 APC - Sport Borders 210-3 1,800

Jun 21 Inventory 120 1,800

(purchase return)

(Q=510-110-3.AcctsRec3_week3)

Account: ARC - Jump Around Account No. 110-3

Date Description Ref. DR CR Balance

May 31 Balance 3,677 DR

Jun 6 Credit sale SJ 1,820 5,497 DR

21 APC - Sport Borders 210-3 1800 0

Inventory 120 0 1800


6 of 11 17/05/2008 7:16 PM

Jun 8 Sales return GJ 1,260 4,237 DR

Jun CRJCRJ

Jun

Jun

Feedback

Solution

Account: ARC - Jump Around Account No. 110-3




Jun 8 Sales return GJ 1,260 4,237 DR

Jun 17 Repayment CRJ 4,237 0


Account: ARC - Mick's Sporting Goods Account No. 110-5


May 31 Balance 0

Jun SJSJ DRDR

Jun

Jun

Feedback

Solution

Account: ARC - Mick's Sporting Goods Account No. 110-5


May 31 Balance 0



Account: ARC - Great Sports Account No. 110-6


May 31 Balance 0


Jun CRJCRJ DRDR

Jun

Jun

17 Repayment 0 4237 0

16 Credit Sale 15180 0 15180

16 Repayment 0 20200 5720


7 of 11 17/05/2008 7:16 PM

Feedback

Solution

Account: ARC - Great Sports Account No. 110-6


May 31 Balance 0


Jun 16 Repayment CRJ 20,200 5,720 DR

(Q=510-210-3.AcctsPay3_week3)

Account: APC - Sport Borders Account No. 210-3


May 31 Balance 7,556 CR

Jun GJGJ CRCR

Jun

Jun

Feedback

Solution

Account: APC - Sport Borders Account No. 210-3



Jun 21 Purchase return GJ 1,800 5,756 CR

(Q=520-100.CashAtBank_week3)

Account: Cash at bank Account No. 100



Jun

Jun

Jun

Feedback

Solution

There are no relevant entries in the Cash at bank ledger for this week.

(Q=520-110.AcctsRecControl_week3)

Account: ARC - Accounts Receivable Control

21 Purchase Return 1800 0 5756


8 of 11 17/05/2008 7:16 PM

Account No. 110



Jun 8 Sales return from Jump Around GJ 1,260 15,377 DR

Jun

Jun

Jun

Feedback

Solution

There are no relevant entries in the Accounts Receivable Control ledger for this week.

(Q=520-120.Inventory_week3)

Account: Inventory Account No. 120



Jun 8 Sales return from Jump Around GJ 900 54,940 DR

Jun GJGJ DRDR

Jun

Jun

Feedback

Solution

Account: Inventory Account No. 120



Jun 8 Sales return from Jump Around GJ 900 54,940 DR

Jun 21 Purchase return to Sport Borders GJ 1,800 53,140 DR

(Q=520-210.AcctsPayControl_week3)

Account: APC - Accounts Payable Control Account No. 210



Jun

Jun

Jun

Feedback

21 Purchase return 0 1800 53140


9 of 11 17/05/2008 7:16 PM

Solution

Account: APC - Accounts Payable Control Account No. 210



Jun 21 Purchase return to Sport Borders GJ 1,800 13,935 CR

(Q=530.Inventory2_week3)

rugby balls

DatePurchases Cost of Sales Balance

Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost

May 31 21 130 2730

56 150 8400

Jun 3 20 150 3000 21 130 2730

76 150 11400

Jun 6 21 130 2730 44 150 6600

32 150 4800

Jun

Jun

Jun

Jun

Feedback

Solution

rugby balls



May 31 21 130 2730

56 150 8400

Jun 3 20 150 3000 21 130 2730

76 150 11400

Jun 6 21 130 2730 44 150 6600

32 150 4800

Jun 20 22 150 3300 22 150 3300

20 0 0 0 22 150 3300 22 150 3300

0 0 0 0 0 0


10 of 11 17/05/2008 7:16 PM

Jun 21 -12 150 -1800 10 150 1500


Sting ray golf clubs



May 31 28 490 13720

12 540 6480

Jun 9 28 490 13720 8 540 4320

4 540 2160

Jun

Jun

Jun

Jun

Feedback

Solution

There are no relevant entries in the Sting ray golf clubs card for this week.


pairs of sports shoes

16 0 0 0 57 170 9690 2 140 280

12 140 1680 0 0 0


11 of 11 17/05/2008 7:16 PM

Jun

Feedback

Solution

pairs of sports shoes



May 31 57 170 9690

Jun 6 14 140 1960 57 170 9690

14 140 1960

Jun 16 57 170 9690 2 140 280

12 140 1680

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transactions - week 3 - amazon s3s3.amazonaws.com/prealliance_oneclass_sample/ae4j6bdx5n.pdfenter...

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