5/15/2019 Transactions - week 3
Manual Accounting Practice Set
Spine Tinglers, US GAAP Edition 3
Feedback: Transactions - week 3
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Using the company's records that are provided below, you are now required to record transactions that occurred throughout
the third week of June. The week 3 transactions are listed below:
Week 3
Date Transaction description
15 Hoarders paid $7,300 in partial payment of their account.
15 Paid sales staff wages of $5,686 for the two weeks up to and including yesterday, Check No. 607.
18 Sold 170 copies of Barry Plotter and the Profits of Revalued Land to Attic Books for $60 each, Invoice No. 203.
18 Gimmicks paid the full amount owing on their account.
18 Made cash sales of $10,795 during the week.
19 Received a purchase order from Hoarders. Created a corresponding sales order to deliver 95 copies of Barry
Plotter and the Deathly Taxes to this customer for $40 each, Invoice No. 204.
20 Returned $1,820 worth of faulty product to Quickdraw Peak. Received a Credit Memorandum for $1,820.
Instructions for week 3
1) 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.
2) Post entries recorded in the journals to the appropriate ledger accounts according to the company's accounting
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5/15/2019 Transactions - week 3
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 do this before you prepare the Bank Reconciliation Statement.
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Please note that any answers from previous pages carried through onto this page (either on the page or in a
popup information page) have been reset, if necessary, to the correct answers. Your particular answers from
previous pages are no longer shown.
Remember:
You are required 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.
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.
You are also required to apply the journals and ledgers instructions provided in Week 1.
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 Special Journals General Journal Subsidiary Ledgers General Ledger
(Q=501.salesJournalWeek3)
SALES JOURNAL
Invoice Post
Date Account Amount
No. Ref.
Jun 3 ARC - Gimmicks 201 110-3 5,600
Jun 9 ARC - Hoarders 202 110-6 11,340
Jun 18 ARC - Attic Books 203 110-5 10200
Jun
Jun
Jun
Feedback
SALES JOURNAL
Invoice Post
Date Account Amount
No. Ref.
Jun 3 ARC - Gimmicks 201 110-3 5,600
Jun 9 ARC - Hoarders 202 110-6 11,340
Jun 18 ARC - Attic Books 203 110-5 10,200
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(Q=502.purchasesJournalWeek3)
PURCHASES JOURNAL
Post
Date Account Terms Amount
Ref.
Jun 5 APC - Noir Novels 2/10, n/30 210-1 1,190
Jun 7 APC - Quickdraw Peak net 30 210-3 3,800
Jun
Jun
Jun
Jun
Feedback
There are no relevant entries in the purchases journal for this week.
(Q=503.cashReceiptsJournalWeek3)
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 are
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.
Debit Credit
Post
Date Account
Ref. Cash
Sales Sales Accounts Other
Discounts Revenue Receivable Accounts
Jun 1 Bank Loan Payable 250 43,000 43,000
Jun 4 Sales Revenue X 6,747 6,747
Jun 11 Sales Revenue X 9,565 9,565
Jun 13 ARC - Outlines 110-1 1,374 72 1,446
Jun 15 ARC - Hoarders 110-6 7300 0 0 7300 0
Jun 18 ARC - Gimmicks 110-3 6252 0 0 6252 0
Jun 18 Sales Revenue X 10795 0 10795 0 0
Jun
Jun
Jun
Feedback
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5/15/2019 Transactions - week 3
CASH RECEIPTS JOURNAL
Debit Credit
Post
Date Account
Ref. Cash
Sales Sales Accounts Other
Discounts Revenue Receivable Accounts
Jun 1 Bank Loan Payable 250 43,000 43,000
Jun 4 Sales Revenue X 6,747 6,747
Jun 11 Sales Revenue X 9,565 9,565
Jun 13 ARC - Outlines 110-1 1,374 72 1,446
Jun 15 ARC - Hoarders 110-6 7,300 7,300
Jun 18 ARC - Gimmicks 110-3 6,252 6,252
Jun 18 Sales Revenue X 10,795 10,795
(Q=504.cashPaymentsJournalWeek3)
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.
Debit Credit
Check Post
Date Account
No. Ref. Accounts
Purchases
Other
Cash
Purchase
Payable Accounts Discounts
Jun 2 Purchases 603 X 2,280 2,280
Jun 4 APC - Stompson 604 210-2 1,613 1,597 16
Jun 5 APC - Books R Us 605 210-4 2,966 2,907 59
Jun 13 APC - Polar Bear Books 606 210-5 1,965 1,965
Jun 15 Wages Expense 607 X 0 0 5686 5686 0
Jun
Jun
Jun
Jun
Jun
Feedback
CASH PAYMENTS JOURNAL
Debit Credit
Check Post
Date Account No. Ref. Accounts Other Purchase
Purchases Cash
Payable Accounts Discounts
Jun 2 Purchases 603 X 2,280 2,280
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5/15/2019 Transactions - week 3
Jun 4 APC - Stompson 604 210-2 1,613 1,597 16
Jun 5 APC - Books R Us 605 210-4 2,966 2,907 59
Jun 13 APC - Polar Bear Books 606 210-5 1,965 1,965
Jun 15 Wages Expense 607 516 5,686 5,686
(Q=505.generalJournalWeek3)
GENERAL JOURNAL
Post
Date Account and Explanation Debit Credit
Ref.
Jun 11 Sales Returns and Allowances 401 3,023
Jun 11 ARC - Gimmicks 110/110-3 3,023
(sales return)
Jun 20 APC - Quickdraw Peak 210-3 1820 0
20 Merchandise Inventory 120 0 1820
Jun
Jun
Feedback
GENERAL JOURNAL
Post
Date Account and Explanation Debit Credit
Ref.
Jun 11 Sales Returns and Allowances 401 3,023
Jun 11 ARC - Gimmicks 110/110-3 3,023
(sales return)
Jun 20 APC - Quickdraw Peak 210/210-3 1,820
Jun 20 Purchase Returns and Allowances 501 1,820
(purchase return)
(Q=510-110-3.AcctsRec3_week3)
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SUBSIDIARY LEDGERS
Account: ARC - Gimmicks
Account No. 110-3
Date Description Ref. Debit Credit Balance
May 31 Balance 3,675 DR
Jun 3 Credit sale SJ 5,600 9,275 DR
Jun 11 Sales return GJ 3,023 6,252 DR
Jun 18 Paid on Account CRJ 0 6252 0 DR
Jun
Jun
Feedback
Account: ARC - Gimmicks
Account No. 110-3
Date Description Ref. Debit Credit Balance
May 31 Balance 3,675 DR
Jun 3 Credit sale SJ 5,600 9,275 DR
Jun 11 Sales return GJ 3,023 6,252 DR
Jun 18 Repayment CRJ 6,252 0
(Q=510-110-5.AcctsRec5_week3)
Account: ARC - Attic Books
Account No. 110-5
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 18 Inv #206 SJ 10200 0 10200 DR
Jun
Jun
Feedback
Account: ARC - Attic Books
Account No. 110-5
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 18 Credit sale SJ 10,200 10,200 DR
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5/15/2019 Transactions - week 3
(Q=510-110-6.AcctsRec6_week3)
Account: ARC - Hoarders
Account No. 110-6
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 9 Credit sale SJ 11,340 11,340 DR
Jun 15 Paid on Account CRJ 0 7300 4040 DR
Jun
Jun
Feedback
Account: ARC - Hoarders
Account No. 110-6
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 9 Credit sale SJ 11,340 11,340 DR
Jun 15 Repayment CRJ 7,300 4,040 DR
(Q=510-210-3.AcctsPay3_week3)
Account: APC - Quickdraw Peak
Account No. 210-3
Date Description Ref. Debit Credit Balance
May 31 Balance 3,095 CR
Jun 7 Credit purchase PJ 3,800 6,895 CR
Jun 20 Credit Memorandum GJ 1820 0 5075 CR
Jun
Jun
Feedback
Account: APC - Quickdraw Peak
Account No. 210-3
Date Description Ref. Debit Credit Balance
May 31 Balance 3,095 CR
Jun 7 Credit purchase PJ 3,800 6,895 CR
Jun 20 Purchase return GJ 1,820 5,075 CR
(Q=520-100.Cash_week3)
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GENERAL LEDGER
Account: Cash
Account No. 100
Date Description Ref. Debit Credit Balance
May 31 Balance 28,039 DR
Jun
Jun
Jun
Feedback
There are no relevant entries in the Cash ledger for this week.
(Q=520-110.AcctsRecControl_week3)
Account: ARC - Accounts Receivable Control
Account No. 110
Date Description Ref. Debit Credit Balance
May 31 Balance 11,869 DR
Jun 11 Sales return from Gimmicks GJ 3,023 8,846 DR
Jun
Jun
Jun
Feedback
There are no relevant entries in the Accounts Receivable Control ledger for this week.
(Q=520-120.Inventory_week3)
Account: Merchandise Inventory
Account No. 120
Date Description Ref. Debit Credit Balance
May 31 Balance 88,300 DR
Jun 20 Return GJ 0 1820 86480 DR
Jun
Jun
Feedback
There are no relevant entries in the Merchandise Inventory ledger for this week.
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(Q=520-210.AcctsPayControl_week3)
Account: APC - Accounts Payable Control
Account No. 210
Date Description Ref. Debit Credit Balance
May 31 Balance 10,949 CR
Jun 20 Return GJ 1820 0 9129 CR
Jun
Jun
Feedback
Account: APC - Accounts Payable Control
Account No. 210
Date Description Ref. Debit Credit Balance
May 31 Balance 10,949 CR
Jun 20 Purchase return to Quickdraw Peak GJ 1,820 9,129 CR
(Q=520-400.SalesRevenue_week3)
Account: Sales Revenue
Account No. 400
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun
Jun
Jun
Feedback
There are no relevant entries in the Sales Revenue ledger for this week.
(Q=520-500.Purchases_week3)
Account: Purchases
Account No. 500
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun
Jun
Jun
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5/15/2019 Transactions - week 3
Feedback
There are no relevant entries in the Purchases ledger for this week.
(Q=520-501.PurchaseReturns_week3)
Account: Purchase Returns and Allowances
Account No. 501
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun
Jun
Jun
Feedback
Account: Purchase Returns and Allowances
Account No. 501
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 20 Purchase return to Quickdraw Peak GJ 1,820 1,820 CR
(Q=520-516.WagesExpense_week3)
Account: Wages Expense
Account No. 516
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun
Jun
Jun
Feedback
Account: Wages Expense
Account No. 516
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 15 Paid staff wages CPJ 5,686 5,686 DR
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5/15/2019 Transactions - week 3
Manual Accounting Practice Set
Spine Tinglers, US GAAP Edition 3 (VCU3q)
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