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1 1 of 12 13/05/ :41 PM Specialty Sports Store Practice Set Being completed by: Beanut Transactions - week 1 [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 1 1) Record all week 1 transactions in the relevant journals. Navigation map 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) The following are to be posted to ledger accounts daily: All entries affecting subsidiary ledgers All entries in the Other 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. 3) 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: Additional information Journals: 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 by default 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. To answer this question you may need the following information: Background information Trial balance Transactions list - week 1 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: Please note that in the journals when you select accounts, you will select the account using a popup link. You cannot Overview type directly into the field. Further information 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 column you will need to correctly type the account number of the account you are posting to.

2 2 of 12 13/05/ :41 PM In particular, in special journals, some accounting textbooks do not always require a reference to be recorded in the Post column. In this practice set, in order to receive full marks, every transaction entered in a special journal requires an entry in the Post 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 column for these transactions. Note that in special journals, the Other 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 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 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. Show All Special Journals General Journal Subsidary Ledgers General Ledger Inventory (Q=301.salesJournalWeek1) SALES JOURNAL Account Invoice No. Post Receivable Cost of Sales 6 ARC - Jump Around SALES JOURNAL Account Invoice No. Post Receivable Cost of Sales 6 ARC - Jump Around ,820 1,300

3 3 of 12 13/05/ :41 PM (Q=302.purchasesJournalWeek1) PURCHASES JOURNAL Account Terms Post Payable 2 APC - J. J. Spud net APC - Good Sports 2/10 n/ PURCHASES JOURNAL Account Terms Post Payable 2 APC - J. J. Spud net ,440 6 APC - Good Sports 2/10, n/ ,960 (Q=303.cashReceiptsJournalWeek1) 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. Account Post Cash at Bank DR Discount Allowed Sales Revenue CR Receivable Other Cost of Sales 6 Sales Revenue CASH RECEIPTS JOURNAL

4 4 of 12 13/05/ :41 PM Account Post Cash at Bank DR Discount Allowed Sales Revenue CR Receivable Other Cost of Sales 6 Sales Revenue X 12,190 12,190 7,530 (Q=304.cashPaymentsJournalWeek1) 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. Account Cheque No. Post Payable Inventory DR CR Wages Expense Other Cash at Bank Discount Received 1 APC - Sports 'R Us APC - J. J. Spud Inventory 310 X Wages Payable CASH PAYMENTS JOURNAL Account Cheque No. Post Payable DR CR Inventory Wages Expense Other Cash at Bank Discount Received 1 APC - Sports 'R Us ,300 2, APC - Extreme Sports Supplies ,403 3, Inventory 310 X 3,000 3,000 4 Wages Payable ,698 (Q=305.generalJournalWeek1) GENERAL JOURNAL Account and Explanation Post DR CR

5 5 of 12 13/05/ :41 PM There are no relevant entries in the general journal for this week. Account: ARC - Jump Around Account No (Q= AcctsRec3_week1) May 31 Balance 3,677 DR 6 Credit Sale SJ DR Account: ARC - Jump Around Account No May 31 Balance 3,677 DR 6 Credit sale SJ 1,820 5,497 DR Account: APC - Good Sports Account No (Q= AcctsPay1_week1) May 31 Balance 2,476 CR 6 Purchased sports shoes PJ from Good Sports CR Account: APC - Good Sports Account No May 31 Balance 2,476 CR

6 6 of 12 13/05/ :41 PM 6 Credit purchase PJ 1,960 4,436 CR Account: APC - Sports 'R Us Account No (Q= AcctsPay2_week1) May 31 Balance 2,300 CR 1 Paid amount owing CPJ Account: APC - Sports 'R Us Account No May 31 Balance 2,300 CR 1 Repayment CPJ 2,300 0 Account: APC - Extreme Sports Supplies Account No (Q= AcctsPay4_week1) May 31 Balance 3,403 CR 3 Paid amount owing CPJ Account: APC - Extreme Sports Supplies Account No May 31 Balance 3,403 CR 3 Repayment CPJ 3,403 0 Account: APC - J. J. Spud Account No (Q= AcctsPay5_week1)

7 7 of 12 13/05/ :41 PM 2 Purchased minor-league PJ base balls CR Account: APC - J. J. Spud Account No Credit purchase PJ 1,440 1,440 CR Account: Cash at bank Account No. 100 (Q= CashAtBank_week1) May 31 Balance 48,285 DR 6 Cash Sale CRJ DR There are no relevant entries in the Cash at bank ledger for this week. Account: ARC - Receivable Control Account No. 110 (Q= AcctsRecControl_week1) May 31 Balance 16,637 DR There are no relevant entries in the Receivable Control ledger for this week.

8 8 of 12 13/05/ :41 PM Account: APC - Payable Control Account No. 210 (Q= AcctsPayControl_week1) May 31 Balance 15,735 CR There are no relevant entries in the Payable Control ledger for this week. Account: Wages Payable Account No. 220 (Q= WagesPayable_week1) May 31 Balance 807 CR 4 Paid Wages owing CPJ Account: Wages Payable Account No. 220 May 31 Balance 807 CR 4 Staff wages CPJ Account: Sales Revenue Account No. 400 (Q= SalesRevenue_week1)

9 9 of 12 13/05/ :41 PM There are no relevant entries in the Sales Revenue ledger for this week. Account: Discount Received Account No. 402 (Q= DiscountRecd_week1) There are no relevant entries in the Discount Received ledger for this week. Account: Cost of Sales Account No. 500 (Q= CostOfSales_week1) There are no relevant entries in the Cost of Sales ledger for this week. Account: Wages Expense Account No. 516 (Q= WagesExpense_week1) 4 Wages paid CPJ DR

10 10 of 12 13/05/ :41 PM There are no relevant entries in the Wages Expense ledger for this week. Account: Discount Allowed Account No. 573 (Q= DiscountAllowed_week1) There are no relevant entries in the Discount Allowed ledger for this week. rugby balls (Q=330.Inventory2_week1) Purchases Cost of Sales Balance Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost May rugby balls

11 11 of 12 13/05/ :41 PM Purchases Cost of Sales Balance Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost May sets of minor-league base balls (Q=330.Inventory3_week1) Purchases Cost of Sales Balance Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost May sets of minor-league base balls Purchases Cost of Sales Balance Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost May pairs of sports shoes (Q=330.Inventory5_week1) Purchases Cost of Sales Balance Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost May

12 12 of 12 13/05/ :41 PM Account: pairs of sports shoes Purchases Cost of Sales Balance Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost May Perdisco / latin /, v., to learn thoroughly 2006 Perdisco Terms Of Use Privacy Policy Tuesday, May 13, 2008, 23:38

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