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Feedback:Transactionsweek1
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NowthatyouhavereviewedinformationaboutVinylRevival,youarereadytobeginthefirststepintheaccounting
cycle,recordingtransactions.Onthispageofthepracticeset,youareaskedtorecordtransactionsthatoccurredduring
thefirstweekofJuneintothecompany'sjournalsandposttheappropriateentriestotheledgeraccounts.Thefollowing
transactionsoccurredthroughoutthefirstweekofJune:
Week1
Date Transactiondescription
1
KBLoFipaidthefullamountowingontheiraccount.
1
IssuedChequeNo.604for$9,200topayRealtyBitesfortwomonth'sworthofrentinadvance.
4
Madepaymentof$924toPowerGenfor3monthsofelectricityuptoandincluding31May,ChequeNo.605.
4
Paidsalesstaffwagesof$2,772fortheweekuptoandincludingyesterday,ChequeNo.606.Notethat
$1,429ofthispaymentrelatestothewagesexpenseincurredduringthelastweekofMay.
4
IssuedChequeNo.607toOfficeSuppliesWarehouseforthepurchaseof$516worthofofficesupplies.
7
PaidthefullamountowingtoGlobalrecords,ChequeNo.608.
Aftercompletingthispracticesetpage,youshouldknowhowtorecordbasictransactionsinthejournalsprovidedbelow
andunderstandthepostingprocessinthemanualaccountingsystem.NotethatyouwillrecordtheremainingJune
transactionsinthefollowingsectionsofthispracticeset.
Remember,onepurposeofusingspecialjournalsistomakethepostingprocessmoreefficientbypostingthetotalof
mostcolumnsinthespecialjournalsafterallofthetransactionsfortheperiodhavebeenrecorded.However,someparts
ofajournalentryarestillrequiredtobepostedonadailybasis.Viewthecompany'saccountingpoliciesandprocedures
fordetailsofwhatistobeposteddailyormonthly.
Instructionsforweek1
1) Recordallweek1transactionsintherelevantjournals.
Notethatspecialjournalsmustbeusedwhereapplicable.Anytransactionthatcannotberecordedinaspecial
journalshouldberecordedinthegeneraljournal.
2) Postentriesrecordedinthejournalstotheappropriateledgeraccountsaccordingtothecompany'saccounting
policiesandprocedures.
Notethattherelevanttotalsofthespecialjournalswillbepostedtothegeneralledgeraccountsattheendofthe
month.YouwillenterthisafteryoupreparetheBankReconciliationStatement.
Remembertoenterallanswerstothenearestwholedollar.Whencalculatingadiscount,ifadiscountisnotawhole
number,roundthediscounttothenearestwholedollar.Then,tocalculatethecashatbankamount,subtractthe
discountfromtheoriginalamount.
Additionalinstructions
Displayingselectedaccountingrecords:
Tosavespace,notallaccountingrecords(e.g.journalsandledgers)willbedisplayedoneverypage.However,
oneachpageyoucanaccessallaccountingrecordsnecessarytoanswerthequestionsonthatpage.
Thereareseveraltabsrepresentingdifferentviewsoftheaccountingrecords.TheactivetabbydefaultisShow
All,butyoumayalsoselecttoviewjustoneparticularaccountingrecordbyselectingtheappropriatetab.
Ifyoufillinanyaccountingrecordsandchangetheviewonthepagebyselectingadifferenttab,the
informationthatyouhaveenteredwillremaininthataccountingrecordandbedisplayedwheneveryoucansee
thataccountingrecord.
Beforesubmittingyouranswers,werecommendthatyouclicktheShowAlltabandcheckthatallrelevant
accountingrecordshavebeencompleted.Youarerequiredtocompleteallrelevantaccountingrecordsbefore
pressingtheSubmitanswersbutton.Oncesubmitted,youwillnotbeabletoreturntothepagetoreenteror
alteryouranswers.
Journals:
Eachtransactionrecordedinaspecialjournalmustbeenteredinoneline.Inordertoreceivefullpoints,
youmustnotsplituptherelevanttransactionintomorethanonelineinthespecialjournal.
Forcertaintransactionsinspecialjournals,someaccountingtextbooksdonotalwaysrequireanaccount
tobechosenunderthecolumnlabeledAccount.Inthispracticesetyouarerequiredtoselectanaccount
foreachtransactioninthespecialjournals.Specifically,inallspecialjournals,underthecolumnlabeled
Account,youmustselectthecorrectaccountnameforeachtransactioninordertoreceivefullpoints.
Notethatforsometransactions,thiswillmeanthattheaccountnameselectedwillcorrespondtothe
headingofoneofthecolumnsinthatspecialjournal.
Foreachjournal,inthePostRef.columnyouwillneedtocorrectlytypetheaccountnumberofthe
accountyouarepostingto.Inparticular,inspecialjournals,someaccountingtextbooksdonotalways
requireareferencetoberecordedinthePostRef.column.Inthispracticeset,inordertoreceivefull
points,everytransactionenteredinaspecialjournalrequiresanentryinthePostRef.column.Notethatin
thespecialjournals,iftheaccountnameselectedforatransactioncorrespondstotheheadingofoneof
thecolumnsinthatspecialjournal,thepostrefistoberecordedasanX.Thisisbecausethese
transactionsarenotpostedonadailybasis.Inordertoreceivefullpoints,youmustrecordonlytheletter
XinthePostRef.columnforthesetransactions.
Notethatinspecialjournals,theOtherAccountscolumnshouldnotbeusedtorecordmovementsof
inventory.
Ifachequenumberisnotrequired,youneedtofilltheappropriateinputboxwithanX.
Theremaybeentriesinthegeneraljournalthatrequirepostingtobothacontrolaccountanda
subsidiaryledger.Inthesecases,afteryouhavepostedtobothledgers,youshouldenterthereferencefor
boththegeneralledgeraccountandthesubsidiaryledgeraccountinthePostRef.columntoindicatethat
youhavepostedtobothaccounts.Forexample,ifthereferencenumberforthecontrolaccountis110and
thereferencenumberforthesubsidiaryledgeraccountis1101,youshouldtype'110/1101'intothePost
Ref.column.
GeneraljournalentriesdoNOTrequireadescriptionofthejournalentries.
Ledgers:
Whenpostingatransactiontoaledgeraccount,undertheDescriptioncolumn,pleasetypethedescriptionofthe
transactiondirectlyintothefield.Theexactwordingdoesnotmatterforgradingpurposes.Forexample,it
doesnotmatterinanelectricitytransactionifyoutype'Paidforelectricity'or'Paidelectricitybill'.
Foreachledger,undertheRef.column,youneedtoselectthecorrectjournalfromalistinthedropdownbox
providedinordertoreceivefullpoints.
Ifthebalanceofaledgeraccountiszeroyoudonotneedtoselectadebitorcreditfromthedropdownbox.
Eachtransactionpostedtothesubsidiaryledgersmustbeenteredinoneline.Inordertoreceivefullpoints,you
mustnotsplituptherelevanttransactionintomorethanonelineinthesubsidiaryledger.
Bothjournalsandledgers:
Mostjournalsandledgerswillhaveblankrowsleftattheendofthepage.
Somejournalsandledgersmaynotrequireanyentries.
Whenpurchasesandsalesarerecordedinspecialjournals,thecorrespondingchangesininventorymustnotbe
postedtotheInventoryaccountinthegeneralledgeronadailybasis.
ShowAll SpecialJournals
GeneralJournal
SubsidiaryLedgers
GeneralLedger
(Q=301.salesJournalWeek1)
SALESJOURNAL
Date
Invoice
No.
Account
Post
Ref.
Accounts
Receivable
Costof
Sales
Jun
Jun
Jun
Jun
Feedback
Therearenorelevantentriesinthesalesjournalforthisweek.
(Q=302.purchasesJournalWeek1)
PURCHASESJOURNAL
Date
Account
Terms
Post
Ref.
Accounts
Payable
Jun
Jun
Jun
Jun
Feedback
Therearenorelevantentriesinthepurchasesjournalforthisweek.
(Q=303.cashReceiptsJournalWeek1)
CASHRECEIPTSJOURNAL
Note:Inordertoreceivefullpoints,foreachtransactionyoumustselectanaccountunderthecolumnlabelled
'Account',asindicatedundertheadditionalinstructionsabove.SincealltransactionsinthisjournalaffecttheCashat
Bankaccount,youareaskedtoenterthenameoftheappropriateaccountcreditedinthesetransactionsintothe
Accountcolumnsothatthetypeoftransactioncanbedeterminedbythenameoftheaccountenteredintothis
column.
Date
Account
Post
Debit
Credit
Costof
Ref.
Jun
ARCKBLoFi
Cashat
Bank
Discount
Allowed
2587
110-5
Sales
Sales
Accounts
Other
Revenue Receivable Accounts
2587
Jun
Jun
Jun
Jun
Jun
Feedback
CASHRECEIPTSJOURNAL
Date
Debit
Post
Ref.
Account
Jun 1 ARCKBLoFi
Cashat
Bank
1105
Credit
Discount
Allowed
2,587
Sales
Accounts
Other
Revenue Receivable Accounts
2,587
Costof
Sales
(Q=304.cashPaymentsJournalWeek1)
CASHPAYMENTSJOURNAL
Note:Inordertoreceivefullpoints,foreachtransactionyoumustselectanaccountunderthecolumnlabelled
'Account',asindicatedundertheadditionalinstructionsabove.SincealltransactionsinthisjournalaffecttheCashat
Bankaccount,youareaskedtoenterthenameoftheappropriateaccountdebitedinthesetransactionsintothe
Accountcolumnsothatthetypeoftransactioncanbedeterminedbythenameoftheaccountenteredintothis
column.
Date
Account
Cheque
No.
Post
Ref.
Debit
Accounts
Inventory
Payable
Credit
Wages
Expense
Other
Accounts
Cashat
Bank
Discount
Received
Jun
PrepaidRent
604
140
9200
9200
Jun
ElectricityPayable
605
221
924
924
Jun
WagesPayable
606
220
1343
1429
2243
Jun
OfficeSupplies
607
130
516
516
Jun
APCGlobalrecords
608
210-6
2622
2622
Jun
Feedback
CASHPAYMENTSJOURNAL
Date
Account
Cheque
No.
Post
Ref.
Debit
Accounts
Wages
Other
Inventory
Payable
Expense Accounts
Credit
Cashat
Bank
Discount
Received
Jun 1 PrepaidRent
604
140
9,200
9,200
Jun 4 WagesPayable
606
220
1,343
1,429
2,772
Jun 4 ElectricityPayable
605
221
924
924
Jun 4 OfficeSupplies
607
130
516
516
Jun 7 APCGlobalrecords
608
2106
2,622
2,622
(Q=305.generalJournalWeek1)
GENERALJOURNAL
Date
Post
Ref.
AccountandExplanation
Debit
Credit
Jun
Jun
Jun
Feedback
Therearenorelevantentriesinthegeneraljournalforthisweek.
(Q=3101105.AcctsRec5_week1)
SUBSIDIARYLEDGERS
Account:ARCKBLoFi
AccountNo.1105
Date
May
Description
Ref.
31 Balance
Jun
Debit
CRJ
Repayment
Credit
Balance
2,587DR
2587
Jun
Jun
Feedback
Account:ARCKBLoFi
AccountNo.1105
Date
May
Description
31 Balance
Ref.
Debit
Credit
Balance
2,587DR
Jun
1 Repayment
CRJ
2,587
(Q=3102101.AcctsPay1_week1)
Account:APCBlacklabel
AccountNo.2101
Date
May
Description
Ref.
31 Balance
Debit
Credit
Balance
2,844CR
Jun
Jun
Jun
Feedback
TherearenorelevantentriesintheBlacklabelledgerforthisweek.
(Q=3102106.AcctsPay6_week1)
Account:APCGlobalrecords
AccountNo.2106
Date
May
Description
Ref.
31 Balance
Jun
Debit
CPJ
Repayment
Credit
Balance
2,622CR
2622
Jun
Jun
Feedback
Account:APCGlobalrecords
AccountNo.2106
Date
May
Jun
Description
Ref.
Credit
Balance
2,622CR
CPJ
2,622
31 Balance
7 Repayment
Debit
(Q=320100.CashAtBank_week1)
GENERALLEDGER
Account:CashatBank
AccountNo.100
Date
May
Description
31 Balance
Ref.
Debit
Credit
Balance
69,057DR
Jun
Jun
Jun
Feedback
TherearenorelevantentriesintheCashatBankledgerforthisweek.
(Q=320110.AcctsRecControl_week1)
Account:ARCAccountsReceivableControl
AccountNo.110
Date
May
Description
Ref.
31 Balance
Debit
Credit
Balance
29,301DR
Jun
Jun
Jun
Feedback
TherearenorelevantentriesintheAccountsReceivableControlledgerforthisweek.
(Q=320130.StoreSupplies_week1)
Account:OfficeSupplies
AccountNo.130
Date
May
Description
Ref.
31 Balance
Jun
Debit
Credit
CPJ
240DR
516
Balance
756
DR
Jun
Jun
Feedback
Account:OfficeSupplies
AccountNo.130
Date
Description
May
Ref.
4 Cashpurchase
Credit
240DR
CPJ
516
756DR
(Q=320140.PrepaidRent_week1)
Account:PrepaidRent
AccountNo.140
Date
May
Jun
Description
Ref.
31 Balance
1
Balance
31 Balance
Jun
Debit
Debit
Credit
9200
Balance
9200
DR
Jun
Jun
Feedback
Account:PrepaidRent
AccountNo.140
Date
Description
May
Ref.
1 Prepaidrent
Credit
CPJ
9,200
9,200DR
(Q=320210.AcctsPayControl_week1)
Account:APCAccountsPayableControl
AccountNo.210
Date
May
Description
Balance
31 Balance
Jun
Debit
Ref.
31 Balance
Debit
Credit
Balance
41,230CR
Jun
Jun
Jun
Feedback
TherearenorelevantentriesintheAccountsPayableControlledgerforthisweek.
(Q=320220.WagesPayable_week1)
Account:WagesPayable
AccountNo.220
Date
May
Description
Ref.
31 Balance
Jun
Debit
Staff wages
Credit
CPJ
Balance
1,429CR
1429
Jun
Jun
Feedback
Account:WagesPayable
AccountNo.220
Date
May
Jun
Description
31 Balance
4 Paidstaffwages
Ref.
Debit
Credit
Balance
1,429CR
CPJ
1,429
(Q=320221.ElectricityPayable_week1)
Account:ElectricityPayable
AccountNo.221
Date
May
Description
Ref.
31 Balance
Jun
Debit
Credit
CPJ
975CR
924
Balance
51
CR
Jun
Jun
Feedback
Account:ElectricityPayable
AccountNo.221
Date
May
Description
Ref.
4 Paidelectricitybill
Credit
975CR
CPJ
924
51CR
(Q=320400.SalesRevenue_week1)
Account:SalesRevenue
AccountNo.400
Date
May
Description
Balance
31 Balance
Jun
Debit
Ref.
31 Balance
Debit
Credit
Balance
Jun
Jun
Jun
Feedback
TherearenorelevantentriesintheSalesRevenueledgerforthisweek.
(Q=320402.DiscountRecd_week1)
Account:DiscountReceived
AccountNo.402
Date
May
Description
31 Balance
Ref.
Debit
Credit
Balance
Jun
Jun
Jun
Feedback
TherearenorelevantentriesintheDiscountReceivedledgerforthisweek.
(Q=320500.CostOfSales_week1)
Account:CostofSales
AccountNo.500
Date
May
Description
Ref.
31 Balance
Debit
Credit
Balance
Jun
Jun
Jun
Feedback
TherearenorelevantentriesintheCostofSalesledgerforthisweek.
(Q=320516.WagesExpense_week1)
Account:WagesExpense
AccountNo.516
Date
May
Description
Ref.
31 Balance
Debit
Credit
Balance
Jun
Jun
Jun
Feedback
TherearenorelevantentriesintheWagesExpenseledgerforthisweek.
(Q=320541.ElectricityExpense_week1)
Account:ElectricityExpense
AccountNo.541
Date
May
Description
Ref.
31 Balance
Debit
Credit
Balance
Jun
Jun
Jun
Feedback
TherearenorelevantentriesintheElectricityExpenseledgerforthisweek.
(Q=320544.SuppliesExpense_week1)
Account:OfficeSuppliesExpense
AccountNo.544
Date
Description
Ref.
Debit
Credit
Balance
May
31 Balance
Jun
Jun
Jun
Feedback
TherearenorelevantentriesintheOfficeSuppliesExpenseledgerforthisweek.
(Q=320573.DiscountAllowed_week1)
Account:DiscountAllowed
AccountNo.573
Date
May
Description
31 Balance
Ref.
Debit
Credit
Balance
Jun
Jun
Jun
Feedback
TherearenorelevantentriesintheDiscountAllowedledgerforthisweek.
ManualAccountingPracticeSet
VinylRevival,AustralasianEdition3(VSA3q)
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