Transactions - Week 2 Help

Transactions - week 2
http://www.perdisco.com/elms/qsam/html/qsam.aspx
Manual Accounting Practice Set

Technology Boutique, US GAAP Edition 3
Feedback: Transactions - week 2

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
Your grading outcome (still in progress)
Awarded Total
Points (prior to this page)
Points (on this page)
Points (after this page)
Total
Completed:
202
246
89
101
730
291 1,077
24% (approximately)
Remaining pages will take: up to 16 hours

The time frames we provide are a guide only. It may
take you more or less time to complete each step.
You are now instructed to record transactions that occurred throughout the second week of June into the company's
books. The week 2 transactions are listed below:
Week 2
Date Transaction description
8
Sold 14 BlueBerry Phones to Jerry Technology for $720 each, plus 5% sales tax, Invoice No. 353.
Made payment of $1,153 to Integer Energy for 3 months of electricity up to and including May 31, Check No.
813.
11
Made cash sale of 6 MePod Multimedia Players for $700 each plus 5% sales tax.
11
Paid sales staff wages of $12,502 for the week up to and including yesterday, Check No. 814.
13
Paid the full amount owing to JCN Electrical, Check No. 815.
13
Radio Hut paid the full amount owing on their account.
Instructions for week 2

1) Record all week 2 transactions in the relevant journals.
Note that special journals must be used where applicable. Any transaction that cannot be recorded in a special
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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
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:
Each transaction recorded in a special journal must be entered in one line. In order to receive full points, you
must not split up the relevant transaction into more than one line in the special journal.
Enter all answers to the nearest whole dollar.
In this practice set, in order to receive full points, 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 points, you must record
only the letter X in the Post Ref. column for these transactions.
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 Special Journals
General Journal
Subsidiary Ledgers
General Ledger
Inventory
(Q=401.salesJournalWeek2)
SALES JOURNAL
Date
Account
Jun
6 ARC - Turbo Tech
Jun
ARC - Jerry Technology
Invoice
Post
No.
Ref.
Accounts
Sales
Sales Tax
Receivable
Revenue
Cost of
Goods
Sold
352
110-3
10,752
512
10,240
5,760
353
110-6
10584
504
10080
4800
Sales
Revenue
Cost of
Goods
Jun
Jun
Jun
Feedback
SALES JOURNAL
Date
Account
Invoice Post
Accounts
Receivable
Sales Tax
10/13/2014 3:32 PM
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No.
Ref.
Sold
Jun 6 ARC - Turbo Tech
352 110-3
10,752
512
10,240
5,760
Jun 8 ARC - Jerry Technology
353 110-6
10,584
504
10,080
4,800
(Q=402.purchasesJournalWeek2)
PURCHASES JOURNAL
Date
Account
Jun
3 APC - Pear Technology
Jun
4 APC - Mega Tech
Post
Terms
Accounts
Payable
Ref.
2/10, n/30
210-1
18,400
net 30
210-3
8,800
Jun
Jun
Jun
Jun
Feedback
There are no relevant entries in the purchases journal for this week.
(Q=403.cashReceiptsJournalWeek2)
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.
Date
Account
Jun
1 Bank Loan Payable
Jun
Post
Ref.
Debit
Cash
Credit
Sales
Revenue
Sales
Tax
Accounts
Other
Receivable Accounts
Cost of
Goods
Sold
250
51,000
4 Sales Revenue
28,644
27,280
1,364
4410
4200
210
1920
110-1
6000
6000
Jun
11
Sales Revenue
Jun
13
ARC - Radio Hut
51,000
13,640
Jun
Jun
Jun
10/13/2014 3:32 PM
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Jun
Feedback
CASH RECEIPTS JOURNAL
Date
Account
Jun
1 Bank Loan Payable
Jun
Post
Ref.
Debit
Cash
Credit
Sales
Revenue
Sales
Tax
Accounts
Other
Receivable Accounts
Cost of
Goods
Sold
250
51,000
4 Sales Revenue
28,644
27,280
1,364
13,640
Jun 11 Sales Revenue
4,410
4,200
210
1,920
110-1
6,000
Jun 13 ARC - Radio Hut
51,000
6,000
(Q=404.cashPaymentsJournalWeek2)
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.
Date
Account
Check
Post
No.
Ref.
Debit
Credit
Accounts Merchandise Wages

Payable
Inventory
Expense
Other
Accounts
29,920
Cash
Jun
2 Merchandise Inventory
809
29,920
Jun
4 APC - Pony
810
210-2
Jun
4 Wages Payable
811
220
Jun
6 APC - Moon Megasystems
812
210-4
9,000
Jun
Electricity Payable
813
221
1153
1153
Jun
11
Wages Expense
814
12502
12502
Jun
13
APC - JCN Electrical
815
210-5
5300
5300
8,900
8,900
6,357
6,500
12,857
9,000
Jun
Jun
Jun
Feedback
CASH PAYMENTS JOURNAL
10/13/2014 3:32 PM
Date
Account
Check
Post
No.
Ref.
Debit
Credit
Accounts Merchandise Wages

Payable
Inventory
Expense
Jun
2 Merchandise Inventory
809
Jun
4 APC - Pony
810
210-2
Jun
4 Wages Payable
811
220
Jun
6 APC - Moon Megasystems
812
210-4
Jun
8 Electricity Payable
813
221
Jun 11 Wages Expense
814
Jun 13 APC - JCN Electrical
815
210-5
Other
Accounts
Cash
29,920
29,920
8,900
8,900
6,357
6,500
12,857
9,000
9,000
1,153
1,153
12,502
12,502
5,300
5,300
(Q=405.generalJournalWeek2)
GENERAL JOURNAL
Date
Account and Explanation
Post
Debit
Ref.
Credit
Jun
Jun
Jun
Feedback
There are no relevant entries in the general journal for this week.
(Q=410-110-1.AcctsRec1_week2)
SUBSIDIARY LEDGERS
Account: ARC - Radio Hut
Account No. 110-1
Date
May
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Description
31 Balance
Ref.
Debit
Credit
Balance
6,000 DR
10/13/2014 3:32 PM
6 of 14
Jun
13
repayment
CRJ
6000
Debit
Credit
Jun
Jun
Feedback
Account: ARC - Radio Hut

Account No. 110-1
Date
Description
May
31 Balance
Jun
13 Repayment
Ref.
Balance
6,000 DR
CRJ
6,000
Account: ARC - Turbo Tech

Account No. 110-3
Date
May
Description
Ref.
Debit
Credit
Balance
31 Balance
Jun
48,250 DR
6 Credit sale
SJ
10,752
59,002 DR
Jun
Jun
Jun
Feedback
There are no relevant entries in the Turbo Tech ledger for this week.
Account: ARC - Jerry Technology

Account No. 110-6
Date
May
Jun
Description
Ref.
Debit
Credit
Balance
31 Balance
8
Credit sale
0
SJ
10584
10584 DR
Jun
Jun
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Feedback
Account: ARC - Jerry Technology

Account No. 110-6
Date
May
Description
Ref.
Debit
Credit
Balance
31 Balance
Jun
8 Credit sale
SJ
10,584
10,584 DR
(Q=410-210-5.AcctsPay5_week2)
Account: APC - JCN Electrical

Account No. 210-5
Date
Description
May
31 Balance
Jun
13
Ref.
Debit
Credit
Balance
5,300 CR
repayment
CPJ
5300
Debit
Credit
Jun
Jun
Feedback
Account: APC - JCN Electrical

Account No. 210-5
Date
Description
May
31 Balance
Jun
13 Repayment
Ref.
Balance
5,300 CR
CPJ
5,300
(Q=420-100.Cash_week2)
GENERAL LEDGER
Account: Cash
Account No. 100
Date
May
Description
31 Balance
Ref.
Debit
Credit
Balance
96,780 DR
Jun
Jun
Jun
10/13/2014 3:32 PM
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Feedback
There are no relevant entries in the Cash ledger for this week.
(Q=420-110.AcctsRecControl_week2)
Account: ARC - Accounts Receivable Control

Account No. 110
Date
May
Description
Ref.
Debit
Credit
Balance
31 Balance
70,915 DR
Jun
Jun
Jun
Feedback
There are no relevant entries in the Accounts Receivable Control ledger for this week.
(Q=420-120.Inventory_week2)
Account: Merchandise Inventory

Account No. 120
Date
May
Description
Ref.
Debit
Credit
Balance
31 Balance
167,480 DR
Jun
Jun
Jun
Feedback
There are no relevant entries in the Merchandise Inventory ledger for this week.
(Q=420-221.ElectricityPayable_week2)
Account: Electricity Payable

Account No. 221
Date
May
Jun
Description
Ref.
Debit
Credit
Balance
31 Balance
8
paid elec bill
1,222 CR
CRJ
1153
69 CR
Jun
10/13/2014 3:32 PM
Jun
Feedback
Account: Electricity Payable

Account No. 221
Date
May
Description
Ref.
Debit
Credit
31 Balance
Jun
Balance
1,222 CR
8 Paid electricity bill
CPJ
1,153
69 CR
(Q=420-270.TaxCollected_week2)
Account: Sales Tax Payable

Account No. 240
Date
May
Description
Ref.
Debit
Credit
31 Balance
Balance
18,396 CR
Jun
Jun
Jun
Feedback
There are no relevant entries in the Sales Tax Payable ledger for this week.
(Q=420-400.SalesRevenue_week2)
Account: Sales Revenue

Account No. 400
Date
May
Description
Ref.
Debit
31 Balance
Credit
Balance
0
Jun
Jun
Jun
Feedback
There are no relevant entries in the Sales Revenue ledger for this week.
(Q=420-500.CostOfSales_week2)
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Account: Cost of Goods Sold

Account No. 500
Date
May
Description
Ref.
Debit
Credit
Balance
31 Balance
Jun
Jun
Jun
Feedback
There are no relevant entries in the Cost of Goods Sold ledger for this week.
(Q=420-516.WagesExpense_week2)
Account: Wages Expense

Account No. 516
Date
May
Description
Ref.
Debit
Credit
Balance
31 Balance
Jun
Jun
Jun
Feedback
There are no relevant entries in the Wages Expense ledger for this week.
(Q=420-541.ElectricityExpense_week2)
Account: Electricity Expense

Account No. 541
Date
May
Description
31 Balance
Ref.
Debit
Credit
Balance
0
Jun
Jun
Jun
Feedback
10/13/2014 3:32 PM
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There are no relevant entries in the Electricity Expense ledger for this week.
(Q=430.Inventory1_week2)
INVENTORY CARDS
MePod Multimedia Players
Purchases
Date
Balance
Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost
($)
May
Cost of Goods Sold
($)
($)
($)
($)
31
Jun
11
($)
320
2880
23
400
9200
320
1920
320
960
23
400
9200
Jun
Jun
Jun
Feedback
MePod Multimedia Players
Purchases
Date
Jun
Balance
($)
May
Cost of Goods Sold
($)
($)
($)
31
11
320
1920
($)
($)
320
2880
23
400
9200
320
960
10/13/2014 3:32 PM
23
400
9200
Tony ZIO MLP Projectors
Purchases
Date
Cost of Goods Sold
Balance
($)
May
31
Jun
Jun
20
440
($)
($)
($)
8800
16
360
5760
($)
($)
59
360
21240
59
360
21240
20
440
8800
43
360
15480
20
440
8800
Jun
Jun
Jun
Jun
Feedback
There are no relevant entries in the Tony ZIO MLP Projectors card for this week.
BlueBerry Phones
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Purchases
Date
Balance
($)
May
Cost of Goods Sold
($)
($)
($)
($)
31
Jun
($)
10
320
3200
15
400
6000
10
320
3200
11
400
4400
400
1600
Jun
Jun
Jun
Feedback
BlueBerry Phones
Purchases
Date
Jun
Balance
($)
May
Cost of Goods Sold
($)
($)
($)
31
10
320
3200
400
1600
($)
($)
10
320
3200
15
400
6000
11
400
4400
Manual Accounting Practice Set

Technology Boutique, US GAAP Edition 3 (VTU3q)
2009 - 2014 Perdisco / latin /. v., learn thoroughly
http://www.perdisco.com
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Transactions - week 2

Manual Accounting Practice Set

Feedback: Transactions - week 2

Remaining pages will take: up to 16 hours

Radio Hut paid the full amount owing on their account.

Instructions for week 2

journal should be recorded in the general journal.

Show All Special Journals

6 ARC - Turbo Tech

ARC - Jerry Technology

Jun 6 ARC - Turbo Tech

Jun 8 ARC - Jerry Technology

3 APC - Pear Technology

4 APC - Mega Tech

CASH RECEIPTS JOURNAL

1 Bank Loan Payable

ARC - Radio Hut

CASH RECEIPTS JOURNAL

1 Bank Loan Payable

Jun 11 Sales Revenue

Jun 13 ARC - Radio Hut

CASH PAYMENTS JOURNAL

Accounts Merchandise Wages

6 APC - Moon Megasystems

APC - JCN Electrical

CASH PAYMENTS JOURNAL

Accounts Merchandise Wages

6 APC - Moon Megasystems

Jun 11 Wages Expense

Jun 13 APC - JCN Electrical

Account and Explanation

Account: ARC - Radio Hut

Account: ARC - Turbo Tech

Account: ARC - Jerry Technology

Account: ARC - Jerry Technology

Account: APC - JCN Electrical

Account: APC - JCN Electrical

Account: ARC - Accounts Receivable Control

Account: Merchandise Inventory

Account: Electricity Payable

paid elec bill

Account: Electricity Payable

8 Paid electricity bill

Account: Sales Tax Payable

Account: Sales Revenue

Account: Cost of Goods Sold

Account: Wages Expense

Account: Electricity Expense

Cost of Goods Sold

MePod Multimedia Players

Cost of Goods Sold

Tony ZIO MLP Projectors

Cost of Goods Sold

Cost of Goods Sold

Cost of Goods Sold

Manual Accounting Practice Set

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