Week 2 Date Transaction description 8 Paid the full amount

| June 13, 2016

Question

Week 2

Date

Transaction description

8

Paid the full amount owing to J. J. Spud, Check No. 872. Payment fell outside discount period.

9

Purchased 20 Downhill Snowboards from Sport Borders for $312 each, terms net 30.

10

Sold 16 Melon Watt Skateboards to Croquet and Cricket for $328 each, Invoice No. 693.

11

Great Sports paid the full amount owing on their account. Since Great Sports has been a loyal customer from the day the business commenced, a 10% discount was given for this early repayment.

11

Paid sales staff wages of $2,309 for the week up to and including yesterday, Check No. 873.

12

Paid the full amount owing to Sports ‘R Us, Check No. 874.

13

Made cash sale of 17 White Water Rafts for $560 each.

14

Paid the full amount owing to Hike, Check No. 875.

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 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.perdisco.com/resources/html/scenario/accPS3popup3.html”>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

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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 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.

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.

Additional instructions

Inventory cards:

§ Each transaction recorded in the inventory cards must be entered in a pair of lines provided. You may be required to record a transaction in a single line or two separate lines within the pair of lines provided. Whether one or two lines are required depends on the unit costs of the items involved in that transaction. If a transaction involves items with the same unit cost, you must record that transaction in a single line. Alternatively, if those items have two different unit costs, you are required to use a separate line within the pair of lines provided for each different unit cost.

§ In order to receive full points, you must not combine two transactions into the one pair of lines. See the Inventory cards ~ May popup below the ‘Information from previous pages’ heading for an example of how inventory cards are to be completed.

§ Note that you may enter a positive or negative number into the Units and Total Cost columns but all unit costs must be entered as positive numbers into the Unit Cost columns.

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.

§ 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 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.perdisco.com/resources/html/scenario/accPS3popup20.html”>journals and ledgers instructions provided in Week 1.

Show AllSpecial JournalsGeneral JournalSubsidiary LedgersGeneral LedgerInventory

(Q=401.salesJournalWeek2)

SALES JOURNAL

Date

Account

Invoice
No.

Post
Ref.

Accounts Receivable

Cost of Goods Sold

Jun

(select)

Jun

(select)

Jun

(select)

Jun

(select)

(Q=402.purchasesJournalWeek2)

PURCHASES JOURNAL

Date

Account

Terms

Post
Ref.

Accounts Payable

Jun

(select)

Jun

(select)

Jun

(select)

Jun

(select)

(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.

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