You are now required to enter transactions that occurred during the final week of June into the company’s books.

| June 11, 2016

Question

You are now required to enter transactions that occurred during the final week of June into the company’s books. The following transactions occurred throughout the last week of June:

Week 5

Date

Transaction description

29

Made cash sale of 22 White Water Rafts for $560 each.

30

Received 15 Downhill Snowboards for $360 each, which were ordered on the 25th. Agreed terms with Extreme Sports Inc are 2/10, n/30.

30

Mick’s Sporting Goods paid the full amount owing on their account.

30

Purchased 15 Extreme GPS-enabled Helmets with cash for a list price of $120 each. A trade discount of 20% applies, Check No. 879.

30

Paid monthly salary of $4,900 to Lorenzo Appleton, Check No. 880.

Instructions for week 5

1)Record all week 5 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:

§ Enter all answers to the nearest whole dollar.

§ You are also required to apply the.perdisco.com/resources/html/scenario/accPS3popup20.html”>journals and ledgers instructions and the.perdisco.com/resources/html/scenario/accPS3popup23.html”>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 AllSpecial JournalsGeneral JournalSubsidiary LedgersGeneral LedgerInventory

(Q=701.salesJournalWeek5)

SALES JOURNAL

Date

Account

Invoice
No.

Post
Ref.

Accounts Receivable

Cost of Goods Sold

Jun

10

ARC – Croquet and Cricket

693

110-3

5,248

2,944

Jun

17

ARC – Jump Around

694

110-5

5,376

2,496

Jun

24

ARC – Jump Around

695

110-5

50,784

28,848

Jun

26

ARC – The Locker Room

696

110-6

7,168

3,472

Jun

(select)

Jun

(select)

Jun

(select)

Jun

(select)

(Q=702.purchasesJournalWeek5)

PURCHASES JOURNAL

Date

Account

Terms

Post
Ref.

Accounts Payable

Jun

9

APC – Sport Borders

net 30

210-6

6,240

Jun

16

APC – Sports ‘R Us

net 30

210-5

5,760

Jun

17

APC – Hike

2/10, n/30

210-1

4,320

Jun

(select)

Jun

(select)

Jun

(select)

Jun

(select)

(Q=703.cashReceiptsJournalWeek5)

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

Post Ref.

Debit

Credit

Cost of Goods Sold

Cash

Sales Discounts

Sales Revenue

Accounts Receivable

Other Accounts

Jun

1

Bank Loan Payable

250

44,000

44,000

Jun

6

ARC – Jump Around

110-5

4,915

4,915

Jun

11

ARC – Great Sports

110-1

2,385

265

2,650

Jun

13

Sales Revenue

X

9,520

9,520

4,216

Jun

16

ARC – The Locker Room

110-6

1,700

1,700

Jun

20

Sales Revenue

X

4,416

4,416

2,608

Jun

25

ARC – Croquet and Cricket

110-3

17,764

17,764

Jun

27

Sales Revenue

X

19,024

19,024

10,672

Jun

(select)

Jun

(select)

Jun

(select)

Jun

(select)

Jun

(select)

Jun

(select)

(Q=704.cashPaymentsJournalWeek5)

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.

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