3/24/2016

Transactionsweek2

ManualAccountingPracticeSet
SpecialtySportsStore,USGAAPEdition3

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YouarenowinstructedtorecordtransactionsthatoccurredthroughoutthesecondweekofJuneintothecompany's
books.Theweek2transactionsarelistedbelow:

Week2
Date Transactiondescription
8
Purchased15ExtremeGPSenabledHelmetsfromAddaxSportsfor$184each,termsnet30.
9
PaidthefullamountowingtoHike,CheckNo.429.Paymentfelloutsidediscountperiod.
11
PaidthefullamountowingtoExtremeSportsInc,CheckNo.430.
11
Sold11SpecialistBodyBoardstoGreatSportsfor$384each,InvoiceNo.898.
11
CroquetandCricketpaidthefullamountowingontheiraccount.SinceCroquetandCrickethasbeenaloyal
customerfromthedaythebusinesscommenced,a10%discountwasgivenforthisearlyrepayment.
11
Paidsalesstaffwagesof$1,953fortheweekuptoandincludingyesterday,CheckNo.431.
13
Madecashsaleof19DownhillSnowboardsfor$544each.
14
PaidthefullamountowingtoJ.J.Spud,CheckNo.432.
Instructionsforweek2
1) Recordallweek2transactionsintherelevantjournals.
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Transactionsweek2

Notethatspecialjournalsmustbeusedwhereapplicable.Anytransactionthatcannotberecordedinaspecial
journalshouldberecordedinthegeneraljournal.
2) Postentriesrecordedinthejournalstotheappropriateledgeraccountsaccordingtothecompany'saccounting
policiesandprocedures.
Notethattherelevanttotalsofthespecialjournalswillbepostedtothegeneralledgeraccountsattheendofthe
month.YouwillenterthisbeforeyoupreparetheBankReconciliationStatement.
3) Updateinventorycardsonadailybasis.
BackOnTrackfunctionality
Pleasenotethatanyanswersfrompreviouspagescarriedthroughontothispage(eitheronthepageorina
popupinformationpage)havebeenreset,ifnecessary,tothecorrectanswers.Yourparticularanswersfrom
previouspagesarenolongershown.
Remembertoenterallanswerstothenearestwholedollar.Whencalculatingadiscount,ifadiscountisnota
wholenumber,roundthediscounttothenearestwholedollar.Then,tocalculatethecashamount,subtractthediscount
fromtheoriginalamount.
BeforepressingtheSubmitanswersbutton,werecommendthatyouclicktheShowAlltabandcheckthatallrelevant
accountingrecordshavebeencompleted.
Additionalinstructions
Inventorycards:
Eachtransactionrecordedintheinventorycardsmustbeenteredinapairoflinesprovided.Youmaybe
requiredtorecordatransactioninasinglelineortwoseparatelineswithinthepairoflinesprovided.Whether
oneortwolinesarerequireddependsontheunitcostsoftheitemsinvolvedinthattransaction.Ifatransaction
involvesitemswiththesameunitcost,youmustrecordthattransactioninasingleline.Alternatively,ifthose
itemshavetwodifferentunitcosts,youarerequiredtouseaseparatelinewithinthepairoflinesprovidedfor
eachdifferentunitcost.
Inordertoreceivefullpoints,youmustnotcombinetwotransactionsintotheonepairoflines.Seethe
Inventorycards~Maypopupbelowthe'Informationfrompreviouspages'headingforanexampleofhow
inventorycardsaretobecompleted.
NotethatyoumayenterapositiveornegativenumberintotheUnitsandTotalCostcolumnsbutallunitcosts
mustbeenteredaspositivenumbersintotheUnitCostcolumns.
Remember:
Eachtransactionrecordedinaspecialjournalmustbeenteredinoneline.Inordertoreceivefullpoints,you
mustnotsplituptherelevanttransactionintomorethanonelineinthespecialjournal.
Inspecialjournals,someaccountingtextbooksdonotalwaysrequireareferencetoberecordedinthePostRef.
column.Inthispracticeset,inordertoreceivefullpoints,everytransactionenteredinaspecialjournalrequires
anentryinthePostRef.column.Notethatinthespecialjournals,iftheaccountnameselectedforatransaction
correspondstotheheadingofoneofthecolumnsinthatspecialjournal,thepostrefistoberecordedasanX.
Thisisbecausethesetransactionsarenotpostedonadailybasis.Inordertoreceivefullpoints,youmust
recordonlytheletterXinthePostRef.columnforthesetransactions.
YouarealsorequiredtoapplythejournalsandledgersinstructionsprovidedinWeek1.

ShowAll SpecialJournals

GeneralJournal

SubsidiaryLedgers

GeneralLedger

Inventory

(Q=401.salesJournalWeek2)

SALESJOURNAL
Date
Jun

Account
11

ARCGreatSports

Invoice
No.
898

Post
Ref.
1103

Accounts
Receivable
4224

Costof
Goods
Sold

2376

Jun
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Transactionsweek2

Jun
Jun

Feedback

SALESJOURNAL
Date

Account

Invoice Post
No.
Ref.

Accounts
Receivable

898 1103

4,224

Jun 11 ARCGreatSports

Costof
Goods
Sold

2,376

(Q=402.purchasesJournalWeek2)

PURCHASESJOURNAL
Date
Jun

Account
8

APCAddaxSports

Post
Ref.

Terms
net30

Jun

Jun

Jun

Accounts
Payable

2106

2760

Feedback

PURCHASESJOURNAL
Date

Account

Jun 8 APCAddaxSports

Terms

Post
Ref.

net30 2106

Accounts
Payable

2,760

(Q=403.cashReceiptsJournalWeek2)

CASHRECEIPTSJOURNAL
Note:Inordertoreceivefullpoints,foreachtransactionyoumustselectanaccountunderthecolumnlabeled
'Account',asindicatedundertheadditionalinstructionsabove.SincealltransactionsinthisjournalaffecttheCash
account,youareaskedtoenterthenameoftheappropriateaccountcreditedinthesetransactionsintotheAccount
columnsothatthetypeoftransactioncanbedeterminedbythenameoftheaccountenteredintothiscolumn.

Date

Account

http://www.perdisco.com/elms/qsam/html/qsam.aspx

Post
Ref.

Debit
Cash

Sales
Discounts

Credit
Sales
Revenue

Accounts
Other
Receivable Accounts

Costof
Goods
Sold

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Transactionsweek2

Jun

1 BankLoanPayable

Jun

3 ARCJumpAround

Jun

11

ARCCroquetandCricket

Jun

13

SalesRevenue

250

42,000

42,000

1105

3,373

3,373

1101

4383

4383

400

10336

10336

4256

Jun
Jun
Jun
Jun

Feedback

Solution
CASHRECEIPTSJOURNAL
Date

Account

Jun

1 BankLoanPayable

Jun

3 ARCJumpAround

Jun 11 ARCCroquetandCricket
Jun 13 SalesRevenue

Post
Ref.

Debit

Credit

Sales
Discounts

Cash

Sales
Accounts
Other
Revenue Receivable Accounts

Costof
Goods
Sold

250

42,000

42,000

1105

3,373

3,373

1101

4,383

487

4,870

10,336

10,336

4,256

(Q=404.cashPaymentsJournalWeek2)

CASHPAYMENTSJOURNAL
Note:Inordertoreceivefullpoints,foreachtransactionyoumustselectanaccountunderthecolumnlabeled
'Account',asindicatedundertheadditionalinstructionsabove.SincealltransactionsinthisjournalaffecttheCash
account,youareaskedtoenterthenameoftheappropriateaccountdebitedinthesetransactionsintotheAccount
columnsothatthetypeoftransactioncanbedeterminedbythenameoftheaccountenteredintothiscolumn.

Date

Account

Check
No.

Post
Ref.

Debit

Credit

Accounts Merchandise Wages

Other
Payable
Inventory
Expense Accounts

Cash

Jun

1 PrepaidRent

424

140

9,900

9,900

Jun

3 APCAddaxSports

425

2106

4,616

4,616

Jun

4 WagesPayable

426

220

1,169

1,131

2,300

Jun

4 OfficeSupplies

427

130

519

519

Jun

6 ElectricityPayable

428

221

719

719

Jun

429

2102

4287

4287

430

2105

3957

3957

Jun

11

APCHike
APCExtremeSportsInc

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Transactionsweek2

Jun

11

WagesPayable

431

220

1953

1953

Jun

14

APCJ.J.Spud

432

2101

3398

3398

Jun
Jun

Feedback

CASHPAYMENTSJOURNAL
Date

Account

Check
No.

Post
Ref.

Debit

Credit

Accounts Merchandise Wages

Other
Payable
Inventory
Expense Accounts

Cash

Jun

1 PrepaidRent

424

140

9,900

9,900

Jun

3 APCAddaxSports

425

2106

4,616

4,616

Jun

4 WagesPayable

426

220

1,169

1,131

2,300

Jun

4 OfficeSupplies

427

130

519

519

Jun

6 ElectricityPayable

428

221

719

719

Jun

9 APCHike

429

2102

4,287

4,287

Jun 11 APCExtremeSportsInc

430

2105

3,957

3,957

Jun 11 WagesExpense

431

1,953

1,953

Jun 14 APCJ.J.Spud

432

2101

3,398

3,398

(Q=405.generalJournalWeek2)

GENERALJOURNAL
Date

Post
Ref.

AccountandExplanation

Debit

Credit

Jun

Jun

Jun

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Feedback
Therearenorelevantentriesinthegeneraljournalforthisweek.

(Q=4101101.AcctsRec1_week2)

SUBSIDIARYLEDGERS
Account:ARCCroquetandCricket
AccountNo.1101

Date
May

Description

Ref.

31 Balance

Jun

11

Debit

Payment

CRJ

Credit

Balance

4383

4,870DR
9253 DR

Jun

Jun

Feedback

Account:ARCCroquetandCricket
AccountNo.1101

Date

Description

May

31 Balance

Jun

11 Repayment

Ref.

Debit

Credit

4,870DR

CRJ

4,870

(Q=4101103.AcctsRec3_week2)

Account:ARCGreatSports
AccountNo.1103

Date
May

Description

Ref.

31 Balance

Jun

11

Debit

Sales

Balance

SJ

Credit

Balance

4224

12,462DR
16686 DR

Jun

Jun

Feedback

Account:ARCGreatSports
AccountNo.1103

Date

Description

May

31 Balance

Jun

11 Creditsale

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Ref.

Debit

Credit

Balance

12,462DR

SJ

4,224

16,686DR
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Transactionsweek2

(Q=4101106.AcctsRec6_week2)

Account:ARCMick'sSportingGoods
AccountNo.1106

Date
May

Description

Ref.

31 Balance

Debit

Credit

Balance

2,032DR

Jun

Jun

Jun

Feedback
TherearenorelevantentriesintheMick'sSportingGoodsledgerforthisweek.

(Q=4102101.AcctsPay1_week2)

Account:APCJ.J.Spud
AccountNo.2101

Date
May

Description

Ref.

31 Balance

Jun

14

Debit

Repayment

CPJ

Credit

Balance

3398

3,398CR
0

Jun

Jun

Feedback

Account:APCJ.J.Spud
AccountNo.2101

Date

Description

May

31 Balance

Jun

14 Repayment

Ref.

Debit

Credit

3,398CR

CPJ

3,398

(Q=4102102.AcctsPay2_week2)

Account:APCHike
AccountNo.2102

Date
May
Jun

Description

Ref.

31 Balance
9

Balance

Repayment

Jun
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Debit

CPJ

Credit

Balance

4287

4,287CR
0

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Transactionsweek2

Jun

Feedback

Account:APCHike
AccountNo.2102

Date

Description

May

Ref.

9 Repayment

Credit

4,287CR

CPJ

4,287

(Q=4102105.AcctsPay5_week2)

Account:APCExtremeSportsInc
AccountNo.2105

Date
May

Description

Ref.

31 Balance

Jun

11

Debit

repayment

Balance

31 Balance

Jun

Debit

CPJ

Credit

Balance

3957

3,957CR
0

Jun

Jun

Feedback

Account:APCExtremeSportsInc
AccountNo.2105

Date

Description

May

31 Balance

Jun

11 Repayment

Ref.

Debit

Credit

3,957CR

CPJ

3,957

(Q=4102106.AcctsPay6_week2)

Account:APCAddaxSports
AccountNo.2106

Date
May

Description

Ref.

31 Balance

Jun

3 Repayment

Jun

Purchase

PJ

Debit

Credit

Balance

4,616CR

CPJ

4,616

2760

2760 CR

Jun

Jun

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Balance

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Feedback

Account:APCAddaxSports
AccountNo.2106

Date
May

Description

Ref.

3 Repayment

Jun

8 Creditpurchase

Credit

Balance

4,616CR

CPJ

4,616

PJ

2,760

2,760CR

31 Balance

Jun

Debit

(Q=420100.Cash_week2)

GENERALLEDGER
Account:Cash
AccountNo.100

Date
May

Description

Ref.

31 Balance

Debit

Credit

Balance

71,917DR

Jun

Jun

Jun

Feedback
TherearenorelevantentriesintheCashledgerforthisweek.

(Q=420110.AcctsRecControl_week2)

Account:ARCAccountsReceivableControl
AccountNo.110

Date
May

Description

Ref.

31 Balance

Debit

Credit

Balance

31,288DR

Jun

Jun

Jun

Feedback
TherearenorelevantentriesintheAccountsReceivableControlledgerforthisweek.

Account:MerchandiseInventory
AccountNo.120
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(Q=420120.Inventory_week2)

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Transactionsweek2

Date
May

Description

Ref.

31 Balance

Debit

Credit

Balance

64,088DR

Jun

Jun

Jun

Feedback
TherearenorelevantentriesintheMerchandiseInventoryledgerforthisweek.

(Q=420400.SalesRevenue_week2)

Account:SalesRevenue
AccountNo.400

Date
May

Description

Ref.

31 Balance

Debit

Credit

Balance

Jun

Jun

Jun

Feedback
TherearenorelevantentriesintheSalesRevenueledgerforthisweek.

(Q=420401.SalesReturns_week2)

Account:SalesReturnsandAllowances
AccountNo.401

Date
May

Description

Ref.

31 Balance

Debit

Credit

Balance

Jun

Jun

Jun

Feedback
TherearenorelevantentriesintheSalesReturnsandAllowancesledgerforthisweek.

Account:SalesDiscounts
AccountNo.402
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(Q=420402.SalesDisc_week2)

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Transactionsweek2

Date
May

Description

Ref.

31 Balance

Debit

Credit

Balance

Jun

Jun

Jun

Feedback
TherearenorelevantentriesintheSalesDiscountsledgerforthisweek.

(Q=420500.CostOfSales_week2)

Account:CostofGoodsSold
AccountNo.500

Date
May

Description

Ref.

31 Balance

Debit

Credit

Balance

Jun

Jun

Jun

Feedback
TherearenorelevantentriesintheCostofGoodsSoldledgerforthisweek.

(Q=420516.WagesExpense_week2)

Account:WagesExpense
AccountNo.516

Date
May

Description

Ref.

31 Balance

Debit

Credit

Balance

Jun

Jun

Jun

Feedback
TherearenorelevantentriesintheWagesExpenseledgerforthisweek.

(Q=430.Inventory1_week2)

INVENTORYCARDS
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Transactionsweek2

DownhillSnowboards

Purchases
Date

CostofGoodsSold

Balance

Units UnitCost TotalCost Units UnitCost TotalCost Units UnitCost TotalCost

($)
($)
($)
($)
($)
($)

May

31

22

224

4928

15

304

4560

Jun

13

224

672

15

304

4560

Jun

Jun

Jun

Feedback

DownhillSnowboards

Purchases
Date

CostofGoodsSold

Balance

Units UnitCost TotalCost Units UnitCost TotalCost Units UnitCost TotalCost

($)
($)
($)
($)
($)
($)

May

31

22

224

4928

15

304

4560

Jun

13

19

224

4256

224

672

15

304

4560

(Q=430.Inventory3_week2)

SpecialistBodyBoards

Purchases
Date

CostofGoodsSold

Balance

Units UnitCost TotalCost Units UnitCost TotalCost Units UnitCost TotalCost

($)
($)

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Transactionsweek2

($)

($)

($)

($)

May

31

75

216

16200

Jun

11

11

216

2376

64

216

13824

Jun

Jun

Jun

Feedback

SpecialistBodyBoards

Purchases
Date

CostofGoodsSold

Balance

Units UnitCost TotalCost Units UnitCost TotalCost Units UnitCost TotalCost

($)
($)
($)
($)
($)
($)

May

31

75

216

16200

Jun

11

11

216

2376

64

216

13824

(Q=430.Inventory5_week2)

ExtremeGPSEnabledHelmets

Purchases
Date

CostofGoodsSold

Balance

Units UnitCost TotalCost Units UnitCost TotalCost Units UnitCost TotalCost

($)
($)
($)
($)
($)
($)

May

31

52

184

9568

Jun

15

184

2760

67

184

12328

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Transactionsweek2

Jun

Jun

Jun

Feedback

ExtremeGPSEnabledHelmets

Purchases
Date

CostofGoodsSold

Balance

Units UnitCost TotalCost Units UnitCost TotalCost Units UnitCost TotalCost

($)
($)
($)
($)
($)
($)

May

31

52

184

9568

Jun

15

184

2760

67

184

12328

ManualAccountingPracticeSet
SpecialtySportsStore,USGAAPEdition3(VSU3q)
20092014Perdisco/latin/.v.,learnthoroughly
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