Transactions - week 2 soln.pdf

13 Pages
Unlock Document


Transactionsweek 2httpwwwperdiscocomelmsqsamhtmlqsamaspxSpecialty Sports Store Practice SetBeing completed by BeanutTransactionsweek 2 feedback pageThis is a feedback page Please review this page carefully because later pages in this practice set may build on thefeedback provided here When you are ready click continueSaving your position If you want to save this practice set where you are up to and come back to it at a later timeclick the bookmark button on this page to save your position and be returned to your home page To reenter thepractice set at this page at a later time simply click the link that you originally clicked to access this practice setInstructions for week 2Navigation map1Record all week 2 transactions in the relevant journalsNote that special journals must be used where applicable Any transaction that cannot be recorded in a special journal should berecorded in the general journal2The following are to be posted to ledger accounts dailyAll entries affecting subsidiary ledgersAll entries in the Other Accounts column of the cash receipts and cash payments journalsAll transactions entered into the general journalNote that the relevant totals of the special journals will be postedto the general ledger accounts at the end of the month You willenter this after you prepare the Bank Reconciliation StatementUpdate inventory cards on a daily basis3Please note that any answers from previous pages carried through onto this page either on the page or in a popup information pageare the correct answers not your particular answersRemember to enter all answers to the nearest whole dollar Whencalculating a discount if a discount is not a whole number round the discount to the nearest whole dollar Then to calculate the cash atbank amount subtract the discount from the original amountAdditional instructionsDisplaying selected journals ledgers and inventory cardsAdditional informationNot all journals ledgers and inventory cards will be displayed To answer this question you may need the following informationon every pageOn this page you can access all journals ledgers and Background informationinventory cards necessary to answer this question Trial balanceThere are several tabs representing different views of the Transactions listweek 2journal ledgers and inventory cards The active tab bydefault is Show All but you may also select to view just the Schedules of accounts payablereceivablespecial journals the general journal just the subsidiaryledgers the general ledger accounts or the inventory cards by selecting the appropriate tabIf you fill in any journal ledger accounts or inventory cards and change the view on this page by selecting a different tabOriginal informationthe information that you have entered will remain in thatjournal ledger or inventory card and be displayed wheneverThe information in the above links comes from the Overview andyou can see that journal ledger or inventory cardFurther information pages at the beginning of the practice set Ifyou did not print them out and you would like to refer to themJournalsyou may review them belowPlease note that in the journals when you select accounts Overviewyou will select the account using a popup link You cannottype directly into the fieldFurther informationFor certain transactions in special journals some accounting textbooks do not always require an account to be chosenunder the column labeled Account In this practice set youare required to select an account for each transaction in thespecial journals Specifically in all special journals under the column labeled Account you must select the correct accountname for each transaction in order to receive full marksNote that for some transactions this will mean that theaccount name selected will correspond to the heading of one of the columns in that special journalFor each journal in the Post Ref column you will need to correctly type the account number of the account you are posting to1 of 1317052008 655 PMTransactionsweek 2httpwwwperdiscocomelmsqsamhtmlqsamaspxIn particular in special journals some accounting textbooks do not always require a reference to be recorded in the Post Refcolumn In this practice set in order to receive full marks every transaction entered in a special journal requires an entry in thePost Ref column Note that in the special journals if the account name selected for a transaction corresponds to the heading of oneof 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 adaily basis In order to receive full marks you must record only the letter X in the Post Ref column for these transactionsNote that in special journals the Other Accounts column should not be used to record movements of inventoryThere may be entries in the general journal that require posting to both a control account and a subsidiary ledger In these casesafter you have posted to both ledgers you should enter the reference for the subsidiary ledger account in the Post Ref column toindicate that you have posted to both accountsGeneral journal entries do NOT require a description of the journal entriesLedgersWhen posting a transaction to a ledger account under the Description column please type the description of the transaction directlyinto the field The exact wording does not matter for marking purposes For example it does not matter in an electricitytransaction if you type Paid for electricity or Paid electricity billFor each ledger under the Ref column you need to select the correct journal from a list in the dropdown box provided in order toreceive full marksIf the balance of a ledger account is zero you do not need to select a debit or credit from the dropdown boxEach transaction posted to the subsidiary ledgers must be entered in one line In order to receive full marks you must not split up the relevant transaction into more than one line in the subsidiary ledgerBoth journals and ledgersMost journals and ledgers will have blank rows left at the end of this question Some journals and ledgers may not require any entries for this week When purchases and sales are recorded in special journals changes in inventory must not be posted to the Inventory ledger on adaily basis Inventory cardsEach transaction recorded in the inventory cards must be entered in a pair of lines provided In order to receive full marks youmust not split up a transaction into more than the two lines given in the inventory card or combine two transactions into the onepair of linesHowever each transaction may need to be recorded in more than one line on the inventory card when the movement in inventoryincludes items that have two different unit costs You should use a separate line within the pair of lines for each different unit costIn particular you should not combine the total cost of the inventory into one amount See the inventory cards for May in the Furtherinformation popup for an example of how inventory cards are to be completed Special JournalsGeneral JournalSubsidary LedgersGeneral LedgerInventoryShow AllQ401salesJournalWeek2SALES JOURNALAccounts InvoicePostDateAccountCost of Sales ReceivableNoRefJun6ARCJump Around599110318201300 selectARCGreat SportsJun960011062592015880selectJunselectJunselectJun FeedbackSolutionSALES JOURNALAccounts Cost of InvoicePost DateAccountReceivableSalesNoRef2 of 1317052008 655 PM
More Less

Related notes for ACCT1501

Log In


Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.