Transactions - Week 1 | Manual Accounting Practice Set | iCandy, Australasian Edition 3

This page is about recording transactions that occurred during the first week of June into the company's journals and post the appropriate entries to the ledger accounts. It is a part of Manual Accounting Practice Set for iCandy, Australasian Edition 3. The page provides feedback, instructions, and additional information about special journals, general journal, and ledgers.

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Manual Accounting Practice Set
iCandy, Australasian Edition 3
Feedback: Transactions - week 1
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.
Now that you have reviewed information about iCandy, you are ready to begin the first step in the accounting cycle,
recording transactions. On this page of the practice set, you are asked to record transactions that occurred during the first
week of June into the company's journals and post the appropriate entries to the ledger accounts. The following
transactions occurred throughout the first week of June:
Week 1
Date Transaction description
1 Issued Cheque No. 695 for $9,600 to pay Blue Blazer Realty for two month's worth of rent in advance.
2 Issued Cheque No. 696 to Office Supplies Warehouse for the purchase of $506 worth of office supplies.
4 Paid sales staff wages of $1,660 for the week up to and including yesterday, Cheque No. 697. Note that $1,143 of
this payment relates to the wages expense incurred during the last week of May.
5 Sugar-hi paid the full amount owing on their account.
6 Made payment of $755 to Enroff for 3 months of electricity up to and including 31 May, Cheque No. 698.
7 Paid the full amount owing to Spud's Confectionery, Cheque No. 699.
After completing this practice set page, you should know how to record basic transactions in the journals provided below
and understand the posting process in the manual accounting system. Note that you will record the remaining June
transactions in the following sections of this practice set.
Remember, one purpose of using special journals is to make the posting process more efficient by posting the total of most
columns in the special journals after all of the transactions for the period have been recorded. However, some parts of a

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journal entry are still required to be posted on a daily basis. View the company's accounting policies and procedures for
details of what is to be posted daily or monthly.
Instructions for week 1
Record all week 1 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.
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 after you prepare the Bank Reconciliation Statement.
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 at bank amount, subtract the discount
from the original amount.
Additional instructions
Displaying selected accounting records:
To save space, not all accounting records (e.g. journals and ledgers) will be displayed on every page. However, on
each page you can access all accounting records necessary to answer the questions on that page.
There are several tabs representing different views of the accounting records. The active tab by default is Show All,
but you may also select to view just one particular accounting record by selecting the appropriate tab.
If you fill in any accounting records and change the view on the page by selecting a different tab, the information
that you have entered will remain in that accounting record and be displayed whenever you can see that
accounting record.
Before submitting your answers, we recommend that you click the Show All tab and check that all relevant
accounting records have been completed. You are required to complete all relevant accounting records before
pressing the Submit answers button. Once submitted, you will not be able to return to the page to re-enter or alter
your answers.
Journals:
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.
For certain transactions in special journals, some accounting textbooks do not always require an account to
be chosen under the column labeled Account. In this practice set you are required to select an account for
each transaction in the special journals. Specifically, in all special journals, under the column labeled Account,
you must select the correct account name for each transaction in order to receive full points. Note that for
some transactions, this will mean that the account name selected will correspond to the heading of one of the
columns in that special journal.
For each journal, in the Post Ref. column you will need to correctly type the account number of the account
you are posting to. In particular, 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.
Note that in special journals, the Other Accounts column should not be used to record movements of
inventory.
If a cheque number is not required, you need to fill the appropriate input box with an X.
There may be entries in the general journal that require posting to both a control account and a subsidiary
ledger. In these cases, after you have posted to both ledgers, you should enter the reference for both the
general ledger account and the subsidiary ledger account in the Post Ref. column to indicate that you have
posted to both accounts. For example, if the reference number for the control account is 110 and the
reference number for the subsidiary ledger account is 110-1, you should type '110/110-1' into the Post Ref.
column.
General journal entries do NOT require a description of the journal entries.
Ledgers:
1)
2)

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When posting a transaction to a ledger account, under the Description column, please type the description of the
transaction directly into the field. The exact wording does not matter for grading purposes. For example, it does
not matter in an electricity transaction if you type 'Paid for electricity' or 'Paid electricity bill'.
For each ledger, under the Ref. column, you need to select the correct journal from a list in the drop-down box
provided in order to receive full points.
If the balance of a ledger account is zero you do not need to select a debit or credit from the drop-down box.
Each transaction posted to the subsidiary ledgers 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 subsidiary ledger.
Both journals and ledgers:
Most journals and ledgers will have blank rows left at the end of the page.
Some journals and ledgers may not require any entries.
When purchases and sales are recorded in special journals, the corresponding changes in inventory must not be
posted to the Inventory account in the general ledger on a daily basis.
Special Journals General Journal Subsidiary Ledgers General Ledger
(Q=301.salesJournalWeek1)
SALES JOURNAL
Date Account Invoice
No.
Post
Ref.
Accounts
Receivable
Cost of
Sales
Jun
Jun
Jun
Jun
Feedback
There are no relevant entries in the sales journal for this week.
(Q=302.purchasesJournalWeek1)
PURCHASES JOURNAL
Date Account Terms Post
Ref.
Accounts
Payable
Jun
Jun
Jun
Jun
Feedback
There are no relevant entries in the purchases journal for this week.
Show All

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ARC - Sugar-hi
Prepaid Rent
Office Supplies
Wages Payable
Electricity Payable
APC - Spud's Confectionery
(Q=303.cashReceiptsJournalWeek1)
CASH RECEIPTS JOURNAL
Note: In order to receive full points, for each transaction you must select an account under the column labelled 'Account',
as indicated under the additional instructions above. Since all transactions in this journal affect the Cash at Bank 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
SalesCash at
Bank
Discount
Allowed
Sales
Revenue
Accounts
Receivable
Other
Accounts
Jun 5 110-5 2253 0 0 2253 0 0
Jun
Jun
Jun
Jun
Jun
Feedback
CASH RECEIPTS JOURNAL
Date Account Post
Ref.
Debit Credit Cost of
SalesCash at
Bank
Discount
Allowed
Sales
Revenue
Accounts
Receivable
Other
Accounts
Jun 5 ARC - Sugar-hi 110-5 2,253 2,253
(Q=304.cashPaymentsJournalWeek1)
CASH PAYMENTS JOURNAL
Note: In order to receive full points, for each transaction you must select an account under the column labelled 'Account',
as indicated under the additional instructions above. Since all transactions in this journal affect the Cash at Bank 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 Cheque
No.
Post
Ref.
Debit Credit
Accounts
Payable Inventory Wages
Expense
Other
Accounts
Cash at
Bank
Discount
Received
Jun 1 695 140 0 0 0 9600 9600 0
Jun 2 696 130 0 0 0 506 506 0
Jun 4 697 220 0 0 517 1143 1660 0
Jun 6 698 221 0 0 0 755 755 0
Jun

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7 699 210-6 3862 0 0 0 3862 0
Jun
Feedback
CASH PAYMENTS JOURNAL
Date Account Cheque
No.
Post
Ref.
Debit Credit
Accounts
Payable Inventory Wages
Expense
Other
Accounts
Cash at
Bank
Discount
Received
Jun 1 Prepaid Rent 695 140 9,600 9,600
Jun 2 Office Supplies 696 130 506 506
Jun 4 Wages Payable 697 220 517 1,143 1,660
Jun 6 Electricity Payable 698 221 755 755
Jun 7 APC - Spud's Confectionery 699 210-6 3,862 3,862
(Q=305.generalJournalWeek1)
GENERAL JOURNAL
Date Account and Explanation Post
Ref. Debit Credit
Jun
Jun
Jun
Feedback
There are no relevant entries in the general journal for this week.
(Q=310-110-5.AcctsRec5_week1)
SUBSIDIARY LEDGERS
Account: ARC - Sugar-hi
Account No. 110-5

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Date Description Ref. Debit Credit Balance
May 31 Balance 2,253 DR
Jun 5 Cash Receipt CRJ 0 2253 0
Jun
Jun
Feedback
Account: ARC - Sugar-hi
Account No. 110-5
Date Description Ref. Debit Credit Balance
May 31 Balance 2,253 DR
Jun 5 Repayment CRJ 2,253 0
(Q=310-210-1.AcctsPay1_week1)
Account: APC - Hershel's
Account No. 210-1
Date Description Ref. Debit Credit Balance
May 31 Balance 4,416 CR
Jun
Jun
Jun
Feedback
There are no relevant entries in the Hershel's ledger for this week.
(Q=310-210-6.AcctsPay6_week1)
Account: APC - Spud's Confectionery
Account No. 210-6
Date Description Ref. Debit Credit Balance
May 31 Balance 3,862 CR
Jun 7 Cash Repayment CPJ 3862 0 0
Jun
Jun
Feedback

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Account: APC - Spud's Confectionery
Account No. 210-6
Date Description Ref. Debit Credit Balance
May 31 Balance 3,862 CR
Jun 7 Repayment CPJ 3,862 0
(Q=320-100.CashAtBank_week1)
GENERAL LEDGER
Account: Cash at Bank
Account No. 100
Date Description Ref. Debit Credit Balance
May 31 Balance 70,440 DR
Jun
Jun
Jun
Feedback
There are no relevant entries in the Cash at Bank ledger for this week.
(Q=320-110.AcctsRecControl_week1)
Account: ARC - Accounts Receivable Control
Account No. 110
Date Description Ref. Debit Credit Balance
May 31 Balance 27,786 DR
Jun
Jun
Jun
Feedback
There are no relevant entries in the Accounts Receivable Control ledger for this week.
(Q=320-130.StoreSupplies_week1)
Account: Office Supplies
Account No. 130
Date Description Ref. Debit Credit Balance
May 31 Balance 375 DR

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Jun 2 Office Supplies Purchased CPJ 506 0 881 DR
Jun
Jun
Feedback
Account: Office Supplies
Account No. 130
Date Description Ref. Debit Credit Balance
May 31 Balance 375 DR
Jun 2 Cash purchase CPJ 506 881 DR
(Q=320-140.PrepaidRent_week1)
Account: Prepaid Rent
Account No. 140
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 1 Rent paid in advance CPJ 9600 0 9600 DR
Jun
Jun
Feedback
Account: Prepaid Rent
Account No. 140
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 1 Prepaid rent CPJ 9,600 9,600 DR
(Q=320-210.AcctsPayControl_week1)
Account: APC - Accounts Payable Control
Account No. 210
Date Description Ref. Debit Credit Balance
May 31 Balance 46,440 CR
Jun
Jun
Jun

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Feedback
There are no relevant entries in the Accounts Payable Control ledger for this week.
(Q=320-220.WagesPayable_week1)
Account: Wages Payable
Account No. 220
Date Description Ref. Debit Credit Balance
May 31 Balance 1,143 CR
Jun 4 Due wages paid CPJ 1143 0 0
Jun
Jun
Feedback
Account: Wages Payable
Account No. 220
Date Description Ref. Debit Credit Balance
May 31 Balance 1,143 CR
Jun 4 Paid staff wages CPJ 1,143 0
(Q=320-221.ElectricityPayable_week1)
Account: Electricity Payable
Account No. 221
Date Description Ref. Debit Credit Balance
May 31 Balance 838 CR
Jun 6 Due Electricity Bill Paid CPJ 755 0 83 CR
Jun
Jun
Feedback
Account: Electricity Payable
Account No. 221
Date Description Ref. Debit Credit Balance
May 31 Balance 838 CR
Jun 6 Paid electricity bill CPJ 755 83 CR
(Q=320-400.SalesRevenue_week1)

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Account: Sales Revenue
Account No. 400
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun
Jun
Jun
Feedback
There are no relevant entries in the Sales Revenue ledger for this week.
(Q=320-402.DiscountRecd_week1)
Account: Discount Received
Account No. 402
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun
Jun
Jun
Feedback
There are no relevant entries in the Discount Received ledger for this week.
(Q=320-500.CostOfSales_week1)
Account: Cost of Sales
Account No. 500
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun
Jun
Jun
Feedback
There are no relevant entries in the Cost of Sales ledger for this week.
(Q=320-516.WagesExpense_week1)

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Account: Wages Expense
Account No. 516
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun
Jun
Jun
Feedback
There are no relevant entries in the Wages Expense ledger for this week.
(Q=320-541.ElectricityExpense_week1)
Account: Electricity Expense
Account No. 541
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun
Jun
Jun
Feedback
There are no relevant entries in the Electricity Expense ledger for this week.
(Q=320-544.SuppliesExpense_week1)
Account: Office Supplies Expense
Account No. 544
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun
Jun
Jun
Feedback
There are no relevant entries in the Office Supplies Expense ledger for this week.
(Q=320-573.DiscountAllowed_week1)

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Account: Discount Allowed
Account No. 573
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun
Jun
Jun
Feedback
There are no relevant entries in the Discount Allowed ledger for this week.
Manual Accounting Practice Set
iCandy, Australasian Edition 3 (VSA3q)
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