Transactions - Week 3 | Manual Accounting Practice Set | iCandy

Using the company's records that are provided below, you are now required to record transactions that occurred throughout the third week of June. The week 3 transactions are listed below. Record all week 3 transactions in the relevant journals. Post entries recorded in the journals to the appropriate ledger accounts according to the company's accounting policies and procedures. Update inventory cards on a daily basis.

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Manual Accounting Practice Set
iCandy, Australasian Edition 3
Feedback: Transactions - week 3
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next page of your practice set.
Using the company's records that are provided below, you are now required to record transactions that occurred throughout
the third week of June. The week 3 transactions are listed below.
Week 3
Date Transaction description
16 Sold 10 boxes of Party Mix to Sugar-hi for $584 each, Invoice No. 205.
17 Purchased 10 boxes of Lollipops from Hershel's for $224 each, terms 2/10, n/30.
17 Purchased 19 boxes of Fruit Drops from Brennan Imports Group for $240 each, terms net 30.
18 Paid sales staff wages of $2,343 for the week up to and including yesterday, Cheque No. 704.
19 Candy Rush paid $2,700 in partial payment of their account.
21 Made cash sale of 45 boxes of Sprearmint Gum for a list price of $560 each. A trade discount of 20% applies.
21 Mercury Square returned 3 boxes of Hazelnut Toffee that were originally sold for $456 each on 11 June. These
items cost $264 each and were not faulty or damaged. Issued a Credit Note for $1,368.
21 Received a purchase order from Candy Rush. Created a corresponding sales order to deliver 21 boxes of Party Mix
to this customer for $584 each, Invoice No. 207.
Instructions for week 3
Record all week 3 transactions in the relevant journals.1)

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ARC - Sugar-hi
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.
Update inventory cards on a daily basis.
Back-On-Track functionality
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. 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.
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.
When completing the inventory cards, 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.
You are also required to apply the journals and ledgers instructions and the 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.
Special Journals General Journal Subsidiary Ledgers General Ledger Inventory
(Q=501.salesJournalWeek3)
SALES JOURNAL
Date Account Invoice
No.
Post
Ref.
Accounts
Receivable
Cost of
Sales
Jun 11 ARC - Mercury Square 204 110-3 6,384 3,696
Jun 16 205 110-4 5840 2560
Jun
Jun
Jun
Feedback
SALES JOURNAL
Date Account Invoice
No.
Post
Ref.
Accounts
Receivable
Cost of
Sales
Jun 11 ARC - Mercury Square 204 110-3 6,384 3,696
2)
3)
Show All

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APC - Hershel's
APC - Brennan Imports Group
ARC - Candy Rush
Sales Revenue
Jun 16 ARC - Sugar-hi 205 110-5 5,840 2,560
(Q=502.purchasesJournalWeek3)
PURCHASES JOURNAL
Date Account Terms Post
Ref.
Accounts
Payable
Jun 8 APC - Spud's Confectionery net 30 210-6 2,496
Jun 17 2/10 n/30 210-1 2240
Jun 17 net 30 210-5 4560
Jun
Jun
Feedback
PURCHASES JOURNAL
Date Account Terms Post
Ref.
Accounts
Payable
Jun 8 APC - Spud's Confectionery net 30 210-6 2,496
Jun 17 APC - Hershel's 2/10, n/30 210-1 2,240
Jun 17 APC - Brennan Imports Group net 30 210-5 4,560
(Q=503.cashReceiptsJournalWeek3)
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 ARC - Sugar-hi 110-5 2,253 2,253
Jun 13 ARC - Candy Man 110-1 2,736 304 3,040
Jun 14 Sales Revenue X 7,344 7,344 3,312
Jun 19 110-6 2700 0 0 2700 0 0
Jun 21 400 20160 0 20160 0 0 13200
Jun
Jun

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Wages Expense
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
Jun 13 ARC - Candy Man 110-1 2,736 304 3,040
Jun 14 Sales Revenue X 7,344 7,344 3,312
Jun 19 ARC - Candy Rush 110-6 2,700 2,700
Jun 21 Sales Revenue X 20,160 20,160 13,200
(Q=504.cashPaymentsJournalWeek3)
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 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
Jun 8 APC - East Tangiers Cooperative 700 210-2 2,100 2,079 21
Jun 11 APC - Hershel's 701 210-1 4,416 4,416
Jun 11 Wages Expense 702 X 1,766 1,766
Jun 13 APC - Brennan Imports Group 703 210-5 2,314 2,314
Jun 18 704 516 0 0 2343 0 2343 0
Jun
Jun
Jun
Jun
Jun

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Sales Returns and Allowances
ARC - Mercury Square
Inventory
Cost of Sales
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
Jun 8 APC - East Tangiers Cooperative 700 210-2 2,100 2,079 21
Jun 11 APC - Hershel's 701 210-1 4,416 4,416
Jun 11 Wages Expense 702 X 1,766 1,766
Jun 13 APC - Brennan Imports Group 703 210-5 2,314 2,314
Jun 18 Wages Expense 704 X 2,343 2,343
(Q=505.generalJournalWeek3)
GENERAL JOURNAL
Date Account and Explanation Post
Ref. Debit Credit
Jun 21 401 1368 0
21 110-3 0 1368
Jun 21 120 792 0
21 500 0 792
Jun
Feedback
GENERAL JOURNAL
Date Account and Explanation Post
Ref. Debit Credit
Jun 21 Sales Returns and Allowances 401 1,368
Jun 21 ARC - Mercury Square 110/110-3 1,368

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(sales return)
Jun 21 Inventory 120 792
Jun 21 Cost of Sales 500 792
(sales return)
(Q=510-110-3.AcctsRec3_week3)
SUBSIDIARY LEDGERS
Account: ARC - Mercury Square
Account No. 110-3
Date Description Ref. Debit Credit Balance
May 31 Balance 12,891 DR
Jun 11 Credit sale SJ 6,384 19,275 DR
Jun 21 Sales Return GJ 0 1368 17907 DR
Jun
Jun
Feedback
Account: ARC - Mercury Square
Account No. 110-3
Date Description Ref. Debit Credit Balance
May 31 Balance 12,891 DR
Jun 11 Credit sale SJ 6,384 19,275 DR
Jun 21 Sales return GJ 1,368 17,907 DR
(Q=510-110-5.AcctsRec5_week3)
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
Jun 16 Credit Sales SJ 5840 0 5840 DR
Jun
Jun
Feedback

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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
Jun 16 Credit sale SJ 5,840 5,840 DR
(Q=510-110-6.AcctsRec6_week3)
Account: ARC - Candy Rush
Account No. 110-6
Date Description Ref. Debit Credit Balance
May 31 Balance 3,583 DR
Jun 19 Cash Receipt CRJ 0 2700 883 DR
Jun
Jun
Feedback
Account: ARC - Candy Rush
Account No. 110-6
Date Description Ref. Debit Credit Balance
May 31 Balance 3,583 DR
Jun 19 Repayment CRJ 2,700 883 DR
(Q=510-210-1.AcctsPay1_week3)
Account: APC - Hershel's
Account No. 210-1
Date Description Ref. Debit Credit Balance
May 31 Balance 4,416 CR
Jun 11 Repayment CPJ 4,416 0
Jun 17 Credit Purchase PJ 0 2240 2240 CR
Jun
Jun
Feedback
Account: APC - Hershel's
Account No. 210-1
Date Description Ref. Debit Credit Balance

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May 31 Balance 4,416 CR
Jun 11 Repayment CPJ 4,416 0
Jun 17 Credit purchase PJ 2,240 2,240 CR
(Q=510-210-5.AcctsPay5_week3)
Account: APC - Brennan Imports Group
Account No. 210-5
Date Description Ref. Debit Credit Balance
May 31 Balance 2,314 CR
Jun 13 Repayment CPJ 2,314 0
Jun 17 Credit Purcahse PJ 0 4560 4560 CR
Jun
Jun
Feedback
Account: APC - Brennan Imports Group
Account No. 210-5
Date Description Ref. Debit Credit Balance
May 31 Balance 2,314 CR
Jun 13 Repayment CPJ 2,314 0
Jun 17 Credit purchase PJ 4,560 4,560 CR
(Q=520-100.CashAtBank_week3)
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=520-110.AcctsRecControl_week3)

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Account: ARC - Accounts Receivable Control
Account No. 110
Date Description Ref. Debit Credit Balance
May 31 Balance 27,786 DR
Jun 21 Sales Return GJ 0 1368 26418 DR
Jun
Jun
Feedback
Account: ARC - Accounts Receivable Control
Account No. 110
Date Description Ref. Debit Credit Balance
May 31 Balance 27,786 DR
Jun 21 Sales return from Mercury Square GJ 1,368 26,418 DR
(Q=520-120.Inventory_week3)
Account: Inventory
Account No. 120
Date Description Ref. Debit Credit Balance
May 31 Balance 86,608 DR
Jun 21 Sales Return GJ 792 0 87400 DR
Jun
Jun
Feedback
Account: Inventory
Account No. 120
Date Description Ref. Debit Credit Balance
May 31 Balance 86,608 DR
Jun 21 Sales return from Mercury Square GJ 792 87,400 DR
(Q=520-210.AcctsPayControl_week3)
Account: APC - Accounts Payable Control
Account No. 210
Date Description Ref. Debit Credit Balance
May 31 Balance 46,440 CR
Jun

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Jun
Jun
Feedback
There are no relevant entries in the Accounts Payable Control ledger for this week.
(Q=520-400.SalesRevenue_week3)
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=520-401.SalesReturns_week3)
Account: Sales Returns and Allowances
Account No. 401
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 21 Sales Return GJ 1368 0 1368 DR
Jun
Jun
Feedback
Account: Sales Returns and Allowances
Account No. 401
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 21 Sales return from Mercury Square GJ 1,368 1,368 DR
(Q=520-500.CostOfSales_week3)
Account: Cost of Sales
Account No. 500

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Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 21 Sales Return GJ 0 792 792 CR
Jun
Jun
Feedback
Account: Cost of Sales
Account No. 500
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 21 Sales return from Mercury Square GJ 792 792 CR
(Q=520-516.WagesExpense_week3)
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=530.Inventory1_week3)
INVENTORY CARDS
Boxes Of Fruit Drops
Date
Purchases Cost of Sales Balance
Units Unit Cost
($)
Total Cost
($)
Units Unit Cost
($)
Total Cost
($)
Units Unit Cost
($)
Total Cost
($)
May 31 23 184 4232
16 240 3840
Jun 14 18 184 3312 5 184 920
16 240 3840

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Jun 17 0 0 0 19 240 4560 5 184 920
0 0 0 35 240 8400
Jun
Jun
Jun
Feedback
Boxes Of Fruit Drops
Date
Purchases Cost of Sales Balance
Units Unit Cost
($)
Total Cost
($)
Units Unit Cost
($)
Total Cost
($)
Units Unit Cost
($)
Total Cost
($)
May 31 23 184 4232
16 240 3840
Jun 14 18 184 3312 5 184 920
16 240 3840
Jun 17 19 240 4560 5 184 920
35 240 8400
(Q=530.Inventory2_week3)
Boxes Of Sprearmint Gum
Date
Purchases Cost of Sales Balance
Units Unit Cost
($)
Total Cost
($)
Units Unit Cost
($)
Total Cost
($)
Units Unit Cost
($)
Total Cost
($)
May 31 25 272 6800
78 320 24960
Jun 21 0 0 0 25 272 6800 58 320 18560
20 320 6400 0 0 0

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Jun
Jun
Jun
Feedback
Boxes Of Sprearmint Gum
Date
Purchases Cost of Sales Balance
Units Unit Cost
($)
Total Cost
($)
Units Unit Cost
($)
Total Cost
($)
Units Unit Cost
($)
Total Cost
($)
May 31 25 272 6800
78 320 24960
Jun 21 25 272 6800 58 320 18560
20 320 6400
(Q=530.Inventory3_week3)
Boxes Of Hazelnut Toffee
Date
Purchases Cost of Sales Balance
Units Unit Cost
($)
Total Cost
($)
Units Unit Cost
($)
Total Cost
($)
Units Unit Cost
($)
Total Cost
($)
May 31 87 264 22968
Jun 11 14 264 3696 73 264 19272
Jun 21 0 0 0 -3 264 -792 76 264 20064
0 0 0 0 0 0
Jun

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Jun
Jun
Feedback
Boxes Of Hazelnut Toffee
Date
Purchases Cost of Sales Balance
Units Unit Cost
($)
Total Cost
($)
Units Unit Cost
($)
Total Cost
($)
Units Unit Cost
($)
Total Cost
($)
May 31 87 264 22968
Jun 11 14 264 3696 73 264 19272
Jun 21 -3 264 -792 76 264 20064
(Q=530.Inventory4_week3)
Boxes Of Party Mix
Date
Purchases Cost of Sales Balance
Units Unit Cost
($)
Total Cost
($)
Units Unit Cost
($)
Total Cost
($)
Units Unit Cost
($)
Total Cost
($)
May 31 22 256 5632
19 320 6080
Jun 16 0 0 0 10 256 2560 12 256 3072
0 0 0 19 320 6080
Jun
Jun
Jun

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Feedback
Boxes Of Party Mix
Date
Purchases Cost of Sales Balance
Units Unit Cost
($)
Total Cost
($)
Units Unit Cost
($)
Total Cost
($)
Units Unit Cost
($)
Total Cost
($)
May 31 22 256 5632
19 320 6080
Jun 16 10 256 2560 12 256 3072
19 320 6080
(Q=530.Inventory5_week3)
Boxes Of Lollipops
Date
Purchases Cost of Sales Balance
Units Unit Cost
($)
Total Cost
($)
Units Unit Cost
($)
Total Cost
($)
Units Unit Cost
($)
Total Cost
($)
May 31 63 192 12096
Jun 8 13 192 2496 76 192 14592
Jun 17 10 224 2240 0 0 0 76 192 14592
0 0 0 10 224 2240
Jun
Jun
Jun
Feedback

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Boxes Of Lollipops
Date
Purchases Cost of Sales Balance
Units Unit Cost
($)
Total Cost
($)
Units Unit Cost
($)
Total Cost
($)
Units Unit Cost
($)
Total Cost
($)
May 31 63 192 12096
Jun 8 13 192 2496 76 192 14592
Jun 17 10 224 2240 76 192 14592
10 224 2240
Manual Accounting Practice Set
iCandy, Australasian Edition 3 (VSA3q)
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