Transactions - Week 5 | Manual Accounting Practice Set | iCandy, Australasian Edition 3

This document is a feedback page for Transactions - Week 5 of the Manual Accounting Practice Set for iCandy, Australasian Edition 3. It provides instructions to record all week 5 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, and update inventory cards on a daily basis.

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Manual Accounting Practice Set
iCandy, Australasian Edition 3
Feedback: Transactions - week 5
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.
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 Received 20 boxes of Lollipops for $224 each, which were ordered on the 23rd. Agreed terms with Gillard
Wholesalers are 2/10, n/30.
29 Central Candy paid the full amount owing on their account.
29 Made cash sale of 14 boxes of Fruit Drops for $408 each.
30 Purchased 13 boxes of Sprearmint Gum with cash for a list price of $320 each. A trade discount of 20% applies,
Cheque No. 707.
30 Paid monthly salary of $5,300 to Gregory Dalen, Cheque No. 708.
Instructions for week 5
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.
Post entries recorded in the journals to the appropriate ledger accounts according to the company's accounting policies
and procedures.
1)
2)

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APC - Gillard Wholesalers
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
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Remember:
Enter all answers to the nearest whole dollar.
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=701.salesJournalWeek5)
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 ARC - Sugar-hi 205 110-5 5,840 2,560
Jun 22 ARC - Sugar-hi 206 110-5 27,552 16,384
Jun 26 ARC - Candy Rush 207 110-6 12,264 5,952
Jun
Jun
Jun
Jun
Feedback
There are no relevant entries in the sales journal for this week.
(Q=702.purchasesJournalWeek5)
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
Jun 29 2/10 n/30 210-4 4480
3)
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ARC - Central Candy
Sales Revenue
Jun
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
Jun 29 APC - Gillard Wholesalers 2/10, n/30 210-4 4,480
(Q=703.cashReceiptsJournalWeek5)
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 ARC - Candy Rush 110-6 2,700 2,700
Jun 21 Sales Revenue X 20,160 20,160 13,200
Jun 23 ARC - Mercury Square 110-3 17,907 17,907
Jun 28 Sales Revenue X 8,664 8,664 5,016
Jun 29 110-4 3857 0 0 3857 0 0
Jun 29 400 5712 0 5712 0 0 3080
Jun
Jun
Jun
Jun
Feedback

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Inventory
Salary Expense
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
Jun 23 ARC - Mercury Square 110-3 17,907 17,907
Jun 28 Sales Revenue X 8,664 8,664 5,016
Jun 29 ARC - Central Candy 110-4 3,857 3,857
Jun 29 Sales Revenue X 5,712 5,712 3,080
(Q=704.cashPaymentsJournalWeek5)
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 Wages Expense 704 X 2,343 2,343
Jun 22 APC - Hershel's 705 210-1 2,240 2,195 45
Jun 25 Wages Expense 706 X 2,265 2,265
Jun 30 707 120 0 3328 0 0 3328 0
Jun 30 708 545 0 0 0 5300 5300 0
Jun
Jun

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Jun
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
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
Jun 22 APC - Hershel's 705 210-1 2,240 2,195 45
Jun 25 Wages Expense 706 X 2,265 2,265
Jun 30 Inventory 707 X 3,328 3,328
Jun 30 Salary Expense 708 545 5,300 5,300
(Q=705.generalJournalWeek5)
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
(sales return)
Jun 21 Inventory 120 792
Jun 21 Cost of Sales 500 792
(sales return)
Jun 28 APC - Brennan Imports Group 210/210-5 1,200
Jun 28 Inventory 120 1,200
(purchase return)

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Jun
Jun
Jun
Feedback
There are no relevant entries in the general journal for this week.
(Q=710-110-4.AcctsRec4_week5)
SUBSIDIARY LEDGERS
Account: ARC - Central Candy
Account No. 110-4
Date Description Ref. Debit Credit Balance
May 31 Balance 3,857 DR
Jun 29 Cash Receipt CRJ 0 3857 0
Jun
Jun
Feedback
Account: ARC - Central Candy
Account No. 110-4
Date Description Ref. Debit Credit Balance
May 31 Balance 3,857 DR
Jun 29 Repayment CRJ 3,857 0
(Q=710-210-4.AcctsPay4_week5)
Account: APC - Gillard Wholesalers
Account No. 210-4
Date Description Ref. Debit Credit Balance
May 31 Balance 4,294 CR
Jun PJ

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29 Credit Purchase 0 4480 8774 CR
Jun
Jun
Feedback
Account: APC - Gillard Wholesalers
Account No. 210-4
Date Description Ref. Debit Credit Balance
May 31 Balance 4,294 CR
Jun 29 Credit purchase PJ 4,480 8,774 CR
(Q=720-100.CashAtBank_week5)
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=720-110-0.ARControl_week5)
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
Jun
Jun
Jun
Jun
Feedback

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There are no relevant entries in the Accounts Receivable Control ledger for this week.
(Q=720-210-0.APControl_week5)
Account: APC - Accounts Payable Control
Account No. 210
Date Description Ref. Debit Credit Balance
May 31 Balance 46,440 CR
Jun 28 Purchase return to Brennan Imports Group GJ 1,200 45,240 CR
Jun
Jun
Jun
Jun
Feedback
There are no relevant entries in the Accounts Payable Control ledger for this week.
(Q=720-400.SalesRevenue_week5)
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=720-402.DiscountReceived_week5)
Account: Discount Received
Account No. 402
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun
Jun
Jun

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Feedback
There are no relevant entries in the Discount Received ledger for this week.
(Q=720-500.CostOfSales_week5)
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
Jun
Jun
Jun
Feedback
There are no relevant entries in the Cost of Sales ledger for this week.
(Q=720-516.WagesExpense_week5)
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=720-545.SalaryExpense_week5)
Account: Salary Expense
Account No. 545
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 30 Salary Paid CPJ 5300 0 5300 DR
Jun
Jun

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Feedback
Account: Salary Expense
Account No. 545
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 30 Owner salary CPJ 5,300 5,300 DR
(Q=720-573.DiscountAllowed_week5)
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.
(Q=730.Inventory1_week5)
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
Jun 17 19 240 4560 5 184 920
35 240 8400
Jun 28 -5 240 -1200 5 184 920
30 240 7200
Jun 29 0 0 0 5 184 920 30 240 5040

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9 240 2160 0 0 0
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
Jun 28 -5 240 -1200 5 184 920
30 240 7200
Jun 29 5 184 920 21 240 5040
9 240 2160
(Q=730.Inventory2_week5)
Boxes Of Sprearmint Gum
Date
Purchases Cost of Sales Balance
Units Unit Cost
($)
Total Cost
($)
Units Unit Cost
($)
Total Cost
($)
Units Unit Cost
($)
Total Cost
($)

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May 31 25 272 6800
78 320 24960
Jun 21 25 272 6800 58 320 18560
20 320 6400
Jun 30 13 256 3328 0 0 0 58 320 18560
0 0 0 13 256 3328
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
Jun 30 13 256 3328 58 320 18560
13 256 3328
(Q=730.Inventory5_week5)
Boxes Of Lollipops
Date Purchases Cost of Sales Balance
Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost

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($) ($) ($) ($) ($) ($)
May 31 63 192 12096
Jun 8 13 192 2496 76 192 14592
Jun 17 10 224 2240 76 192 14592
10 224 2240
Jun 22 76 192 14592 2 224 448
8 224 1792
Jun 29 20 224 4480 0 0 0 22 224 4928
0 0 0 0 0 0
Jun
Jun
Jun
Feedback
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
Jun 22 76 192 14592 2 224 448
8 224 1792

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Jun 29 20 224 4480 22 224 4928
Manual Accounting Practice Set
iCandy, Australasian Edition 3 (VSA3q)
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