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

8/31/2017 Transactions - week 5
https://www.perdisco.com/elms/qsam/html/qsam.aspx 1/14
Your progress
Completed: 41% (approximately)
Remaining pages will take: up to 11.25 hours
The time frames we provide are a guide only. It may
take you more or less time to complete each step.
Your grading
Your grading outcome (still in progress)
Awarded Total
Points (prior to this page) 470 472
Points (on this page) 45 45
Points (after this page) − 533
Total 515 1,050
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)

8/31/2017 Transactions - week 5
https://www.perdisco.com/elms/qsam/html/qsam.aspx 2/14
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
pages are no longer shown.
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)
Show All

8/31/2017 Transactions - week 5
https://www.perdisco.com/elms/qsam/html/qsam.aspx 3/14
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

8/31/2017 Transactions - week 5
https://www.perdisco.com/elms/qsam/html/qsam.aspx 4/14
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