Transactions - Week 2 | Manual Accounting Practice Set | iCandy, Australasian Edition 3

8/31/2017 Transactions - week 2
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Manual Accounting Practice Set
iCandy, Australasian Edition 3
Feedback: Transactions - week 2
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 instructed to record transactions that occurred throughout the second week of June into the company's books.
The week 2 transactions are listed below:
Week 2
Date Transaction description
8 Purchased 13 boxes of Lollipops from Spud's Confectionery for $192 each, terms net 30.
8 Paid the full amount owing to East Tangiers Cooperative, Cheque No. 700. Payment fell within discount period.
11 Paid the full amount owing to Hershel's, Cheque No. 701.
11 Sold 14 boxes of Hazelnut Toffee to Mercury Square for $456 each, Invoice No. 204.
11 Paid sales staff wages of $1,766 for the week up to and including yesterday, Cheque No. 702.
13 Paid the full amount owing to Brennan Imports Group, Cheque No. 703.
13 Candy Man paid the full amount owing on their account. Since Candy Man has been a loyal customer from the day
the business commenced, a 10% discount was given for this early repayment.
14 Made cash sale of 18 boxes of Fruit Drops for $408 each.
Instructions for week 2
Record all week 2 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.
1)

8/31/2017 Transactions - week 2
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ARC - Mercury Square
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 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.
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.
Additional instructions
Inventory cards:
Each transaction recorded in the inventory cards must be entered in a pair of lines provided. You may be required to
record a transaction in a single line or two separate lines within the pair of lines provided. Whether one or two lines
are required depends on the unit costs of the items involved in that transaction. If a transaction involves items with
the same unit cost, you must record that transaction in a single line. Alternatively, if those items have two different
unit costs, you are required to use a separate line within the pair of lines provided for each different unit cost.
In order to receive full points, you must not combine two transactions into the one pair of lines. See the Inventory
cards ~ May popup below the 'Information from previous pages' heading for an example of how inventory cards are
to be completed.
Note that 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.
Remember:
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.
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.
You are also required to apply the journals and ledgers instructions provided in Week 1.
Special Journals General Journal Subsidiary Ledgers General Ledger Inventory
(Q=401.salesJournalWeek2)
SALES JOURNAL
Date Account Invoice
No.
Post
Ref.
Accounts
Receivable
Cost of
Sales
Jun 11 204 110-3 6384 3696
Jun
Jun
Jun
2)
3)
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APC - Spud's Confectionery
ARC - Candy Man
Sales Revenue
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
(Q=402.purchasesJournalWeek2)
PURCHASES JOURNAL
Date Account Terms Post
Ref.
Accounts
Payable
Jun 8 net 30 210-6 2496
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
(Q=403.cashReceiptsJournalWeek2)
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 13 110-1 2736 304 0 3040 0 0
Jun 14 400 7344 0 7344 0 0 3312
Jun
Jun

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APC - East Tangiers Cooperative
APC - Hershel's
Wages Expense
APC - Brennan Imports Group
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
(Q=404.cashPaymentsJournalWeek2)
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 8 700 210-2 2100 0 0 0 2079 21
Jun 11 701 210-1 4416 0 0 0 4416 0
Jun 11 702 516 0 0 1766 0 1766 0
Jun 13 703 210-5 2314 0 0 0 2314 0
Jun
Jun
Feedback
CASH PAYMENTS JOURNAL
Date Account Cheque Post Debit Credit