Manual Accounting System Assignment
Added on 2020-02-24
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Week 1DateTransaction description1Issued Cheque No. 812 for $9,200 to pay Blue Blazer Realty for two month's worth of rent in advance.2Paid the full amount owing to Spud's Confectionery, Cheque No. 813.2Sugar-hi paid the full amount owing on their account.4Paid sales staff wages of $1,636 for the week up to and including yesterday, Cheque No. 814. Note that $1,143 of this payment relates to the wages expense incurred during the last week of May.4Issued Cheque No. 815 to Office Supplies Warehouse for the purchase of $386 worth of office supplies.5Made payment of $845 to PowerGen for 3 months of electricity up to and including 31 May, Cheque No. 816.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 allof the transactions for the period have been recorded. However, some parts of a journal entry are still required to be posted on a daily basis. View the company's accountingpolicies and proceduresfor details of what is to be posted daily or monthly.Instructions for week 11)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.2)Post entries recorded in the journals to the appropriate ledger accounts according to the company's accountingpolicies 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 thenearest 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 instructionsDisplaying 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 thataccounting record and be displayed whenever you can see that accounting record.Before submitting your answers, we recommend that you click theShow Alltab 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 mustnotsplit 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 youarerequired to select an account for each transaction in the special journals. Specifically, in all special journals, under the column labeled Account, youmustselect the correct account name foreachtransaction 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 tobe recorded as anX. This is because these transactions are not posted on a daily basis. In order to receive full points, you must record only the letterXin the Post Ref. column for these transactions. Note that in special journals, the Other Accounts column shouldnotbe used to record movements of inventory. If a cheque number is not required, you need to fill the appropriate input box with anX. 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: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 wordingdoes not matterfor 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 mustnotsplit 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.Show AllSpecial JournalsGeneral JournalSubsidiary LedgersGeneral Ledger(Q=301.salesJournalWeek1)SALES JOURNALsDateAccountInvoiceNo.PostRef.AccountsReceivableCost of SalesJun(select)Jun(select)Jun(select)Jun(select)(Q=302.purchasesJournalWeek1)
PURCHASES JOURNALDateAccountTermsPostRef.AccountsPayableJun(select)Jun(select)Jun(select)Jun(select)(Q=303.cashReceiptsJournalWeek1)CASH RECEIPTS JOURNALNote: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.DateAccountPostRef.DebitCreditCost ofSalesCash at BankDiscountAllowedSales RevenueAccountsReceivableOther AccountsJunAccounts Receivable ControlJun(select)Jun(select)Ju(select)2110-528812881
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