Transactions - Week 1 | Manual Accounting Practice Set | Desklib

This page is the feedback page for Transactions - Week 1 of the Manual Accounting Practice Set for Technology Boutique, Australasian Edition 3. It provides instructions on how to record transactions that occurred during the first week of June into the company's journals and post the appropriate entries to the ledger accounts. The page also includes additional instructions and tips for completing the practice set. Subject: Accounting, Course Code: N/A, Course Name: Manual Accounting Practice Set, College/University: Technology Boutique, Australasian Edition 3.

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Manual Accounting Practice Set
Technology Boutique, Australasian Edition 3
Feedback: Transactions - week 1
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.
Now that you have reviewed information about Intermaweb Computer, you are ready to begin the first step in the accounting cycle,
recording transactions. On this page of the practice set, you are asked to record transactions that occurred during the first week of
June into the company's journals and post the appropriate entries to the ledger accounts. The following transactions occurred
throughout the first week of June:
Week 1
Date Transaction description
2 Purchased 19 Tony ZIO MLP Projectors from Moon Megasystems for $715 each, terms net 30.
3 Purchased 30 DK800 Desktop Computers with cash for $1,430 each, Cheque No. 772.
4 Made cash sale of 15 DK800 Desktop Computers for $2,530 each.
4 Paid sales staff wages of $12,708 for the week up to and including yesterday, Cheque No. 773. Note that $6,500 of this
payment relates to the wages expense incurred during the last week of May.
5 Paid the full amount owing to Mega Tech, Cheque No. 774. Payment fell within discount period.
6 Purchased 16 MX620 Notebook Computers from Big Telco for $1,221 each, terms 2/10, n/30
6 Paid the full amount owing to Pear Technology, Cheque No. 775. Payment fell within discount period.
6 Sold 11 Tony ZIO MLP Projectors to Hypertronics for $990 each, Invoice No. 301.
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 all of 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 accounting policies and procedures for details of what is to be posted
daily or monthly.

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Instructions for week 1
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.
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.
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.
Additional instructions
Displaying 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 that accounting record and be displayed whenever you can see that accounting record.
Before submitting your answers, we recommend that you click the Show All tab 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 must not split
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 you are required to select an account for each transaction in the special
journals. Specifically, in all special journals, under the column labeled Account, you must select the correct account name
for each transaction 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 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 required to enter the GST component of a transaction as a positive number into the journals. To record an amount
in a GST account, you need to enter that amount into the appropriate debit or credit column.
Note that in special journals, the Other Accounts column should not be used to record movements of inventory.
If a cheque number is not required, you need to fill the appropriate input box with an X.
When recording a transaction into the general journal, the amount recorded in one account may be the sum of the amounts
recorded in two or more accounts. For example, a journal entry may consist of a debit of $100 to Account A, a credit of $40
to Account B and a credit of $60 to Account C. For these types of transactions, you must not split the transaction into more
than one journal entry i.e. (1) Dr Account A $40, Cr Account B $40 and (2) Dr Account A $60, Cr Account C $60. Instead,
you must record the $100 debit to Account A in a single line.
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 wording does not matter for 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 must not
split up the relevant transaction into more than one line in the subsidiary ledger.
Both journals and ledgers:
1)
2)
3)

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ARC - Hypertronics
APC - Moon Megasystems
APC - Big Telco
Most journals and ledgers will have blank rows left at the end of this question.
Some journals and ledgers may not require any entries for this week.
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.
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.
If you want to print this page, please read and follow the special printing information to ensure you can print the special journals in
full.
Special Journals General Journal Subsidiary Ledgers General Ledger Inventory
(Q=301.salesJournalWeek1)
SALES JOURNAL
Date Account Invoice
No.
Post
Ref.
Accounts
Receivable GST Sales
Revenue
Cost of
Sales
Jun 6 301 110-3 10890 990 9900 5500
Jun
Jun
Jun
Feedback
SALES JOURNAL
Date Account Invoice
No.
Post
Ref.
Accounts
Receivable GST Sales
Revenue
Cost of
Sales
Jun 6 ARC - Hypertronics 301 110-3 10,890 990 9,900 5,500
(Q=302.purchasesJournalWeek1)
PURCHASES JOURNAL
Date Account Terms Post
Ref. Inventory GST Accounts
Payable
Jun 2 net 30 210-3 12350 1235 13585
Jun 6 2/10 n/30 210-1 17760 1776 19536
Jun
Jun
Show All

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Sales Revenue
Feedback
PURCHASES JOURNAL
Date Account Terms Post
Ref. Inventory GST Accounts
Payable
Jun 2 APC - Moon Megasystems net 30 210-3 12,350 1,235 13,585
Jun 6 APC - Big Telco 2/10, n/30 210-1 17,760 1,776 19,536
(Q=303.cashReceiptsJournalWeek1)
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.
The two GST columns in this journal refer to the same GST account (being the account that is used to record the GST related to
applicable cash receipts).
Date Account Post
Ref.
Debit Credit Cost of
SalesCash at
Bank GST Discount
Allowed
Sales
Revenue GST Accounts
Receivable
Other
Accounts
Jun 4 37950 0 0 0 3450 34500 0 15600
Jun
Jun
Jun
Jun
Jun
Feedback
CASH RECEIPTS JOURNAL
Date Account Post
Ref.
Debit Credit Cost of
SalesCash at
Bank GST Discount
Allowed
Sales
Revenue GST Accounts
Receivable
Other
Accounts
Jun 4 Sales Revenue X 37,950 34,500 3,450 15,600
(Q=304.cashPaymentsJournalWeek1)
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

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Inventory
Wages Payable
APC - Mega Tech
APC - Pear Technology
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.
The two GST columns in this journal refer to the same GST account (being the account that is used to record the GST related to
applicable cash payments).
Date Account Cheque
No.
Post
Ref.
Debit Credit
Accounts
Payable GST Inventory Wages
Expense
Other
Accounts
Cash at
Bank GST Discount
Received
Jun 3 772 0 3900 39000 0 0 42900 0 0
Jun 4 773 220 0 0 0 6208 6500 12708 0 0
Jun 5 774 210-4 11550 0 0 0 0 11319 0 231
Jun 6 775 210-2 9900 0 0 0 0 9702 0 198
Jun
Jun
Feedback
CASH PAYMENTS JOURNAL
Date Account Cheque
No.
Post
Ref.
Debit Credit
Accounts
Payable GST Inventory Wages
Expense
Other
Accounts
Cash at
Bank GST Discount
Received
Jun 3 Inventory 772 X 3,900 39,000 42,900
Jun 4 Wages Payable 773 220 6,208 6,500 12,708
Jun 5 APC - Mega Tech 774 210-4 11,550 11,319 21 210
Jun 6 APC - Pear Technology 775 210-2 9,900 9,801 9 90
(Q=305.generalJournalWeek1)
GENERAL JOURNAL
Date Account and Explanation Post
Ref. Debit Credit
Jun
Jun
Jun
Feedback

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There are no relevant entries in the general journal for this week.
(Q=310-110-3.AcctsRec3_week1)
SUBSIDIARY LEDGERS
Account: ARC - Hypertronics
Account No. 110-3
Date Description Ref. Debit Credit Balance
May 31 Balance 43,013 DR
Jun 6 Sales SJ 10890 0 53903 DR
Jun
Jun
Feedback
Account: ARC - Hypertronics
Account No. 110-3
Date Description Ref. Debit Credit Balance
May 31 Balance 43,013 DR
Jun 6 Credit sale SJ 10,890 53,903 DR
(Q=310-210-1.AcctsPay1_week1)
Account: APC - Big Telco
Account No. 210-1
Date Description Ref. Debit Credit Balance
May 31 Balance 5,184 CR
Jun 6 PJ 0 19536 24720 CR
Jun
Jun
Feedback
Account: APC - Big Telco
Account No. 210-1
Date Description Ref. Debit Credit Balance
May 31 Balance 5,184 CR
Jun 6 Credit purchase PJ 19,536 24,720 CR
(Q=310-210-2.AcctsPay2_week1)
Account: APC - Pear Technology
Account No. 210-2
Date Description Ref. Debit Credit Balance
Note Book Computer

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May 31 Balance 9,900 CR
Jun 6 Payment made CPJ 9900 0 0
Jun
Jun
Feedback
Account: APC - Pear Technology
Account No. 210-2
Date Description Ref. Debit Credit Balance
May 31 Balance 9,900 CR
Jun 6 Repayment CPJ 9,900 0
(Q=310-210-3.AcctsPay3_week1)
Account: APC - Moon Megasystems
Account No. 210-3
Date Description Ref. Debit Credit Balance
May 31 Balance 41,575 CR
Jun 2 PJ 0 13585 55160 CR
Jun
Jun
Feedback
Account: APC - Moon Megasystems
Account No. 210-3
Date Description Ref. Debit Credit Balance
May 31 Balance 41,575 CR
Jun 2 Credit purchase PJ 13,585 55,160 CR
(Q=310-210-4.AcctsPay4_week1)
Account: APC - Mega Tech
Account No. 210-4
Date Description Ref. Debit Credit Balance
May 31 Balance 11,550 CR
Jun 5 Payment made CPJ 11550 0 0
Jun
Jun
Feedback
Tony Zio MLP project

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Account: APC - Mega Tech
Account No. 210-4
Date Description Ref. Debit Credit Balance
May 31 Balance 11,550 CR
Jun 5 Repayment CPJ 11,550 0
(Q=320-100.CashAtBank_week1)
GENERAL LEDGER
Account: Cash at Bank
Account No. 100
Date Description Ref. Debit Credit Balance
May 31 Balance 96,668 DR
Jun
Jun
Jun
Feedback
There are no relevant entries in the Cash at Bank ledger for this week.
(Q=320-110.AcctsRecControl_week1)
Account: ARC - Accounts Receivable Control
Account No. 110
Date Description Ref. Debit Credit Balance
May 31 Balance 64,441 DR
Jun
Jun
Jun
Feedback
There are no relevant entries in the Accounts Receivable Control ledger for this week.
(Q=320-120.Inventory_week1)
Account: Inventory
Account No. 120
Date Description Ref. Debit Credit Balance
May 31 Balance 180,070 DR
Jun
Jun

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Jun
Feedback
There are no relevant entries in the Inventory ledger for this week.
(Q=320-135.TaxPaid_week1)
Account: GST Outlays
Account No. 135
Date Description Ref. Debit Credit Balance
May 31 Balance 11,147 DR
Jun 2 Purchase PJ 1235 0 12382 DR
Jun 3 Purchase CPJ 3900 0 16282 DR
Jun 6 Purchase PJ 1776 0 18058 DR
Feedback
There are no relevant entries in the GST Outlays ledger for this week.
(Q=320-210.AcctsPayControl_week1)
Account: APC - Accounts Payable Control
Account No. 210
Date Description Ref. Debit Credit Balance
May 31 Balance 77,809 CR
Jun
Jun
Jun
Feedback
There are no relevant entries in the Accounts Payable Control ledger for this week.
(Q=320-220.WagesPayable_week1)
Account: Wages Payable
Account No. 220
Date Description Ref. Debit Credit Balance
May 31 Balance 6,500 CR
Jun 4 Payment made CPJ 6500 0 0
Jun
Jun

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Feedback
Account: Wages Payable
Account No. 220
Date Description Ref. Debit Credit Balance
May 31 Balance 6,500 CR
Jun 4 Paid staff wages CPJ 6,500 0
(Q=320-240.TaxCollected_week1)
Account: GST Collections
Account No. 240
Date Description Ref. Debit Credit Balance
May 31 Balance 19,577 CR
Jun
Jun
Jun
Feedback
There are no relevant entries in the GST Collections ledger for this week.
(Q=320-400.SalesRevenue_week1)
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=320-402.DiscountRecd_week1)
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=320-500.CostOfSales_week1)
Account: Cost of Sales
Account No. 500
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun
Jun
Jun
Feedback
There are no relevant entries in the Cost of Sales ledger for this week.
(Q=320-516.WagesExpense_week1)
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=320-573.DiscountAllowed_week1)
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.

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(Q=330.Inventory2_week1)
INVENTORY CARDS
DK800 Desktop Computers
Date
Purchases Cost of Sales Balance
Units Unit Cost
($)
Total Cost
($)
Units Unit Cost
($)
Total Cost
($)
Units Unit Cost
($)
Total Cost
($)
May 31 15 1040 15600
38 1300 49400
Jun 3 30 1300 39000 0 0 0 15 1040 15600
0 0 0 68 1300 88400
Jun 4 0 0 0 15 1040 15600 68 1300 88400
0 0 0 0 0 0
Jun
Jun
Feedback
DK800 Desktop Computers
Date
Purchases Cost of Sales Balance
Units Unit Cost
($)
Total Cost
($)
Units Unit Cost
($)
Total Cost
($)
Units Unit Cost
($)
Total Cost
($)
May 31 15 1040 15600
38 1300 49400
Jun 3 30 1300 39000 15 1040 15600
68 1300 88400
Jun 4 15 1040 15600 68 1300 88400
(Q=330.Inventory3_week1)
Tony ZIO MLP Projectors
Date Purchases Cost of Sales Balance

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Units Unit Cost
($)
Total Cost
($)
Units Unit Cost
($)
Total Cost
($)
Units Unit Cost
($)
Total Cost
($)
May 31 51 500 25500
Jun 2 19 715 13585 0 0 0 51 500 25500
0 0 0 19 650 12350
Jun 6 0 0 0 11 500 5500 40 500 20000
0 0 0 19 650 12350
Jun
Jun
Feedback
Tony ZIO MLP Projectors
Date
Purchases Cost of Sales Balance
Units Unit Cost
($)
Total Cost
($)
Units Unit Cost
($)
Total Cost
($)
Units Unit Cost
($)
Total Cost
($)
May 31 51 500 25500
Jun 2 19 650 12350 51 500 25500
19 650 12350
Jun 6 11 500 5500 40 500 20000
19 650 12350
(Q=330.Inventory5_week1)
MX620 Notebook Computers
Date
Purchases Cost of Sales Balance
Units Unit Cost
($)
Total Cost
($)
Units Unit Cost
($)
Total Cost
($)
Units Unit Cost
($)
Total Cost
($)
May 31 37 1010 37370
Jun 6 16 1110 17760 0 0 0 37 1010 37370
0 0 0 16 1110 17760

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Jun
Jun
Jun
Feedback
MX620 Notebook Computers
Date
Purchases Cost of Sales Balance
Units Unit Cost
($)
Total Cost
($)
Units Unit Cost
($)
Total Cost
($)
Units Unit Cost
($)
Total Cost
($)
May 31 37 1010 37370
Jun 6 16 1110 17760 37 1010 37370
16 1110 17760
Manual Accounting Practice Set
Technology Boutique, Australasian Edition 3 (VTA3q)
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