Transactions - Week 2 | Manual Accounting Practice Set | Desklib

Record transactions occurred during the second week of June into the company's books. Get feedback, grading, and instructions for week 2. Use special journals and general journals to record transactions. Post entries recorded in the journals to the appropriate ledger accounts. Apply the journals and ledgers instructions provided in Week 1.

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Manual Accounting Practice Set
Ball-Mart, 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 during the second week of June into the company's books.
The week 2 transactions are listed below:
Week 2
Date Transaction description
8 Great Sports paid the full amount owing on their account. Since Great Sports has been a loyal customer from
the day the business commenced, a 10% discount was given for this early repayment.
9 Paid the full amount owing to Sports 'R Us, Cheque No. 606.
10 Sold 16 Rugby Balls to Croquet and Cricket for $52 each, Invoice No. 502.
12 Made cash sales of $9,892 during the week.
13 Mick's Sporting Goods returned $2,173 worth of product. Issued a Credit Note for $2,173.
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.
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.
Back-On-Track functionality
1)
2)

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ARC - Croquet and Cricket
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:
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.
You are required 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.
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.
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.
You are also required to apply the journals and ledgers instructions provided in Week 1.
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
(Q=401.salesJournalWeek2)
SALES JOURNAL
Date Account Invoice
No.
Post
Ref. Amount
Jun 6 ARC - Mick's Sporting Goods 501 110-3 720
Jun 10 502 110-6 832
Jun
Jun
Jun
Feedback
SALES JOURNAL
Date Account Invoice
No.
Post
Ref. Amount
Jun 6 ARC - Mick's Sporting Goods 501 110-3 720
Jun 10 ARC - Croquet and Cricket 502 110-6 832
(Q=402.purchasesJournalWeek2)
PURCHASES JOURNAL
Date Account Terms Post
Ref. Amount
Jun 3 APC - Hike 2/10, n/30 210-1 1,020
Show All

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ARC - Great Sports
Sales Revenue
Jun 6 APC - J. J. Spud net 30 210-3 570
Jun
Jun
Jun
Jun
Feedback
There are no relevant entries in the purchases journal for this week.
(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
Cash at
Bank
Discount
Allowed
Sales
Revenue
Accounts
Receivable
Other
Accounts
Jun 1 Bank Loan Payable 250 50,000 50,000
Jun 5 Sales Revenue X 6,752 6,752
Jun 8 110-1 2441 271 0 2712 0
Jun 12 X 9892 0 9892 0 0
Jun
Jun
Jun
Jun
Feedback
CASH RECEIPTS JOURNAL
Date Account Post
Ref.
Debit Credit
Cash at
Bank
Discount
Allowed
Sales
Revenue
Accounts
Receivable
Other
Accounts
Jun 1 Bank Loan Payable 250 50,000 50,000
Jun 5 Sales Revenue X 6,752 6,752
Jun 8 ARC - Great Sports 110-1 2,441 271 2,712
Jun 12 Sales Revenue X 9,892 9,892
(Q=404.cashPaymentsJournalWeek2)
CASH PAYMENTS JOURNAL

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APC - Sports 'R Us
Sales Returns and Allowances
ARC - Mick's Sporting Goods
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 Purchases Other
Accounts
Cash at
Bank
Discount
Received
Jun 1 Purchases 603 X 513 513
Jun 4 APC - Extreme Sports Supplies 604 210-4 1,686 1,652 34
Jun 5 APC - Good Sports 605 210-2 1,171 1,159 12
Jun 9 606 210-5 2211 0 0 2211 0
Jun
Jun
Jun
Jun
Jun
Feedback
CASH PAYMENTS JOURNAL
Date Account Cheque
No.
Post
Ref.
Debit Credit
Accounts
Payable Purchases Other
Accounts
Cash at
Bank
Discount
Received
Jun 1 Purchases 603 X 513 513
Jun 4 APC - Extreme Sports Supplies 604 210-4 1,686 1,652 34
Jun 5 APC - Good Sports 605 210-2 1,171 1,159 12
Jun 9 APC - Sports 'R Us 606 210-5 2,211 2,211
(Q=405.generalJournalWeek2)
GENERAL JOURNAL
Date Account and Explanation Post
Ref. Debit Credit
Jun 13 401 2173 0
13 110/110-3 0 2173
Jun
Jun

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Feedback
GENERAL JOURNAL
Date Account and Explanation Post
Ref. Debit Credit
Jun 13 Sales Returns and Allowances 401 2,173
Jun 13 ARC - Mick's Sporting Goods 110/110-3 2,173
(sales return)
(Q=410-110-1.AcctsRec1_week2)
SUBSIDIARY LEDGERS
Account: ARC - Great Sports
Account No. 110-1
Date Description Ref. Debit Credit Balance
May 31 Balance 2,712 DR
Jun 8 repaid CRJ 0 2712 0
Jun
Jun
Feedback
Account: ARC - Great Sports
Account No. 110-1
Date Description Ref. Debit Credit Balance
May 31 Balance 2,712 DR
Jun 8 Repayment CRJ 2,712 0
(Q=410-110-3.AcctsRec3_week2)
Account: ARC - Mick's Sporting Goods
Account No. 110-3
Date Description Ref. Debit Credit Balance
May 31 Balance 3,530 DR
Jun 6 Credit sale SJ 720 4,250 DR
Jun 13 return GJ 0 2173 2077 DR
Jun
Jun
Feedback

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Account: ARC - Mick's Sporting Goods
Account No. 110-3
Date Description Ref. Debit Credit Balance
May 31 Balance 3,530 DR
Jun 6 Credit sale SJ 720 4,250 DR
Jun 13 Sales return GJ 2,173 2,077 DR
(Q=410-110-6.AcctsRec6_week2)
Account: ARC - Croquet and Cricket
Account No. 110-6
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 10 cr.sale SJ 832 0 832 DR
Jun
Jun
Feedback
Account: ARC - Croquet and Cricket
Account No. 110-6
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 10 Credit sale SJ 832 832 DR
(Q=410-210-5.AcctsPay5_week2)
Account: APC - Sports 'R Us
Account No. 210-5
Date Description Ref. Debit Credit Balance
May 31 Balance 2,211 CR
Jun 9 repaid CPJ 2211 0 0
Jun
Jun
Feedback
Account: APC - Sports 'R Us
Account No. 210-5
Date Description Ref. Debit Credit Balance
May 31 Balance 2,211 CR
Jun 9 Repayment CPJ 2,211 0
(Q=420-100.CashAtBank_week2)

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GENERAL LEDGER
Account: Cash at Bank
Account No. 100
Date Description Ref. Debit Credit Balance
May 31 Balance 29,693 DR
Jun
Jun
Jun
Feedback
There are no relevant entries in the Cash at Bank ledger for this week.
(Q=420-110.AcctsRecControl_week2)
Account: ARC - Accounts Receivable Control
Account No. 110
Date Description Ref. Debit Credit Balance
May 31 Balance 11,539 DR
Jun 13 sales return GJ 0 2173 9366 DR
Jun
Jun
Feedback
Account: ARC - Accounts Receivable Control
Account No. 110
Date Description Ref. Debit Credit Balance
May 31 Balance 11,539 DR
Jun 13 Sales return from Mick's Sporting Goods GJ 2,173 9,366 DR
(Q=420-120.Inventory_week2)
Account: Inventory
Account No. 120
Date Description Ref. Debit Credit Balance
May 31 Balance 72,339 DR
Jun
Jun
Jun
Feedback
There are no relevant entries in the Inventory ledger for this week.

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(Q=420-210.AcctsPayControl_week2)
Account: APC - Accounts Payable Control
Account No. 210
Date Description Ref. Debit Credit Balance
May 31 Balance 11,918 CR
Jun
Jun
Jun
Feedback
There are no relevant entries in the Accounts Payable Control ledger for this week.
(Q=420-400.SalesRevenue_week2)
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=420-401.SalesReturns_week2)
Account: Sales Returns and Allowances
Account No. 401
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun
Jun
Jun
Feedback
Account: Sales Returns and Allowances
Account No. 401
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 13 Sales return from Mick's Sporting Goods GJ 2,173 2,173 DR

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(Q=420-402.DiscountRecd_week2)
Account: Discount Received
Account No. 402
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun
Jun
Jun
Feedback
There are no relevant entries in the Discount Received ledger for this week.
(Q=420-500.Purchases_week2)
Account: Purchases
Account No. 500
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun
Jun
Jun
Feedback
There are no relevant entries in the Purchases ledger for this week.
(Q=420-501.PurchaseReturns_week2)
Account: Purchase Returns and Allowances
Account No. 501
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun
Jun
Jun
Feedback
There are no relevant entries in the Purchase Returns and Allowances ledger for this week.
(Q=420-573.DiscountAllowed_week2)
Account: Discount Allowed
Account No. 573

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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.
Manual Accounting Practice Set
Ball-Mart, Australasian Edition 3 (VBA3q)
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