Transactions - Week 2 | Manual Accounting Practice Set

This page provides feedback on the transactions recorded in week 2 of the Manual Accounting Practice Set for Technology Boutique, Australasian Edition 3. It includes instructions on how to record transactions in special journals and general journals and post entries recorded in the journals to the appropriate ledger accounts according to the company's accounting policies and procedures. The page also includes information on how to update inventory cards on a daily basis and provides additional instructions for completing the practice set.

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Manual Accounting Practice Set
Technology Boutique, 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
9 Sold 29 Zii Game Consoles to Jerry Technology for $1,859 each, Invoice No. 302.
10 Paid the full amount owing to Pony, Cheque No. 776.
10 Made payment of $1,287 to PowerGen for 3 months of electricity up to and including 31 May, Cheque No. 777.
11 Made cash sale of 4 Swish Phones for $946 each.
11 Paid sales staff wages of $13,084 for the week up to and including yesterday, Cheque No. 778.
13 Hypertronics returned 4 Tony ZIO MLP Projectors that were originally sold for $990 each on 6 June. These items cost $500
each (excluding 10% GST) and were not faulty or damaged. Issued a Credit Note for $3,960.
14 Radio Hut paid the full amount owing on their account. Since Radio Hut has been a loyal customer from the day the
business commenced, a 10% discount was given for this early repayment.
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.
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2)

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ARC - Jerry Technology
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:
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.
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.
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.
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.
When completing the inventory cards, 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.
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=401.salesJournalWeek2)
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
Jun 9 302 110-6 53911 4901 49010 24420
Jun
Jun
Jun
Feedback
SALES JOURNAL
3)
Show All

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Sales Revenue
ARC - Radio Hut
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
Jun 9 ARC - Jerry Technology 302 110-6 53,911 4,901 49,010 24,420
(Q=402.purchasesJournalWeek2)
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
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.
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 Sales Revenue X 37,950 34,500 3,450 15,600
Jun 11 3784 0 0 3440 344 0 0 1680
Jun 14 110-1 4554 46 460 0 0 5060 0 0
Jun
Jun
Jun
Jun
Feedback

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APC - Pony
Electricity Payable
Wages Expense
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
Jun 11 Sales Revenue X 3,784 3,440 344 1,680
Jun 14 ARC - Radio Hut 110-1 4,554 46 460 5,060
(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.
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 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
Jun 10 776 210-5 9600 0 0 0 0 9600 0 0
Jun 10 777 221 0 62 0 0 1225 1287 0 0
Jun 11 778 0 0 0 13084 0 13084 0 0
Jun
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
Jun 10 APC - Pony 776 210-5 9,600 9,600
Jun 10 Electricity Payable 777 221 117 1,170 1,287

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Sales Returns and Allowances
GST Collections
ARC - Hypertronics
Inventory
Cost of Sales
Jun 11 Wages Expense 778 X 13,084 13,084
(Q=405.generalJournalWeek2)
GENERAL JOURNAL
Date Account and Explanation Post
Ref. Debit Credit
Jun 13 401 3600 0
240 360 0
110/110-3 0 3960
Jun 13 120 2000 0
500 0 2000
Jun
Feedback
GENERAL JOURNAL
Date Account and Explanation Post
Ref. Debit Credit
Jun 13 Sales Returns and Allowances 401 3,600
Jun 13 GST Collections 240 360
Jun 13 ARC - Hypertronics 110/110-3 3,960
(sales return)
Jun 13 Inventory 120 2,000
Jun 13 Cost of Sales 500 2,000
(sales return)
(Q=410-110-1.AcctsRec1_week2)

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SUBSIDIARY LEDGERS
Account: ARC - Radio Hut
Account No. 110-1
Date Description Ref. Debit Credit Balance
May 31 Balance 5,060 DR
Jun 14 Payment received CRJ 0 5060 0
Jun
Jun
Feedback
Account: ARC - Radio Hut
Account No. 110-1
Date Description Ref. Debit Credit Balance
May 31 Balance 5,060 DR
Jun 14 Repayment CRJ 5,060 0
(Q=410-110-3.AcctsRec3_week2)
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
Jun 13 Sales return GJ 0 3960 49943 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
Jun 13 Sales return GJ 3,960 49,943 DR
(Q=410-110-6.AcctsRec6_week2)
Account: ARC - Jerry Technology
Account No. 110-6
Date Description Ref. Debit Credit Balance
May 31 Balance 0

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Jun 9 Sales SJ 53911 0 53911 DR
Jun
Jun
Feedback
Account: ARC - Jerry Technology
Account No. 110-6
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 9 Credit sale SJ 53,911 53,911 DR
(Q=410-210-5.AcctsPay5_week2)
Account: APC - Pony
Account No. 210-5
Date Description Ref. Debit Credit Balance
May 31 Balance 9,600 CR
Jun 10 Payment made CPJ 9600 0 0
Jun
Jun
Feedback
Account: APC - Pony
Account No. 210-5
Date Description Ref. Debit Credit Balance
May 31 Balance 9,600 CR
Jun 10 Repayment CPJ 9,600 0
(Q=420-100.CashAtBank_week2)
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

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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 64,441 DR
Jun 13 Sales Return GJ 0 3960 60481 DR
Jun
Jun
Feedback
Account: ARC - Accounts Receivable Control
Account No. 110
Date Description Ref. Debit Credit Balance
May 31 Balance 64,441 DR
Jun 13 Sales return from Hypertronics GJ 3,960 60,481 DR
(Q=420-120.Inventory_week2)
Account: Inventory
Account No. 120
Date Description Ref. Debit Credit Balance
May 31 Balance 180,070 DR
Jun 13 Sales return GJ 2000 0 182070 DR
Jun
Jun
Feedback
Account: Inventory
Account No. 120
Date Description Ref. Debit Credit Balance
May 31 Balance 180,070 DR
Jun 13 Sales return from Hypertronics GJ 2,000 182,070 DR
(Q=420-135.TaxPaid_week2)
Account: GST Outlays
Account No. 135
Date Description Ref. Debit Credit Balance
May 31 Balance 11,147 DR

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Jun
Jun
Jun
Feedback
There are no relevant entries in the GST Outlays ledger for this week.
(Q=420-221.ElectricityPayable_week2)
Account: Electricity Payable
Account No. 221
Date Description Ref. Debit Credit Balance
May 31 Balance 1,225 CR
Jun 10 Payment made CPJ 1225 0 0
Jun
Jun
Feedback
Account: Electricity Payable
Account No. 221
Date Description Ref. Debit Credit Balance
May 31 Balance 1,225 CR
Jun 10 Paid electricity bill CPJ 1,170 55 CR
(Q=420-270.TaxCollected_week2)
Account: GST Collections
Account No. 240
Date Description Ref. Debit Credit Balance
May 31 Balance 19,577 CR
Jun 13 Sales Return GJ 360 0 19217 CR
Jun
Jun
Feedback
Account: GST Collections
Account No. 240
Date Description Ref. Debit Credit Balance
May 31 Balance 19,577 CR
Jun 13 Sales return from Hypertronics GJ 360 19,217 CR

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(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 13 Hypertonics GJ 3600 0 3600 DR
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 Hypertronics GJ 3,600 3,600 DR
(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

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There are no relevant entries in the Discount Received ledger for this week.
(Q=420-500.CostOfSales_week2)
Account: Cost of Sales
Account No. 500
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 13 Sales return GJ 0 2000 2000 CR
Jun
Jun
Feedback
Account: Cost of Sales
Account No. 500
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 13 Sales return from Hypertronics GJ 2,000 2,000 CR
(Q=420-516.WagesExpense_week2)
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=420-541.ElectricityExpense_week2)
Account: Electricity Expense
Account No. 541
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 Electricity Expense ledger for this week.
(Q=420-573.DiscountAllowed_week2)
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.
(Q=430.Inventory1_week2)
INVENTORY CARDS
Swish Phones
Date
Purchases Cost of Sales Balance
Units Unit Cost
($)
Total Cost
($)
Units Unit Cost
($)
Total Cost
($)
Units Unit Cost
($)
Total Cost
($)
May 31 13 420 5460
24 480 11520
Jun 11 0 0 0 4 420 1680 9 420 3780
0 0 0 24 480 11520
Jun
Jun
Jun
Feedback

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Swish Phones
Date
Purchases Cost of Sales Balance
Units Unit Cost
($)
Total Cost
($)
Units Unit Cost
($)
Total Cost
($)
Units Unit Cost
($)
Total Cost
($)
May 31 13 420 5460
24 480 11520
Jun 11 4 420 1680 9 420 3780
24 480 11520
(Q=430.Inventory3_week2)
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
Jun 13 0 0 0 -4 500 -2000 44 500 22000
0 0 0 19 650 12350
Jun
Jun
Jun
Feedback
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 19 650 12350 51 500 25500
19 650 12350
Jun 6 11 500 5500 40 500 20000
19 650 12350
Jun 13 -4 500 -2000 44 500 22000
19 650 12350
(Q=430.Inventory4_week2)
Zii Game Consoles
Date
Purchases Cost of Sales Balance
Units Unit Cost
($)
Total Cost
($)
Units Unit Cost
($)
Total Cost
($)
Units Unit Cost
($)
Total Cost
($)
May 31 21 820 17220
20 900 18000
Jun 9 0 0 0 21 820 17220 12 900 10800
8 900 7200 0 0 0
Jun
Jun
Jun
Feedback
Zii Game Consoles
Date
Purchases Cost of Sales Balance
Units Unit Cost
($)
Total Cost
($)
Units Unit Cost
($)
Total Cost
($)
Units Unit Cost
($)
Total Cost
($)
May 31 21 820 17220

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20 900 18000
Jun 9 21 820 17220 12 900 10800
8 900 7200
Manual Accounting Practice Set
Technology Boutique, Australasian Edition 3 (VTA3q)
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