Transactions - Week 3 | Manual Accounting Practice Set

2/6/2018 Transactions - week 3
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Manual Accounting Practice Set
Technology Boutique, Australasian Edition 3
Feedback: Transactions - week 3
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Using the company's records that are provided below, you are now required to record transactions that occurred throughout the
third week of June. The week 3 transactions are listed below:
Week 3
Date Transaction description
15 Paid $2,640 for one month's rent of the show room (from 16 June to 15 July inclusive), Cheque No. 779.
16 Sold 49 MX620 Notebook Computers to Handys Electronics for $1,991 each, Invoice No. 303.
16 Hypertronics paid the full amount owing on their account.
18 Made cash sale of 49 DK800 Desktop Computers for a list price of $2,530 each. A trade discount of 20% applies.
18 Paid sales staff wages of $13,282 for the week up to and including yesterday, Cheque No. 780.
20 Jerry Technology paid $27,000 in partial payment of their account.
20 Received a purchase order from Jerry Technology. Created a corresponding sales order to deliver 3 Zii Game Consoles to
this customer for $1,859 each, Invoice No. 304.
21 Returned 3 faulty DK800 Desktop Computers, originally purchased for $1,430 each, to Moon Megasystems. Received a
Credit Note for $4,290.
Instructions for week 3
Record all week 3 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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2/6/2018 Transactions - week 3
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ARC - Handys Electronics
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.
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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
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Remember:
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=501.salesJournalWeek3)
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 ARC - Jerry Technology 302 110-6 53,911 4,901 49,010 24,420
Jun 16 303 110-5 97559 8869 88690 50690
Jun
Jun
Jun
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SALES JOURNAL
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2/6/2018 Transactions - week 3
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ARC - Hypertronics
Sales Revenue
ARC - Jerry Technology
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
Jun 16 ARC - Handys Electronics 303 110-5 97,559 8,869 88,690 50,690
(Q=502.purchasesJournalWeek3)
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=503.cashReceiptsJournalWeek3)
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 Sales Revenue X 3,784 3,440 344 1,680
Jun 14 ARC - Radio Hut 110-1 4,554 46 460 5,060
Jun 16 110-3 49943 0 0 0 0 49943 0 0
Jun 18 99176 0 0 90160 9016 0 0 63700
Jun 20 110-6 27000 0 0 0 0 27000 0 0
Jun
Jun
Jun

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Prepaid Rent
Wages Expense
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
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
Jun 16 ARC - Hypertronics 110-3 49,943 49,943
Jun 18 Sales Revenue X 99,176 90,160 9,016 63,700
Jun 20 ARC - Jerry Technology 110-6 27,000 27,000
(Q=504.cashPaymentsJournalWeek3)
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 APC - Pony 776 210-5 9,600 9,600
Jun 10 Electricity Payable 777 221 117 1,170 1,287
Jun 11 Wages Expense 778 X 13,084 13,084
Jun 15 779 140 0 240 0 0 2400 2640 0 0
Jun 18 780 0 0 0 13282 0 13282 0 0
Jun
Jun
Jun
Jun
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CASH PAYMENTS JOURNAL