Financial Accounting: Perdisco Practice Set - Accounting Transactions

This document provides a detailed solution to a Perdisco manual accounting practice set, focusing on the completion of a one-month accounting cycle for a fictional technology boutique. The practice set involves recording cash and credit transactions in general and special journals, posting them to general and subsidiary ledgers. It covers transactions for five weeks in June, including purchases, sales, payments, and returns. The solution demonstrates how to handle various scenarios, such as cash sales, credit sales with discount terms, returns, and partial payments. The practice set requires the student to record all transactions and post them to the appropriate ledger accounts. Desklib is a platform where students can find similar solved assignments and study tools.

07/02/2018 Practice set information
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Transactions for June
You will use the following five weeks of transactions as you complete the books for June. Note that the transactions are
divided into five separate weeks. This is because you will not enter this whole list of transactions in any one page. You will be
given five separate pages in which to enter the transactions for that week for each of the five weeks.
Date Description
Week 1
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.
Week 2
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.
Week 3
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.
Week 4
23 Delivered 3 Zii Game Consoles to Jerry Technology for $1,859 each, Invoice No. 304, which was ordered on the
20th.
24 Paid the full amount owing to Moon Megasystems, Cheque No. 781.
25 Made cash sale of 54 Tony ZIO MLP Projectors for $990 each.
25 Paid sales staff wages of $12,560 for the week up to and including yesterday, Cheque No. 782.
26 Paid the full amount owing to Big Telco, Cheque No. 783.
27 Ordered 14 MX620 Notebook Computers from Mega Tech for $1,221 each, agreed terms with Mega Tech are
2/10, n/30.
Week 5

07/02/2018 Practice set information
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29 Received 14 MX620 Notebook Computers for $1,221 each, which were ordered on the 27 th, agreed terms with
Mega Tech are 2/10, n/30.
29 Pikea paid the full amount owing on their account.
29 Made cash sale of 20 Swish Phones for $946 each.
29 Purchased 22 Zii Game Consoles with cash for a list price of $990 each. A trade discount of 20% applies, Cheque
No. 784.
30 Paid monthly salary of $6,600 to Adriano Bragg, Cheque No. 785.