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Transactions - week 3 http://www.perdisco.com/elms/qsam/html/qsam.

aspx

Specialty Sports Store Practice Set


Being completed by: Beanut

Transactions - week 3 [feedback page]

This is a feedback page. Please review this page carefully because later pages in this practice set may build on the
feedback provided here. When you are ready, click continue.

Saving your position. If you want to save this practice set where you are up to and come back to it at a later time,
click the bookmark button on this page to save your position and be returned to your home page. To re-enter the
practice set at this page at a later time, simply click the link that you originally clicked to access this practice set.

Instructions for week 3

1) Record all week 3 transactions in the relevant journals. Navigation map

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.

2) The following are to be posted to ledger accounts daily:

All entries affecting subsidiary ledgers


All entries in the Other Accounts column of the cash
receipts and cash payments journals
All transactions entered into the general journal.

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.

3) Update inventory cards on a daily basis.

Please note that any answers from previous pages carried through
onto this page (either on the page or in a popup information page)
are the correct answers, not your particular answers.

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 journals, ledgers and inventory cards: Additional information


Not all journals, ledgers and inventory cards will be displayed To answer this question you may need the following information:
on every page.
On this page you can access all journals, ledgers and Background information
inventory cards necessary to answer this question.
Trial balance
There are several tabs representing different views of the
journal, ledgers and inventory cards. The active tab by Transactions list - week 3
default is Show All, but you may also select to view just the Schedules of accounts payable/receivable
special journals, the general journal, just the subsidiary
ledgers, the general ledger accounts or the inventory cards
by selecting the appropriate tab.
If you fill in any journal, ledger accounts or inventory cards
and change the view on this page by selecting a different tab,
the information that you have entered will remain in that
Original information
journal, ledger or inventory card and be displayed whenever
The information in the above links comes from the 'Overview' and
you can see that journal, ledger or inventory card.
'Further information' pages at the beginning of the practice set. If
Journals: you did not print them out, and you would like to refer to them,
you may review them below:
Please note that in the journals when you select accounts,
you will select the account using a popup link. You cannot Overview
type directly into the field. Further information
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 marks.
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.

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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 marks, 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 marks, you must record only the letter X in the Post Ref. column for these transactions.
Note that in special journals, the Other Accounts column should not be used to record movements of inventory.
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 the subsidiary ledger account in the Post Ref. column to
indicate that you have posted to both accounts.
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 marking 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 marks.
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 marks, you must not split up
the relevant transaction into more than one line in the subsidiary ledger.

Both journals and ledgers:

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, changes in inventory must not be posted to the Inventory ledger on a
daily basis.

Inventory cards:

Each transaction recorded in the inventory cards must be entered in a pair of lines provided. In order to receive full marks, you
must not split up a transaction into more than the two lines given in the inventory card or combine two transactions into the one
pair of lines.
However, each transaction may need to be recorded in more than one line on the inventory card when the movement in inventory
includes items that have two different unit costs. You should use a separate line within the pair of lines for each different unit cost.
In particular, you should not combine the total cost of the inventory into one amount. See the inventory cards for May in the Further
information popup for an example of how inventory cards are to be completed.

Show All Special Journals General Journal Subsidary Ledgers General Ledger Inventory

(Q=501.salesJournalWeek3)

SALES JOURNAL

Invoice Post Accounts


Date Account Cost of Sales
No. Ref. Receivable

Jun 6 ARC - Jump Around 599 110-3 1,820 1,300


Jun 9 ARC - Great Sports 600 110-6 25,920 15,880

Jun 16 ARC - Mick's Sporting Goods (select)


601 110-5 15180 11370
(select)
Jun

(select)
Jun

(select)
Jun

Feedback

Solution

SALES JOURNAL

Accounts Cost of
Date Account Invoice Post Receivable Sales

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No. Ref.

Jun 6 ARC - Jump Around 599 110-3 1,820 1,300


Jun 9 ARC - Great Sports 600 110-6 25,920 15,880
Jun 16 ARC - Mick's Sporting Goods 601 110-5 15,180 11,370

(Q=502.purchasesJournalWeek3)

PURCHASES JOURNAL

Post Accounts
Date Account Terms
Ref. Payable

Jun 2 APC - J. J. Spud net 30 210-5 1,440


Jun 6 APC - Good Sports 2/10, n/30 210-1 1,960

(select)
Jun

(select)
Jun

(select)
Jun

(select)
Jun

Feedback

Solution

There are no relevant entries in the purchases journal for this week.

(Q=503.cashReceiptsJournalWeek3)

CASH RECEIPTS JOURNAL

Note: In order to receive full marks, for each transaction, you must select an account under the column labelled 'Account', as indicated under
the additional instructions above.

DR CR
Cost of
Date Account Post Ref. Cash at Discount Sales Accounts Other Sales
Bank Allowed Revenue Receivable Accounts

Jun 6 Sales Revenue X 12,190 12,190 7,530


Jun 13 Sales Revenue X 880 880 440
Jun 14 ARC - Croquet and Cricket 110-1 4,225 470 4,695

Jun 16 ARC - Great Sports (select)


110-6 20200 0 0 20200 0 0
Jun 17 ARC - Jump Around (select)
110-3 4237 0 0 4237 0 0
Jun 20 Sales Revenue (select)
X 5060 0 5060 0 0 3300
(select)
Jun

(select)
Jun

(select)
Jun

Feedback

Solution

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Transactions - week 3 http://www.perdisco.com/elms/qsam/html/qsam.aspx

CASH RECEIPTS JOURNAL

DR CR
Post Cost of
Date Account Cash at Discount Sales Accounts Other
Ref. Sales
Bank Allowed Revenue Receivable Accounts

Jun 6 Sales Revenue X 12,190 12,190 7,530


Jun 13 Sales Revenue X 880 880 440
Jun 14 ARC - Croquet and Cricket 110-1 4,225 470 4,695
Jun 16 ARC - Great Sports 110-6 20,200 20,200
Jun 17 ARC - Jump Around 110-3 4,237 4,237
Jun 20 Sales Revenue X 5,060 5,060 3,300

(Q=504.cashPaymentsJournalWeek3)

CASH PAYMENTS JOURNAL

Note: In order to receive full marks, for each transaction, you must select an account under the column labelled 'Account', as indicated under
the additional instructions above.

DR CR

Date Account Cheque Post


No. Ref. Accounts Wages Other Cash at Discount
Inventory
Payable Expense Accounts Bank Received

Jun 1 APC - Sports 'R Us 308 210-2 2,300 2,277 23


Jun 3 APC - Extreme Sports Supplies 309 210-4 3,403 3,335 68
Jun 3 Inventory 310 X 3,000 3,000
Jun 4 Wages Payable 311 220 891 807 1,698
Jun 9 APC - J. J. Spud 312 210-5 1,440 1,440
Jun 9 Electricity Payable 313 221 780 780
Jun 11 Wages Expense 314 X 1,642 1,642

Jun 18 Wages Expense (select)


315 X 0 0 1880 0 1880 0
(select)
Jun

(select)
Jun

(select)
Jun

(select)
Jun

(select)
Jun

Feedback

Solution

CASH PAYMENTS JOURNAL

DR CR

Date Account Cheque Post


Accounts Other Cash at Discount
No. Ref. Inventory Wages
Payable Expense Accounts Bank Received

Jun 1 APC - Sports 'R Us 308 210-2 2,300 2,277 23


Jun 3 APC - Extreme Sports Supplies 309 210-4 3,403 3,335 68
Jun 3 Inventory 310 X 3,000 3,000
Jun 4 Wages Payable 311 220 891 807 1,698
Jun 9 APC - J. J. Spud 312 210-5 1,440 1,440
Jun 9 Electricity Payable 313 221 780 780
Jun 11 Wages Expense 314 X 1,642 1,642
Jun 18 Wages Expense 315 X 1,880 1,880

(Q=505.generalJournalWeek3)

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GENERAL JOURNAL

Date Account and Explanation Post DR CR


Ref.

Jun 8 Sales Returns and Allowances 401 1,260


Jun 8 ARC - Jump Around 110-3 1,260
(sales return)

Jun 8 Inventory 120 900


Jun 8 Cost of Sales 500 900
(sales return)

Jun 13 Retained Earnings 301 1,000


Jun 13 Dividend Payable 230 1,000
(dividend declaration)

Jun 21 APC - Sport Borders (select)


210-3 1800 0
21 Inventory (select)
120 0 1800

(select)
Jun

(select)

(select)
Jun

(select)

Feedback

Solution

GENERAL JOURNAL

Date Account and Explanation Post DR CR


Ref.

Jun 8 Sales Returns and Allowances 401 1,260


Jun 8 ARC - Jump Around 110-3 1,260
(sales return)

Jun 8 Inventory 120 900


Jun 8 Cost of Sales 500 900
(sales return)

Jun 13 Retained Earnings 301 1,000


Jun 13 Dividend Payable 230 1,000
(dividend declaration)

Jun 21 APC - Sport Borders 210-3 1,800


Jun 21 Inventory 120 1,800
(purchase return)

(Q=510-110-3.AcctsRec3_week3)

Account: ARC - Jump Around


Account No. 110-3

Date Description Ref. DR CR Balance

May 31 Balance 3,677 DR


Jun 6 Credit sale SJ 1,820 5,497 DR

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Jun 8 Sales return GJ 1,260 4,237 DR

Jun 17 Repayment CRJ 0 4237 0


Jun

Jun

Feedback

Solution

Account: ARC - Jump Around


Account No. 110-3

Date Description Ref. DR CR Balance

May 31 Balance 3,677 DR


Jun 6 Credit sale SJ 1,820 5,497 DR
Jun 8 Sales return GJ 1,260 4,237 DR
Jun 17 Repayment CRJ 4,237 0

(Q=510-110-5.AcctsRec5_week3)

Account: ARC - Mick's Sporting Goods


Account No. 110-5

Date Description Ref. DR CR Balance

May 31 Balance 0

Jun 16 Credit Sale SJ 15180 0 15180 DR


Jun

Jun

Feedback

Solution

Account: ARC - Mick's Sporting Goods


Account No. 110-5

Date Description Ref. DR CR Balance

May 31 Balance 0
Jun 16 Credit sale SJ 15,180 15,180 DR

(Q=510-110-6.AcctsRec6_week3)

Account: ARC - Great Sports


Account No. 110-6

Date Description Ref. DR CR Balance

May 31 Balance 0
Jun 9 Credit sale SJ 25,920 25,920 DR

Jun 16 Repayment CRJ 0 20200 5720 DR


Jun

Jun

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Feedback

Solution

Account: ARC - Great Sports


Account No. 110-6

Date Description Ref. DR CR Balance

May 31 Balance 0
Jun 9 Credit sale SJ 25,920 25,920 DR
Jun 16 Repayment CRJ 20,200 5,720 DR

(Q=510-210-3.AcctsPay3_week3)

Account: APC - Sport Borders


Account No. 210-3

Date Description Ref. DR CR Balance

May 31 Balance 7,556 CR

Jun 21 Purchase Return GJ 1800 0 5756 CR


Jun

Jun

Feedback

Solution

Account: APC - Sport Borders


Account No. 210-3

Date Description Ref. DR CR Balance

May 31 Balance 7,556 CR


Jun 21 Purchase return GJ 1,800 5,756 CR

(Q=520-100.CashAtBank_week3)

Account: Cash at bank


Account No. 100

Date Description Ref. DR CR Balance

May 31 Balance 48,285 DR

Jun

Jun

Jun

Feedback

Solution

There are no relevant entries in the Cash at bank ledger for this week.

(Q=520-110.AcctsRecControl_week3)

Account: ARC - Accounts Receivable Control

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Account No. 110

Date Description Ref. DR CR Balance

May 31 Balance 16,637 DR


Jun 8 Sales return from Jump Around GJ 1,260 15,377 DR

Jun

Jun

Jun

Feedback

Solution

There are no relevant entries in the Accounts Receivable Control ledger for this week.

(Q=520-120.Inventory_week3)

Account: Inventory
Account No. 120

Date Description Ref. DR CR Balance

May 31 Balance 54,040 DR


Jun 8 Sales return from Jump Around GJ 900 54,940 DR

Jun 21 Purchase return GJ 0 1800 53140 DR


Jun

Jun

Feedback

Solution

Account: Inventory
Account No. 120

Date Description Ref. DR CR Balance

May 31 Balance 54,040 DR


Jun 8 Sales return from Jump Around GJ 900 54,940 DR
Jun 21 Purchase return to Sport Borders GJ 1,800 53,140 DR

(Q=520-210.AcctsPayControl_week3)

Account: APC - Accounts Payable Control


Account No. 210

Date Description Ref. DR CR Balance

May 31 Balance 15,735 CR

Jun

Jun

Jun

Feedback

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Solution

Account: APC - Accounts Payable Control


Account No. 210

Date Description Ref. DR CR Balance

May 31 Balance 15,735 CR


Jun 21 Purchase return to Sport Borders GJ 1,800 13,935 CR

(Q=530.Inventory2_week3)
rugby balls

Purchases Cost of Sales Balance


Date
Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost

May 31 21 130 2730


56 150 8400

Jun 3 20 150 3000 21 130 2730


76 150 11400

Jun 6 21 130 2730 44 150 6600


32 150 4800

Jun 20 0 0 0 22 150 3300 22 150 3300


0 0 0 0 0 0

Jun

Jun

Jun

Feedback

Solution

rugby balls

Purchases Cost of Sales Balance


Date
Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost

May 31 21 130 2730


56 150 8400

Jun 3 20 150 3000 21 130 2730


76 150 11400

Jun 6 21 130 2730 44 150 6600


32 150 4800

Jun 20 22 150 3300 22 150 3300

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Jun 21 -12 150 -1800 10 150 1500

(Q=530.Inventory4_week3)
Sting ray golf clubs

Purchases Cost of Sales Balance


Date
Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost

May 31 28 490 13720


12 540 6480

Jun 9 28 490 13720 8 540 4320


4 540 2160

Jun

Jun

Jun

Jun

Feedback

Solution

There are no relevant entries in the Sting ray golf clubs card for this week.

(Q=530.Inventory5_week3)
pairs of sports shoes

16 0 0 0 57 170 9690 2 140 280


12 140 1680 0 0 0

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Jun

Feedback

Solution

pairs of sports shoes

Purchases Cost of Sales Balance


Date
Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost

May 31 57 170 9690

Jun 6 14 140 1960 57 170 9690


14 140 1960

Jun 16 57 170 9690 2 140 280


12 140 1680

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