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eek 1
Date	Transaction description
1	Obtained a loan of $48,000 from Earth Bank at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2016 and the principal of the loan is to be repaid on June 1, 2021.
2	Sold 9 Zii Game Consoles to Jerry Technology for $170 each, Invoice No. 201.
2	Purchased 5 DK800 Desktop Computers with cash for $530 each, Check No. 903.
3	Made cash sales of $4,791 during the first 3 days of the month.
5	Purchased 7 Swish Phones from Pony for $120 each, terms 2/10, n/30.
5	Paid the full amount owing to Moon Megasystems, Check No. 904. Payment fell within discount period.
5	Paid the full amount owing to JCN Electrical, Check No. 905. Payment fell within discount period.
6	Purchased 4 BG90 Plasma Televisions from Mega Tech for $400 each, terms net 30.

After completing this practice set page, you should know how to record basic transactions in the journals provided below and understand the posting process in the manual accounting system. Note that you will record the remaining June transactions in the following sections of this practice set.

Remember, one purpose of using special journals is to make the posting process more efficient by posting the total of most columns in the special journals after all of the transactions for the period have been recorded. However, some parts of a journal entry are still required to be posted on a daily basis. View the company's accounting policies and proceduresfor details of what is to be posted daily or monthly.

Instructions for week 1

1)Record all week 1 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.

2)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 do this before you prepare the Bank Reconciliation Statement.

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 amount, subtract the discount from the original amount.

Additional instructions

Displaying selected accounting records:

To save space, not all accounting records (e.g. journals and ledgers) will be displayed on every page. However, on each page you can access all accounting records necessary to answer the questions on that page.
There are several tabs representing different views of the accounting records. The active tab by default is Show All, but you may also select to view just one particular accounting record by selecting the appropriate tab.
If you fill in any accounting records and change the view on the page by selecting a different tab, the information that you have entered will remain in that accounting record and be displayed whenever you can see that accounting record.
Before submitting your answers, we recommend that you click the Show All tab and check that all relevant accounting records have been completed. You are required to complete all relevant accounting records before pressing the Submit answers button. Once submitted, you will not be able to return to the page to re-enter or alter your answers.

Journals:

Each transaction recorded in a special journal must be entered in one line. In order to receive full points, you must notsplit up the relevant transaction into more than one line in the special journal.
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 mustselect the correct account name for each transaction in order to receive full points. 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. 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 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.
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 grading 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 points.
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 points, you mustnot 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 the page.
Some journals and ledgers may not require any entries.

Show AllSpecial JournalsGeneral JournalSubsidiary LedgersGeneral Ledger

(Q=301.salesJournalWeek1)

SALES JOURNAL

Date	Account	Invoice No.	Post Ref.	Amount
Jun
Jun
Jun

(Q=310-210-1.AcctsPay1_week1)

Account: APC - Pony
Account No. 210-1

Date		Description	Ref.	Debit	Credit	Balance
May	31	Balance				2,852 CR
Jun
Jun
Jun

(Q=310-210-2.AcctsPay2_week1)

Account: APC - Moon Megasystems
Account No. 210-2

Date		Description	Ref.	Debit	Credit	Balance
May	31	Balance				1,938 CR
Jun
Jun
Jun

(Q=310-210-3.AcctsPay3_week1)

Account: APC - Mega Tech
Account No. 210-3

Date		Description	Ref.	Debit	Credit	Balance
May	31	Balance				3,028 CR
Jun
Jun
Jun

(Q=310-210-4.AcctsPay4_week1)

Account: APC - JCN Electrical
Account No. 210-4

Date		Description	Ref.	Debit	Credit	Balance
May	31	Balance				3,732 CR
Jun
Jun
Jun

(Q=320-100.Cash_week1)

GENERAL LEDGER

Account: Cash
Account No. 100

Date		Description	Ref.	Debit	Credit	Balance
May	31	Balance				28,254 DR
Jun
Jun
Jun

(Q=320-110.AcctsRecControl_week1)

Account: ARC - Accounts Receivable Control
Account No. 110

Date		Description	Ref.	Debit	Credit	Balance
May	31	Balance				10,545 DR
Jun
Jun
Jun

(Q=320-120.Inventory_week1)

Account: Merchandise Inventory
Account No. 120

Date		Description	Ref.	Debit	Credit	Balance
May	31	Balance				89,273 DR
Jun
Jun
Jun

(Q=320-210.AcctsPayControl_week1)

Account: APC - Accounts Payable Control
Account No. 210

Date		Description	Ref.	Debit	Credit	Balance
May	31	Balance				13,938 CR
Jun
Jun
Jun

(Q=320-250.LoanPayable_week1)

Account: Bank Loan Payable
Account No. 250

Date		Description	Ref.	Debit	Credit	Balance
May	31	Balance				0
Jun
Jun
Jun

(Q=320-400.SalesRevenue_week1)

Account: Sales Revenue
Account No. 400

Date		Description	Ref.	Debit	Credit	Balance
May	31	Balance				0
Jun
Jun
Jun

(Q=320-402.SalesDisc_week1)

Account: Sales Discounts
Account No. 402

Date		Description	Ref.	Debit	Credit	Balance
May	31	Balance				0
Jun
Jun
Jun

(Q=320-500.Purchases_week1)

Account: Purchases
Account No. 500

Date		Description	Ref.	Debit	Credit	Balance
May	31	Balance				0
Jun
Jun
Jun

(Q=320-502.PurchaseDisc_week1)

Account: Purchase Discounts
Account No. 502

Date		Description	Ref.	Debit	Credit	Balance
May	31	Balance				0
Jun
Jun
Jun

10 years ago
29.03.2016
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