2/19/2020 Transactions - week 2

Manual Accounting Practice Set

Glorious Pants, US GAAP Edition 3

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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
8 Paid the full amount owing to Jordo Gourmet Coffee, Check No. 606.
9 Jandesh's Hot Spot paid the full amount owing on their account. Since Jandesh's Hot Spot has been a loyal
customer from the day the business commenced, a 5% discount was given for this early repayment.
10 Sold 2 bags of Chocolate Coated Coffee Beans to Revamp Coffee Carts for $1,730 each, Invoice No. 202.
10 Made cash sales of $11,275 during the week.
10 SloZone returned $379 worth of product. Issued a Credit Memorandum for $379.

Instructions for week 2

1) 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.

2) Post entries recorded in the journals to the appropriate ledger accounts according to the company's accounting
policies and procedures.

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2/19/2020 Transactions - week 2

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.

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Please note that any answers from previous pages carried through onto this page (either on the page or in a
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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.
You are required 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.
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.
You are also required to apply the journals and ledgers instructions provided in Week 1.

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.

Show All Special Journals General Journal Subsidiary Ledgers General Ledger

(Q=401.salesJournalWeek2)

SALES JOURNAL

Invoice Post
Date Account Amount
No. Ref.
Jun 4 ARC - SloZone 201 110-3 369

Jun 10 ARC - Revamp Coffee Carts 202 110-6 3460

Jun

Jun

Jun

Feedback

SALES JOURNAL

Invoice Post
Date Account Amount
No. Ref.
Jun 4 ARC - SloZone 201 110-3 369
Jun 10 ARC - Revamp Coffee Carts 202 110-6 3,460

(Q=402.purchasesJournalWeek2)

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2/19/2020 Transactions - week 2

PURCHASES JOURNAL

Post
Date Account Terms Amount
Ref.
Jun 1 APC - Croup Coffee net 30 210-3 362
Jun 5 APC - East Tangiers Co-op. 2/10, n/30 210-1 462

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 labeled 'Account',
as indicated under the additional instructions above. Since all transactions in this journal affect the Cash 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.

Debit Credit
Post
Date Account
Ref. Cash
Sales Sales Accounts Other
Discounts Revenue Receivable Accounts

Jun 1 Bank Loan Payable 250 56,000 56,000

Jun 3 Sales Revenue X 4,788 4,788

Jun 9 ARC - Jandesh's Hot Spo 110-1 2153 113 0 2266 0

Jun 10 Sales Revenue X 11275 0 11275 0 0

Jun

Jun

Jun

Jun

Feedback

CASH RECEIPTS JOURNAL

Debit Credit
Post
Date Account
Ref. Cash
Sales Sales Accounts Other
Discounts Revenue Receivable Accounts

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2/19/2020 Transactions - week 2

Jun 1 Bank Loan Payable 250 56,000 56,000

Jun 3 Sales Revenue X 4,788 4,788
Jun 9 ARC - Jandesh's Hot Spot 110-1 2,153 113 2,266
Jun 10 Sales Revenue X 11,275 11,275

(Q=404.cashPaymentsJournalWeek2)

CASH PAYMENTS JOURNAL

Note: In order to receive full points, for each transaction you must select an account under the column labeled 'Account',
as indicated under the additional instructions above. Since all transactions in this journal affect the Cash 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.

Debit Credit
Check Post
Date Account No. Ref. Accounts Other Purchase
Purchases Cash
Payable Accounts Discounts

Jun 3 APC - Klam Wholesalers 603 210-2 3,065 3,034 31

Jun 4 Purchases 604 X 1,912 1,912
Jun 5 APC - Dominga Wholesalers 605 210-4 3,288 3,222 66

Jun 8 APC - Jordo Gourmet C 606 210-5 3596 0 0 3596 0

Jun

Jun

Jun

Jun

Jun

Feedback

CASH PAYMENTS JOURNAL

Debit Credit
Check Post
Date Account No. Ref. Accounts Other Purchase
Purchases Cash
Payable Accounts Discounts

Jun 3 APC - Klam Wholesalers 603 210-2 3,065 3,034 31

Jun 4 Purchases 604 X 1,912 1,912
Jun 5 APC - Dominga Wholesalers 605 210-4 3,288 3,222 66
Jun 8 APC - Jordo Gourmet Coffee 606 210-5 3,596 3,596

(Q=405.generalJournalWeek2)

GENERAL JOURNAL

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2/19/2020 Transactions - week 2
Date Account and Explanation Post Debit Credit
Ref.

Jun 10 Sales Returns and Allowances 401 379 0

10 ARC - SloZone 110/110-3 0 379

Jun

Jun

Feedback

GENERAL JOURNAL

Post
Date Account and Explanation Debit Credit
Ref.
Jun 10 Sales Returns and Allowances 401 379
Jun 10 ARC - SloZone 110/110-3 379
(sales return)

(Q=410-110-1.AcctsRec1_week2)

SUBSIDIARY LEDGERS
Account: ARC - Jandesh's Hot Spot
Account No. 110-1

Date Description Ref. Debit Credit Balance

May 31 Balance 2,266 DR

Jun 9 q CRJ 0 2266 0

Jun

Jun

Feedback

Account: ARC - Jandesh's Hot Spot

Account No. 110-1

Date Description Ref. Debit Credit Balance

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2/19/2020 Transactions - week 2
May 31 Balance 2,266 DR
Jun 9 Repayment CRJ 2,266 0

(Q=410-110-3.AcctsRec3_week2)
Account: ARC - SloZone
Account No. 110-3

Date Description Ref. Debit Credit Balance

May 31 Balance 1,198 DR
Jun 4 Credit sale SJ 369 1,567 DR

Jun 10 q GJ 0 379 1188 DR

Jun

Jun

Feedback

Account: ARC - SloZone

Account No. 110-3

Date Description Ref. Debit Credit Balance

May 31 Balance 1,198 DR
Jun 4 Credit sale SJ 369 1,567 DR
Jun 10 Sales return GJ 379 1,188 DR

(Q=410-110-6.AcctsRec6_week2)
Account: ARC - Revamp Coffee Carts
Account No. 110-6

Date Description Ref. Debit Credit Balance

May 31 Balance 0

Jun 10 q SJ 3460 0 3460 DR

Jun

Jun

Feedback

Account: ARC - Revamp Coffee Carts

Account No. 110-6

Date Description Ref. Debit Credit Balance

May 31 Balance 0
Jun 10 Credit sale SJ 3,460 3,460 DR

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2/19/2020 Transactions - week 2

(Q=410-210-5.AcctsPay5_week2)
Account: APC - Jordo Gourmet Coffee
Account No. 210-5

Date Description Ref. Debit Credit Balance

May 31 Balance 3,596 CR

Jun 8 q CPJ 3596 0 0

Jun

Jun

Feedback

Account: APC - Jordo Gourmet Coffee

Account No. 210-5

Date Description Ref. Debit Credit Balance

May 31 Balance 3,596 CR
Jun 8 Repayment CPJ 3,596 0

(Q=420-100.Cash_week2)

GENERAL LEDGER
Account: Cash
Account No. 100

Date Description Ref. Debit Credit Balance

May 31 Balance 27,374 DR

Jun

Jun

Jun

Feedback

There are no relevant entries in the Cash 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 8,174 DR

Jun 10 q GJ 0 379 7795 DR

Jun
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2/19/2020 Transactions - week 2

Jun

Feedback

Account: ARC - Accounts Receivable Control

Account No. 110

Date Description Ref. Debit Credit Balance

May 31 Balance 8,174 DR
Jun 10 Sales return from SloZone GJ 379 7,795 DR

(Q=420-120.Inventory_week2)
Account: Merchandise Inventory
Account No. 120

Date Description Ref. Debit Credit Balance

May 31 Balance 75,369 DR

Jun

Jun

Jun

Feedback

There are no relevant entries in the Merchandise Inventory ledger for this week.

(Q=420-210.AcctsPayControl_week2)
Account: APC - Accounts Payable Control
Account No. 210

Date Description Ref. Debit Credit Balance

May 31 Balance 14,198 CR

Jun

Jun

Jun

Feedback

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

(Q=420-400.SalesRevenue_week2)
Account: Sales Revenue
Account No. 400

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2/19/2020 Transactions - week 2

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 10 q GJ 379 0 379 DR

Jun

Jun

Feedback

Account: Sales Returns and Allowances

Account No. 401

Date Description Ref. Debit Credit Balance

May 31 Balance 0
Jun 10 Sales return from SloZone GJ 379 379 DR

(Q=420-402.SalesDisc_week2)
Account: Sales Discounts
Account No. 402

Date Description Ref. Debit Credit Balance

May 31 Balance 0

Jun

Jun

Jun

Feedback

There are no relevant entries in the Sales Discounts ledger for this week.
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2/19/2020 Transactions - week 2

(Q=420-500.Purchases_week2)
Account: Purchases
Account No. 500

Date Description Ref. Debit Credit Balance

May 31 Balance 0

Jun

Jun

Jun

Feedback

There are no relevant entries in the Purchases ledger for this week.

(Q=420-501.PurchaseReturns_week2)
Account: Purchase Returns and Allowances
Account No. 501

Date Description Ref. Debit Credit Balance

May 31 Balance 0

Jun

Jun

Jun

Feedback

There are no relevant entries in the Purchase Returns and Allowances ledger for this week.

(Q=420-502.PurchaseDisc_week2)
Account: Purchase Discounts
Account No. 502

Date Description Ref. Debit Credit Balance

May 31 Balance 0

Jun

Jun

Jun

Feedback

There are no relevant entries in the Purchase Discounts ledger for this week.

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2/19/2020 Transactions - week 2

Manual Accounting Practice Set

Glorious Pants, US GAAP Edition 3 (VBU3q)
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