Perdisco Practice Set Solution - Week 5

https://myassignmentguru.com Manual Accounting Practice Set Glorious Pants, Australasian Edition 3

Feedback:   Transactions - week 5 Feedback: This is a feedback page.  page.   Please review this page carefully because later pages in this practice set build on the feedback provided here. After you have reviewed your feedback page, click Continue  Continue  at the bottom of this page to move on to the next page of your practice set.

Your progress

Your grading  Your  Yo ur grading outcome (still (still in progre progress) ss)

Awarded Awarded Total Poin Points ts (prior ior to this this page) Points (on this page) Points (after  this page) Total

Completed:

472

472

45

45

−

533

517 1,050

41% (appr oximately) oximately)

Remaining pages will take: up to 11.25 11.25 hours The time frames we provide are a guide only. It may take you more or less time to complete each step.

You are now required to enter transactions that occurred during the final week  week  of June into the company's books. The following transactions occurred throughout the last week of June:

Week 5  Date Transaction Transaction description 29 Made cash sale of 23 boxes of Diposable Spoons Spoons for $560 each. 30 Received Receiv ed 14 boxes of Specialis ed Cubed Sugar for $370 each, which whic h were ordere ordered d on the 22nd. Agreed terms with Dominga Wholesalers are 2/10, n/30. 30 KavaJava KavaJav a paid the full amount amount owing on their acc account. ount. 30 Purchased 18 packs of Coffee Coff ee Syrups with wit h cash for a list price of $200 each. A trade discount of 20% applies, applies, Cheque No. 630. 30 Paid monthly monthly salary of $5,300 $5,300 to Imogen Compton, Cheque No. 631. Instructions for week 5 1) Record all week 5 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. 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 enter this after you prepare the Bank Reconciliation Statement. 3) Update inventory cards on a daily basis. Back-On-Track functionality

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 no longer shown. Remember: Enter all answers to the nearest whole dollar. dollar. You are also required to apply the journal the  journals s and ledgers instruction instructions s   and the inventory cards instructions  instructions   provided in previous weeks. Before pressing the Submit answers button, we recommend that you click the Show All  All  tab and check that all relevant accounting records have been completed.

Special ecial Jou Jourrna nals ls Show All Sp

Gener Gen eral al Jou Jourrna nall

Subsid Su bsidiar iary y Le Ledg dger ers s

Gener Gen eral al Le Ledg dger er

Inve nvent ntor ory y (Q=701.salesJournalWeek5)

SALES JOURNAL Date

Account  

 

Invoice No.

Post  Ref.

 Accounts  Account s Receivable

Cost of  Sales

Jun

11 ARC - Con's Coffee

331

110-3

5,940

3,600

Jun

15 ARC - Quick Bolt Coffee

332

110-5

8,970

4,550

Jun

23 ARC - Quick Bolt Coffee

333

110-5

32,760

20,360

Jun

27 ARC - Jandesh's Hot Spot

334

110-6

22,770

12,450

Jun Jun Jun Jun

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

(Q=702.purchasesJournalWeek5)

PURCHASES JOURNAL Date

Jun

Account

Terms

9 APC - Brazil Imports Group

Jun

17 APC - East Tangiers Cooperative

Jun

17 APC - Croup Coffee

Jun

D ominga a Whole W holesalers salers 30  APC - Doming

Jun Jun Jun

Feedback

PURCHASES JOURNAL

 

Post  Ref.

 Accounts  Accounts Payable

net 30

210-6

4,160

2/10, n/30

210-1

3,700

net 30

210-5

5,100

210-4

5180

2/10 n/30

Date

Jun

Account

Terms

9 APC - Brazil Imports Group

  Post   Account  Accounts s Ref. Payable

net 30 210-6

4,160

Jun Jun 17 APC - East East Tangi angier ers s Coop Cooper era ative 2/10 2/10,, n/30 n/30 210 210-1

3,70 3,700 0

Jun 17 APC - Croup Coffee

net 30 210-5

5,100

2/10 /10, n/30 /30 210-4

5,18 ,180

Jun 30 30 APC APC - Domi Domin nga Who Wholes lesaler lers

(Q=703.cashReceiptsJournalWeek5)

CASH RECEIPTS JOURNAL Note:  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.

Date

Jun

Account  

 

Debit

Post  Ref.

3 ARC - Quick Bolt Coffee

Cash at  Bank 

110-5

3,200

110-1

2,250

X

6,160

110-6

1,600

X

12,960

110-3

17,282

Credit  

Discount   Allowed 

Sales Revenue

 Accou nts Other  Receivable  Accou nts

Cost of  Sales

3,200

Jun

10 ARC - Revamp Coffee Carts

250

2,500

Jun

12 Sales Revenue

Jun

17 ARC - Jandesh' s Hot Spot

Jun

19 Sales Revenue

Jun

22 ARC - Con' s Coffee

Jun

26 Sales Revenue

X

22,440

Jun

29 Sales Revenue

X

12880

0

12880

0

0

7660

Jun

K avaJava 30  ARC - KavaJava

110-4

3283

0

0

3283

0

0

6,160

3,300 1,600

12,960

8,840 17,282

22,440

13,600

Jun Jun Jun Jun

  Feedback

CASH RECEIPTS JOURNAL Date

Jun

Account  

 

3 ARC - Quick Bolt Coffee

Post  Ref.

Debit

Credit  

Cash at  Discount  Sales  Accou nts Other  Bank   Allowed  Revenue Receivable  Accou nts

Cost of  Sales

110-5

3,200

110-1

2,250

X

6,160

110-6

1,600

X

12,960

110-3

17,282

Jun 26 Sales Revenue

X

22,440

22,440

13,600

Jun 29 Sales Revenue

X

12,880

12,880

7,660

Jun 10 ARC - Revamp Coffee Carts Jun 12 Sales Revenue Jun 17 ARC - Jandesh's Hot Spot Jun 19 Sales Revenue Jun 22 ARC - Con' s Coffee

3,200 250

2,500 6,160

3,300 1,600

12,960

8,840 17,282

Jun 30 ARC - KavaJava

110-4

3,283

3,283

(Q=704.cashPaymentsJournalWeek5)

CASH PAYMENTS JOURNAL Note:  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.

Date

Account  

 

Cheque No.

Post  Ref.

Jun

1 Prepaid Rent

618

140

Jun

2 APC - Brazil Imports Group

619

210-6

Jun

3 Electricity Payable

620

221

Jun

4 Wages Payable

621

220

Jun

5 Office Supplies

622

130

Debit

Credit  

 Accou nts   Wages Other    Inventory  Payable Expense  Accou nts

Cash at  Discount  Bank  Received 

8,200 2,145

8,200 2,145

1,054

858

858

1,143

2,197

452

452

Jun

11 APC - Jordo Gourmet Coffee

623

210-2

2, 2,900

2,871

Jun

11 Wages Expense

624

X

Jun

12 APC - Croup Coffee

625

210-5

2,216

2,216

Jun

14 APC - East Tangiers Cooperative

626

210-1

3,952

3,952

Jun

18 Wages Expense

627

X

Jun

24 APC - East Tangiers Cooperative

628

210-1

Jun

25 Wages Expense

629

X

Jun

30 Inventory

630

X

0

2880

0

0

2880

0

Jun

30 Salary Expense

631

545

0

0

0

5300

5300

0

1,845

29

1,845

1,856

1,856

3,700

3,626 2,019

74

2,019

Jun Jun Jun Jun

  Feedback

CASH PAYMENTS JOURNAL Debit Date

Account  

 

Cheque No.

Credit  

Post  Ref.  Accou nts   Wages Other    Inventory  Payable Expense  Accou nts

Jun

1 Prepaid Rent

618

140

Jun

2 APC - Brazil Imports Group

619 210-6

Jun

3 Electricity Payable

620

221

Jun

4 Wages Payable

621

220

Jun

5 Office Supplies

622

130

Jun 11 APC - Jordo Gourmet Coffee

623 210-2

Jun 11 Wages Expense

624

X

8,200 2, 2 ,145

Cash Discount  at  Received  Bank 

8,200 2,145

1,054

2,900

858

858

1,143

2,197

452

452 2,871

1,845

1,845

29

Jun 12 APC - Croup Coffee

625 210-5

2,216

2,216

Jun 14 APC - East Tangiers Cooperative

626 210-1

3,952

3,952

Jun 18 Wages Expense

627

Jun 24 APC - East Tangiers Cooperative

628 210-1

Jun 25 Wages Expense

629

X

Jun 30 Inventory

630

X

Jun 30 Salary Expense

631

545

X

1,856

1,856

3,700

3,626 2,019

74

2,019

2,880

2,880 5,300

5,300

(Q=705.generalJournalWeek5)

GENERAL JOURNAL Datte Da

Acc Ac count and Ex Exp pla lan natio ion n

Jun

21 Sales Returns and Allowances

Jun

21 21

ARC - Con's Coffee

 

Post  Ref.

Debit

401

Credit  

2,970

110/110-3

2,970

(sales return)

Jun

21 Inventory

120

Jun

21

500

Cost of Sales

1,800 1,800

(sales return)

Jun

28 APC - Croup Coffee

Jun

28

210/210-5

Inventory

120

2,720 2,720

(purchase return)

Jun

Jun

Jun

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

(Q=710-110-4.AcctsRec4_week5)

SUBSIDIARY LEDGERS Account: ARC Account:  ARC - KavaJava KavaJa va Account No. 110-4

Date

Description

Ref.

Debit

Credit

Balance

May

31 Balance

Jun

30

3,283 DR

q

CRJ

0

3283

0

Debit

Credit

Balance

Jun Jun

Feedback

Account: ARC Account:  ARC - KavaJava KavaJ ava Account No. 110-4

Date

Description

May

31 Balance

Jun

30 Repayment

Ref.

3,283 DR CRJ

3,283

0

(Q=710-210-4.AcctsPay4_week5)

Account: APC Account:  APC - Dominga Wholes alers Account No. 210-4

Date

Description

May

31 Balance

Jun

30

Ref.

Debit

Credit

Balance

3,893 CR

q

PJ

0

51 5180

9073 CR

Debit

Credit

Balance

Jun Jun

Feedback

Account: APC Account:  APC - Dominga Wholes alers Account No. 210-4

Date

Description

May

31 Balance

Jun

30 Credit purchase

Ref.

3,893 CR PJ

5,180

9,073 CR

(Q=720-100.CashAtBank_week5)

GENERAL LEDGER  Account: Cash at Bank  Account No. 100

Date

May

Description

31 Balance

Jun Jun Jun

Feedback

Ref.

Debit

Credit

Balance

66,035 DR

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

(Q=720-110-0.ARControl_week5)

Account: ARC Account:  ARC - Accounts Receivable Recei vable Control  Account No. 110

Date

Description

May

31 Balance

Jun

21 Sales return from Con' s Coffee

Ref.

Debit

Credit

Balance

29,205 DR GJ

2,970

26,235 DR

Jun Jun Jun Jun

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

(Q=720-210-0.APControl_week5)

Account: APC Account:  APC - Acco Accounts unts Payabl e Control  Account No. 210

Date

Description

May

31 Balance

Jun

28 Purchase return to Croup Coffee

Ref.

Debit

C redit

Balance

42,373 CR GJ

2,720

39,653 CR

Jun Jun Jun Jun

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

(Q=720-400.SalesRevenue_week5)

Account: Sales Revenue Account No. 400

Date

May

Description

Ref.

Debit

31 Balance

Jun Jun Jun

Feedback There are no relevant entries in the Sales Revenue ledger for this week.

Credit

Balance

0

(Q=720-402.DiscountReceived_week5)

Account: Discount Received  Account No. 402

Date

May

Description

Ref.

Debit

Credit

Balance

31 Balance

0

Jun Jun Jun

Feedback There are no relevant entries in the Discount Received ledger for this week.

(Q=720-500.CostOfSales_week5)

Account: Cost of Sales Account No. 500

Date

Description

May

31 Balance

Jun

21 Sales return from Con' s Coffee

Ref.

Debit

Credit

Balance

0 GJ

1,800

1,800 CR

Jun Jun Jun

Feedback There are no relevant entries in the Cost of Sales ledger for this week.

(Q=720-516.WagesExpense_week5)

Account: Wages Expense Account No. 516

Date

May

Description

Ref.

Debit

Credit

Balance

31 Balance

0

Jun Jun Jun

Feedback There are no relevant entries in the Wages Expense ledger for this week.

(Q=720-545.SalaryExpense_week5)

Account: Salary Expense Account No. 545

Date

Description

Ref.

Debit

Credit

Balance

May

31 Balance

Jun

30

0

q

C PJ

5300

0

5300 DR

Debit

Credit

Jun Jun

Feedback

Account: Salary Expense Account No. 545

Date

Description

May

31 Balance

Jun

30 Owner salary

Ref.

Balance

0 C PJ

5,300

5,300 DR

(Q=720-573.DiscountAllowed_week5)

Account: Discount Allowed  Account No. 573

Date

May

Description

Ref.

Debit

Credit

Balance

31 Balance

0

Jun Jun Jun

Feedback There are no relevant entries in the Discount Allowed ledger for this week.

(Q=730.Inventory1_week5)

INVENTORY CARDS Boxes Of Diposable Spoons

Purchases Date

May

Jun

Jun

Jun

Cost of Sales

Balance

Units Unit Cost  Total Cost  Units Unit Cost Total Cost  Units Unit Cost  Total Cost  ($) ($) ($) ($) ($) ($)

31

12

17

28

11

15

-8

340

340

5100

-2720

300

3300

15

300

4500

16

340

5440

4

300

1200

16

340

5440

4

300

1200

31

340

10540

4

300

1200

23

340

7820

Jun

29 29

0

0

0

4

300

1200

4

340

1360

19

340

6460

0

0

0

Jun

Jun

Jun

Feedback

Boxes Of Diposable Spoons

Purchases Date

May

Jun

Jun

Jun

Jun

Cost of Sales

Balance

Units Unit Cost  Total Cost  Units Unit Cost Total Cost  Units Unit Cost  Total Cost  ($) ($) ($) ($) ($) ($)

31

12

17

28

11

15

340

-8

340

29

300

15

300

4500

16

340

5440

4

300

1200

16

340

5440

4

300

1200

31

340

10540

4

300

1200

23

340

7820

4

340

1360

3300

5100

-2720

4

300

1200

19

340

6460

(Q=730.Inventory2_week5)

Packs Of Coffee Syrups

Purchases Date

May

Cost of Sales

Balance

Units Unit Cost  Total Cost  Units Unit Cost Total Cost  Units Unit Cost  Total Cost  ($) ($) ($) ($) ($) ($)

31

20

192

3840

64

200

12800

Jun

19

Jun

30

18

160

2880

20

192

3840

39

200

7800

25

200

5000

0

0

0

39

200

7800

0

0

0

18

160

2880

Jun

Jun

Jun

Feedback

Packs Of Coffee Syrups

Purchases Date

May

Jun

Jun

Cost of Sales

Balance

Units Unit Cost  Total Cost  Units Unit Cost Total Cost  Units Unit Cost  Total Cost  ($) ($) ($) ($) ($) ($)

31

19

30

18

160

20

19 192

3840

25

200

5000

2880

20

192

3840

64

200

12800

39

200

7800

39

200

7800

18

160

2880

(Q=730.Inventory5_week5)

Boxes Of Specialised Cubed Sugar 

Purchases Date

Cost of Sales

Balance

Units Unit Cost  Total Cost  Units Unit Cost Total Cost  Units Unit Cost  Total Cost  ($) ($) ($) ($) ($) ($)

May

31

Jun

9

13

320

Jun

17

10

370

46

320

14720

4160

59

320

18880

3700

59

320

18880

10

370

3700

Jun

23

Jun

30

14

370

5180

59

320

18880

6

370

2220

4

370

1480

0

0

0

20

370

7400

0

0

0

0

0

0

Jun

Jun

Jun

Feedback

Boxes Of Specialised Cubed Sugar 

Purchases Date

31

Jun

9

13

320

Jun

17

10

370

Jun

Balance

Units Unit Cost  Total Cost  Units Unit Cost Total Cost  Units Unit Cost  Total Cost  ($) ($) ($) ($) ($) ($)

May

Jun

Cost of Sales

46

320

14720

4160

59

320

18880

3700

59

320

18880

10

370

3700

6

370

2220

20

370

7400

23

30

14

370

5180

Manual Accounting Practice Set  Glorious Pants, Australasian Edition 3 (VSA3q) © 2009 - 2014 Perdisco / Perdisco / latin /. v., learn t horoughly  http://www.perdisco.com Terms Of Use | Privacy Policy | Policy | Thursday, June 01, 2017, 21:37

59

32 320

18880

4

370

1480