Transactions – week 1 Your progress Completed: 2% (approximately) This page will take: up to 2.5… 1 answer below »

Transactions – week 1 Your progress Completed: 2% (approximately) This page will take: up to 2.5 hours Remaining pages will take: up to 18 hours

The time frames we provide are a guide only. It may take you more or less time to complete each page. Your grading Your grading outcome (still in progress) Awarded Total Points (prior to this page) 0 0 Points (on this page) – 238 Points (after this page) – 1,043 Total 0 1,281 Information from previous pages General instructionsPolicies and proceduresAll transactionsAdjusting entries informationTrial balance – MaySchedules of accounts – MayInventory cards – MayBank reconciliation – MayBank statement – JuneSpecial printing information

Now that you have reviewed information about Intermaweb Computer, you are ready to begin the first step in the accounting cycle, recording transactions. On this page of the practice set, you are asked to record transactions that occurred during the first week of June into the company's journals and post the appropriate entries to the ledger accounts. The following transactions occurred throughout the first week of June: Week 1 Date Transaction description 2 Purchased 27 MX620 Notebook Computers with cash for $1,210 each, Cheque No. 786. 3 Purchased 19 MePod Multimedia Players from Big Telco for $528 each, terms 2/10, n/30 3 Paid the full amount owing to Pear Technology, Cheque No. 787. Payment fell within discount period. 4 Purchased 11 DK800 Desktop Computers from Moon Megasystems for $803 each, terms net 30. 4 Paid sales staff wages of $13,256 for the week up to and including yesterday, Cheque No. 788. 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 Pony, Cheque No. 789. Payment fell within discount period. 5 Made cash sale of 11 MX620 Notebook Computers for $2,420 each. 6 Sold 17 DK800 Desktop Computers to Jerry Technology for $1,408 each, Invoice No. 387.

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 procedures for 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 enter this after you prepare the Bank Reconciliation Statement.

3)Update inventory cards on a daily basis.

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 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 not split 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 must select 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. You are required to enter the GST component of a transaction as a positive number into the journals. To record an amount in a GST account, you need to enter that amount into the appropriate debit or credit column. Note that in special journals, the Other Accounts column should not be used to record movements of inventory. If a cheque number is not required, you need to fill the appropriate input box with an X.When recording a transaction into the general journal, the amount recorded in one account may be the sum of the amounts recorded in two or more accounts. For example, a journal entry may consist of a debit of $100 to Account A, a credit of $40 to Account B and a credit of $60 to Account C. For these types of transactions, you must not split the transaction into more than one journal entry i.e. (1) Dr Account A $40, Cr Account B $40 and (2) Dr Account A $60, Cr Account C $60. Instead, you must record the $100 debit to Account A in a single line.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 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, the corresponding changes in inventory must not be posted to the Inventory account in the general ledger on a daily basis.

Inventory cards: Each transaction recorded in the inventory cards must be entered in a pair of lines provided. You may be required to record a transaction in a single line or two separate lines within the pair of lines provided. Whether one or two lines are required depends on the unit costs of the items involved in that transaction. If a transaction involves items with the same unit cost, you must record that transaction in a single line. Alternatively, if those items have two different unit costs, you are required to use a separate line within the pair of lines provided for each different unit cost.In order to receive full points, you must not combine two transactions into the one pair of lines. See the Inventory cards ~ May popup below the 'Information from previous pages' heading for an example of how inventory cards are to be completed. Note that you may enter a positive or negative number into the Units and Total Cost columns but all unit costs must be entered as positive numbers into the Unit Cost columns.

If you want to print this page, please read and follow the special printing information to ensure you can print the special journals in full.

Show AllSpecial JournalsGeneral JournalSubsidiary LedgersGeneral LedgerInventory (Q=301.salesJournalWeek1) SALES JOURNAL Date Account Invoice
No. Post
Ref. Accounts Receivable GST Sales Revenue Cost of Sales Jun (select) Jun (select) Jun (select) Jun (select) (Q=302.purchasesJournalWeek1) PURCHASES JOURNAL Date Account Terms Post
Ref. Inventory GST Accounts Payable Jun (select) Jun (select) Jun (select) Jun (select) (Q=303.cashReceiptsJournalWeek1) CASH RECEIPTS JOURNAL

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.

The two GST columns in this journal refer to the same GST account (being the account that is used to record the GST related to applicable cash receipts). Date Account Post Ref. Debit Credit Cost of Sales Cash at Bank GST Discount Allowed Sales Revenue GST Accounts Receivable Other Accounts Jun (select) Jun (select) Jun (select) Jun (select) Jun (select) Jun (select) (Q=304.cashPaymentsJournalWeek1) CASH PAYMENTS JOURNAL

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.

The two GST columns in this journal refer to the same GST account (being the account that is used to record the GST related to applicable cash payments). Date Account Cheque
No. Post
Ref. Debit Credit Accounts Payable GST Inventory Wages
Expense Other Accounts Cash at Bank GST Discount Received Jun (select) Jun (select) Jun (select) Jun (select) Jun (select) Jun (select) (Q=305.generalJournalWeek1) GENERAL JOURNAL Date Account and Explanation Post
Ref. Debit Credit Jun (select) (select) Jun (select) (select) Jun (select) (select) (Q=310-110-3.AcctsRec3_week1) SUBSIDIARY LEDGERS Account: ARC – Jerry Technology
Account No. 110-3 Date Description Ref. Debit Credit Balance May 31 Balance 41,239 DR Jun Jun Jun (Q=310-210-1.AcctsPay1_week1) Account: APC – Big Telco
Account No. 210-1 Date Description Ref. Debit Credit Balance May 31 Balance 9,419 CR Jun Jun Jun (Q=310-210-2.AcctsPay2_week1) Account: APC – Pony
Account No. 210-2 Date Description Ref. Debit Credit Balance May 31 Balance 18,700 CR Jun Jun Jun (Q=310-210-3.AcctsPay3_week1) Account: APC – Moon Megasystems
Account No. 210-3 Date Description Ref. Debit Credit Balance May 31 Balance 43,415 CR Jun Jun Jun (Q=310-210-4.AcctsPay4_week1) Account: APC – Pear Technology
Account No. 210-4 Date Description Ref. Debit Credit Balance May 31 Balance 14,850 CR Jun Jun Jun (Q=320-100.CashAtBank_week1) GENERAL LEDGER Account: Cash at Bank
Account No. 100 Date Description Ref. Debit Credit Balance May 31 Balance 98,519 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 64,675 DR Jun Jun Jun (Q=320-120.Inventory_week1) Account: Inventory
Account No. 120 Date Description Ref. Debit Credit Balance May 31 Balance 157,450 DR Jun Jun Jun (Q=320-135.TaxPaid_week1) Account: GST Outlays
Account No. 135 Date Description Ref. Debit Credit Balance May 31 Balance 16,823 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 92,684 CR Jun Jun Jun (Q=320-220.WagesPayable_week1) Account: Wages Payable
Account No. 220 Date Description Ref. Debit Credit Balance May 31 Balance 6,500 CR Jun Jun Jun (Q=320-240.TaxCollected_week1) Account: GST Collections
Account No. 240 Date Description Ref. Debit Credit Balance May 31 Balance 12,506 CR 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.DiscountRecd_week1) Account: Discount Received
Account No. 402 Date Description Ref. Debit Credit Balance May 31 Balance 0 Jun Jun Jun (Q=320-500.CostOfSales_week1) Account: Cost of Sales
Account No. 500 Date Description Ref. Debit Credit Balance May 31 Balance 0 Jun Jun Jun (Q=320-516.WagesExpense_week1) Account: Wages Expense
Account No. 516 Date Description Ref. Debit Credit Balance May 31 Balance 0 Jun Jun Jun (Q=320-573.DiscountAllowed_week1) Account: Discount Allowed
Account No. 573 Date Description Ref. Debit Credit Balance May 31 Balance 0 Jun Jun Jun (Q=330.Inventory2_week1) INVENTORY CARDS MX620 Notebook Computers Date Purchases Cost of Sales Balance Units Unit Cost
($) Total Cost
($) Units Unit Cost
($) Total Cost
($) Units Unit Cost
($) Total Cost
($) May 31 11 950 10450 39 1100 42900 Jun Jun Jun Jun (Q=330.Inventory3_week1) DK800 Desktop Computers Date Purchases Cost of Sales Balance Units Unit Cost
($) Total Cost
($) Units Unit Cost
($) Total Cost
($) Units Unit Cost
($) Total Cost
($) May 31 70 660 46200 Jun Jun Jun Jun (Q=330.Inventory5_week1) MePod Multimedia Players Date Purchases Cost of Sales Balance Units Unit Cost
($) Total Cost
($) Units Unit Cost
($) Total Cost
($) Units Unit Cost
($) Total Cost
($) May 31 39 380 14820 Jun Jun Jun Jun

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