ManualAccountingPracticeSet

SpecialtySportsStore,USGAAPEdition3

Feedback:Transactionsweek2
Thisisafeedbackpage.Pleasereviewthispagecarefullybecauselaterpagesinthispracticesetbuildonthe
feedbackprovidedhere.Afteryouhavereviewedyourfeedbackpage,clickContinueatthebottomofthispageto
moveontothenextpageofyourpracticeset.

Yourprogress Yourgrading
Yourgradingoutcome(stillinprogress)
Awarded Total
Points(priortothispage) 132 156
Points(onthispage) 104 116
Points(afterthispage) 817
Total 236 1,089

Completed: 20%(approximately)

Remainingpageswilltake: upto15.25hours
Thetimeframesweprovideareaguideonly.It
maytakeyoumoreorlesstimetocompleteeach
step.

YouarenowinstructedtorecordtransactionsthatoccurredthroughoutthesecondweekofJuneintothecompany's
books.Theweek2transactionsarelistedbelow:

Week2
Date Transactiondescription
8 Purchased16TonyEagleFreestyleSkateboardsfromJ.J.Spudfor$232each,termsnet30.
10 PaidthefullamountowingtoHike,CheckNo.695.Paymentfelloutsidediscountperiod.
11 Sold14DownhillSnowboardstoGreatSportsfor$496each,InvoiceNo.631.
11 Mick'sSportingGoodspaidthefullamountowingontheiraccount.SinceMick'sSportingGoodshasbeenaloyalcustomer
fromthedaythebusinesscommenced,a10%discountwasgivenforthisearlyrepayment.
11 Paidsalesstaffwagesof$1,581fortheweekuptoandincludingyesterday,CheckNo.696.
13 PaidthefullamountowingtoSports'RUs,CheckNo.697.
13 Madecashsaleof18DropZoneParachutesfor$600each.
14 PaidthefullamountowingtoAddaxSports,CheckNo.698.

Instructionsforweek2

1) Recordallweek2transactionsintherelevantjournals.

Notethatspecialjournalsmustbeusedwhereapplicable.Anytransactionthatcannotberecordedinaspecial
journalshouldberecordedinthegeneraljournal.
2) Postentriesrecordedinthejournalstotheappropriateledgeraccountsaccordingtothecompany'saccounting
policiesandprocedures.

Notethattherelevanttotalsofthespecialjournalswillbepostedtothegeneralledgeraccountsattheendof
themonth.YouwillenterthisbeforeyoupreparetheBankReconciliationStatement.

3) Updateinventorycardsonadailybasis.

BackOnTrackfunctionality

Pleasenotethatanyanswersfrompreviouspagescarriedthroughontothispage(eitheronthepageorina
popupinformationpage)havebeenreset,ifnecessary,tothecorrectanswers.Yourparticularanswersfrom
previouspagesarenolongershown.

Remembertoenterallanswerstothenearestwholedollar.Whencalculatingadiscount,ifadiscountisnota
wholenumber,roundthediscounttothenearestwholedollar.Then,tocalculatethecashamount,subtractthe
discountfromtheoriginalamount.

BeforepressingtheSubmitanswersbutton,werecommendthatyouclicktheShowAlltabandcheckthatall
relevantaccountingrecordshavebeencompleted.

Additionalinstructions

Inventorycards:

Eachtransactionrecordedintheinventorycardsmustbeenteredinapairoflinesprovided.Youmaybe
requiredtorecordatransactioninasinglelineortwoseparatelineswithinthepairoflinesprovided.
Whetheroneortwolinesarerequireddependsontheunitcostsoftheitemsinvolvedinthattransaction.Ifa
transactioninvolvesitemswiththesameunitcost,youmustrecordthattransactioninasingleline.
Alternatively,ifthoseitemshavetwodifferentunitcosts,youarerequiredtouseaseparatelinewithinthe
pairoflinesprovidedforeachdifferentunitcost.
Inordertoreceivefullpoints,youmustnotcombinetwotransactionsintotheonepairoflines.Seethe
Inventorycards~Maypopupbelowthe'Informationfrompreviouspages'headingforanexampleofhow
inventorycardsaretobecompleted.
NotethatyoumayenterapositiveornegativenumberintotheUnitsandTotalCostcolumnsbutallunitcosts
mustbeenteredaspositivenumbersintotheUnitCostcolumns.

Remember:

Eachtransactionrecordedinaspecialjournalmustbeenteredinoneline.Inordertoreceivefullpoints,you
mustnotsplituptherelevanttransactionintomorethanonelineinthespecialjournal.
Inspecialjournals,someaccountingtextbooksdonotalwaysrequireareferencetoberecordedinthePost
Ref.column.Inthispracticeset,inordertoreceivefullpoints,everytransactionenteredinaspecialjournal
requiresanentryinthePostRef.column.Notethatinthespecialjournals,iftheaccountnameselectedfora
transactioncorrespondstotheheadingofoneofthecolumnsinthatspecialjournal,thepostrefistobe
recordedasanX.Thisisbecausethesetransactionsarenotpostedonadailybasis.Inordertoreceivefull
points,youmustrecordonlytheletterXinthePostRef.columnforthesetransactions.
Youarealsorequiredtoapplythe journalsandledgersinstructionsprovidedinWeek1.

ShowAll SpecialJournals GeneralJournal SubsidiaryLedgers GeneralLedger Inventory

(Q=401.salesJournalWeek2)

SALESJOURNAL

Costof
Invoice Post Accounts
Date Account Goods
No. Ref. Receivable
Sold

Jun 11 ARCGreatSports 631 1103 6944 4368

Jun

Jun

Jun
Feedback

SALESJOURNAL

Costof
Invoice Post Accounts
Date Account Goods
No. Ref. Receivable
Sold
Jun 11 ARCGreatSports 631 1103 6,944 4,368

(Q=402.purchasesJournalWeek2)

PURCHASESJOURNAL

Post Accounts
Date Account Terms
Ref. Payable

Jun 8 APCJ.J.Spud net30 2106 3712

Jun

Jun

Jun

Feedback

PURCHASESJOURNAL

Post Accounts
Date Account Terms
Ref. Payable
Jun 8 APCJ.J.Spud net30 2106 3,712

(Q=403.cashReceiptsJournalWeek2)

CASHRECEIPTSJOURNAL
Note:Inordertoreceivefullpoints,foreachtransactionyoumustselectanaccountunderthecolumnlabeled
'Account',asindicatedundertheadditionalinstructionsabove.SincealltransactionsinthisjournalaffecttheCash
account,youareaskedtoenterthenameoftheappropriateaccountcreditedinthesetransactionsintotheAccount
columnsothatthetypeoftransactioncanbedeterminedbythenameoftheaccountenteredintothiscolumn.

Debit Credit Costof

Post
Date Account Ref. Sales Sales Accounts Other
Goods
Cash
Discounts Revenue Receivable Accounts Sold

Jun 1 BankLoanPayable 250 49,000 49,000

Jun 3 ARCTheLockerRoom 1105 2,118 2,118

Jun 11 ARCMick'sSportingGoods 1101 1809 201 0 2010 0 0

Jun 13 SalesRevenue 400 10800 0 10800 0 0 5904

Jun

Jun
 Jun

Jun

Feedback

Solution

CASHRECEIPTSJOURNAL

Debit Credit Costof

Post
Date Account Ref. Sales Sales Accounts Other
Goods
Cash
Discounts Revenue Receivable Accounts Sold

Jun 1 BankLoanPayable 250 49,000 49,000

Jun 3 ARCTheLockerRoom 1105 2,118 2,118
Jun 11 ARCMick'sSportingGoods 1101 1,809 201 2,010
Jun 13 SalesRevenue X 10,800 10,800 5,904

(Q=404.cashPaymentsJournalWeek2)

CASHPAYMENTSJOURNAL
Note:Inordertoreceivefullpoints,foreachtransactionyoumustselectanaccountunderthecolumnlabeled
'Account',asindicatedundertheadditionalinstructionsabove.SincealltransactionsinthisjournalaffecttheCash
account,youareaskedtoenterthenameoftheappropriateaccountdebitedinthesetransactionsintotheAccount
columnsothatthetypeoftransactioncanbedeterminedbythenameoftheaccountenteredintothiscolumn.

Check Post Debit Credit

Date Account No. Ref. Accounts Merchandise Wages Other
Payable Inventory Expense Accounts
Cash

Jun 1 PrepaidRent 690 140 9,500 9,500

Jun 3 OfficeSupplies 691 130 321 321
Jun 4 APCJ.J.Spud 692 2106 4,701 4,701
Jun 4 WagesPayable 693 220 1,117 1,101 2,218
Jun 5 ElectricityPayable 694 221 799 799

Jun 10 APCHike 695 2102 4824 0 0 0 4824

Jun 11 WagesExpense 696 516 0 0 0 1581 1581

Jun 13 APCSports'RUs 697 2105 2397 0 0 0 2397

Jun 14 APCAddaxSports 698 2101 2104 0 0 0 2104

Jun

Jun

Feedback

CASHPAYMENTSJOURNAL
 Debit Credit
Check Post
Date Account No. Ref. Accounts Merchandise Wages Other
Payable Inventory Expense Accounts
Cash

Jun 1 PrepaidRent 690 140 9,500 9,500

Jun 3 OfficeSupplies 691 130 321 321
Jun 4 APCJ.J.Spud 692 2106 4,701 4,701
Jun 4 WagesPayable 693 220 1,117 1,101 2,218
Jun 5 ElectricityPayable 694 221 799 799
Jun 10 APCHike 695 2102 4,824 4,824
Jun 11 WagesExpense 696 X 1,581 1,581
Jun 13 APCSports'RUs 697 2105 2,397 2,397
Jun 14 APCAddaxSports 698 2101 2,104 2,104

(Q=405.generalJournalWeek2)

GENERALJOURNAL

Post
Date AccountandExplanation Debit Credit
Ref.

Jun

Jun

Jun

Feedback

Therearenorelevantentriesinthegeneraljournalforthisweek.

(Q=4101101.AcctsRec1_week2)

SUBSIDIARYLEDGERS
Account:ARCMick'sSportingGoods
AccountNo.1101

Date Description Ref. Debit Credit Balance

May 31 Balance 2,010DR

Jun 11 Payment CRJ 0 2010 0

Jun

Jun
Feedback

Account:ARCMick'sSportingGoods
AccountNo.1101

Date Description Ref. Debit Credit Balance

May 31 Balance 2,010DR

Jun 11 Repayment CRJ 2,010 0

(Q=4101103.AcctsRec3_week2)
Account:ARCGreatSports
AccountNo.1103

Date Description Ref. Debit Credit Balance

May 31 Balance 12,183DR

Jun 11 Saleof14Snowboards SJ 6944 0 19127 DR

Jun

Jun

Feedback

Account:ARCGreatSports
AccountNo.1103

Date Description Ref. Debit Credit Balance

May 31 Balance 12,183DR

Jun 11 Creditsale SJ 6,944 19,127DR

(Q=4101106.AcctsRec6_week2)
Account:ARCJumpAround
AccountNo.1106

Date Description Ref. Debit Credit Balance

May 31 Balance 4,578DR

Jun

Jun

Jun

Feedback

TherearenorelevantentriesintheJumpAroundledgerforthisweek.

(Q=4102101.AcctsPay1_week2)
Account:APCAddaxSports
AccountNo.2101

 Date Description Ref. Debit Credit Balance
May 31 Balance 2,104CR

Jun 14 Payment CPJ 2104 0 0

Jun

Jun

Feedback

Account:APCAddaxSports
AccountNo.2101

Date Description Ref. Debit Credit Balance

May 31 Balance 2,104CR

Jun 14 Repayment CPJ 2,104 0

(Q=4102102.AcctsPay2_week2)
Account:APCHike
AccountNo.2102

Date Description Ref. Debit Credit Balance

May 31 Balance 4,824CR

Jun 10 Payment CPJ 4824 0 0

Jun

Jun

Feedback

Account:APCHike
AccountNo.2102

Date Description Ref. Debit Credit Balance

May 31 Balance 4,824CR

Jun 10 Repayment CPJ 4,824 0

(Q=4102105.AcctsPay5_week2)
Account:APCSports'RUs
AccountNo.2105

Date Description Ref. Debit Credit Balance

May 31 Balance 2,397CR

Jun 13 Payment CPJ 2397 0 0

Jun

Jun
Feedback

Account:APCSports'RUs
AccountNo.2105

Date Description Ref. Debit Credit Balance

May 31 Balance 2,397CR

Jun 13 Repayment CPJ 2,397 0

(Q=4102106.AcctsPay6_week2)
Account:APCJ.J.Spud
AccountNo.2106

Date Description Ref. Debit Credit Balance

May 31 Balance 4,701CR

Jun 4 Repayment CPJ 4,701 0

Jun 8 PurchaseofSkateboards PJ 3712 0 3712 CR

Jun

Jun

Feedback

Account:APCJ.J.Spud
AccountNo.2106

Date Description Ref. Debit Credit Balance

May 31 Balance 4,701CR

Jun 4 Repayment CPJ 4,701 0
Jun 8 Creditpurchase PJ 3,712 3,712CR

(Q=420100.Cash_week2)

GENERALLEDGER
Account:Cash
AccountNo.100

Date Description Ref. Debit Credit Balance

May 31 Balance 65,962DR

Jun

Jun

Jun

Feedback

TherearenorelevantentriesintheCashledgerforthisweek.
 (Q=420110.AcctsRecControl_week2)
Account:ARCAccountsReceivableControl
AccountNo.110

Date Description Ref. Debit Credit Balance

May 31 Balance 27,805DR

Jun

Jun

Jun

Feedback

TherearenorelevantentriesintheAccountsReceivableControlledgerforthisweek.

(Q=420120.Inventory_week2)
Account:MerchandiseInventory
AccountNo.120

Date Description Ref. Debit Credit Balance

May 31 Balance 74,240DR

Jun

Jun

Jun

Feedback

TherearenorelevantentriesintheMerchandiseInventoryledgerforthisweek.

(Q=420400.SalesRevenue_week2)
Account:SalesRevenue
AccountNo.400

Date Description Ref. Debit Credit Balance

May 31 Balance 0

Jun

Jun

Jun

Feedback

TherearenorelevantentriesintheSalesRevenueledgerforthisweek.

(Q=420401.SalesReturns_week2)
Account:SalesReturnsandAllowances
AccountNo.401

Date Description Ref. Debit Credit Balance

May 31 Balance 0

Jun

Jun

Jun

Feedback

TherearenorelevantentriesintheSalesReturnsandAllowancesledgerforthisweek.

(Q=420402.SalesDisc_week2)
Account:SalesDiscounts
AccountNo.402

Date Description Ref. Debit Credit Balance

May 31 Balance 0

Jun

Jun

Jun

Feedback

TherearenorelevantentriesintheSalesDiscountsledgerforthisweek.

(Q=420500.CostOfSales_week2)
Account:CostofGoodsSold
AccountNo.500

Date Description Ref. Debit Credit Balance

May 31 Balance 0

Jun

Jun

Jun

Feedback

TherearenorelevantentriesintheCostofGoodsSoldledgerforthisweek.

(Q=420516.WagesExpense_week2)
Account:WagesExpense
AccountNo.516
 Date Description Ref. Debit Credit Balance
May 31 Balance 0

Jun 11 WagesPaid CPJ 1581 0 1581 DR

Jun

Jun

Feedback

TherearenorelevantentriesintheWagesExpenseledgerforthisweek.

(Q=430.Inventory1_week2)

INVENTORYCARDS
DropZoneParachutes

Purchases CostofGoodsSold Balance

Date Units UnitCost TotalCost Units UnitCost TotalCost Units UnitCost TotalCost

($) ($) ($) ($) ($) ($)
May 31 20 328 6560
16 376 6016

Jun 13 0 0 0 18 328 5904 2 328 656

0 0 0 16 376 6016

Jun

Jun

Jun

Feedback

DropZoneParachutes

Purchases CostofGoodsSold Balance

Date Units UnitCost TotalCost Units UnitCost TotalCost Units UnitCost TotalCost

($) ($) ($) ($) ($) ($)
May 31 20 328 6560
16 376 6016

Jun 13 18 328 5904 2 328 656
16 376 6016

(Q=430.Inventory3_week2)
DownhillSnowboards

Purchases CostofGoodsSold Balance

Date Units UnitCost TotalCost Units UnitCost TotalCost Units UnitCost TotalCost

($) ($) ($) ($) ($) ($)
May 31 83 312 25896

Jun 11 0 0 0 14 312 4368 69 312 21528

0 0 0 0 0 0

Jun

Jun

Jun

Feedback

DownhillSnowboards

Purchases CostofGoodsSold Balance

Date Units UnitCost TotalCost Units UnitCost TotalCost Units UnitCost TotalCost

($) ($) ($) ($) ($) ($)
May 31 83 312 25896

Jun 11 14 312 4368 69 312 21528

(Q=430.Inventory5_week2)
TonyEagleFreestyleSkateboards

Purchases CostofGoodsSold Balance

Date Units UnitCost TotalCost Units UnitCost TotalCost Units UnitCost TotalCost

($) ($) ($) ($) ($) ($)

 May 31 55 232 12760

Jun 8 16 232 3712 0 0 0 71 232 16472

0 0 0 0 0 0

Jun

Jun

Jun

Feedback

TonyEagleFreestyleSkateboards

Purchases CostofGoodsSold Balance

Date Units UnitCost TotalCost Units UnitCost TotalCost Units UnitCost TotalCost

($) ($) ($) ($) ($) ($)
May 31 55 232 12760

Jun 8 16 232 3712 71 232 16472

ManualAccountingPracticeSet
SpecialtySportsStore,USGAAPEdition3(VSU3q)
20092014Perdisco/latin/.v.,learnthoroughly
http://www.perdisco.com
TermsOfUse| PrivacyPolicy|Thursday,April06,2017,01:08