Transactions - week 1 3/20/19, 3)35 PM

Manual Accounting Practice Set

Renegade Sports, US GAAP Edition 3

Feedback: Transactions - week 1

This is a feedback 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 at the bottom of this page
to move on to the next page of your practice set.

Your progress Your grading

Your grading outcome (still in progress)

Awarded Total
Points (prior to this page) 0 0
Points (on this page) 156 156
Points (after this page) − 933
Total 156 1,089

Completed: 9% (approximately)

Remaining pages will take: up to 17.25 hours

The time frames we provide are a guide only. It may
take you more or less time to complete each step.

Now that you have reviewed information about Renegade Sports, 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
1 Paid the full amount owing to Sport Borders, Check No. 636.
1 Issued Check No. 637 for $9,100 to pay ZNG Property Group for two month's worth of rent in advance.
1 Obtained a loan of $55,000 from Earth Bank at a simple interest rate of 6% per year. The first interest payment is
due at the end of August 2019 and the principal of the loan is to be repaid on June 1, 2022.
4 Croquet and Cricket paid the full amount owing on their account.

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4 Made payment of $882 to Enroff for 3 months of electricity up to and including May 31, Check No. 638.
4 Paid sales staff wages of $1,677 for the week up to and including yesterday, Check No. 639. Note that $1,196 of
this payment relates to the wages expense incurred during the last week of May.
4 Issued Check No. 640 to Office Supplies Warehouse for the purchase of $458 worth of office supplies.

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 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 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.

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Transactions - week 1 3/20/19, 3)35 PM

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.
Note that in special journals, the Other Accounts column should not be used to record movements of
inventory.
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 the page.
Some journals and ledgers may not require any entries.
When purchases and sales are recorded in special journals, changes in inventory must not be posted to the
Merchandise Inventory account in the general ledger on a daily basis.

Show All Special Journals General Journal Subsidiary Ledgers General Ledger
(Q=301.salesJournalWeek1)

SALES JOURNAL

Cost of
Invoice Post Accounts
Date Account Goods
No. Ref. Receivable
Sold

Jun

Jun

Jun

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Transactions - week 1 3/20/19, 3)35 PM

Jun

Feedback

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

(Q=302.purchasesJournalWeek1)

PURCHASES JOURNAL

Post Accounts
Date Account Terms
Ref. Payable

Jun

Jun

Jun

Jun

Feedback

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

(Q=303.cashReceiptsJournalWeek1)

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 Cost of

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

Jun 1 Bank Loan Payable 250 55000 0 0 0 55000 0

Jun 4 ARC - Croquet and Cricket 110-5 4939 0 0 4939 0 0

Jun

Jun

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Transactions - week 1 3/20/19, 3)35 PM

Jun

Jun

Feedback

CASH RECEIPTS JOURNAL

Debit Credit Cost of

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

Jun 1 Bank Loan Payable 250 55,000 55,000

Jun 4 ARC - Croquet and Cricket 110-5 4,939 4,939

(Q=304.cashPaymentsJournalWeek1)

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 Merchandise Wages Other
Cash
Payable Inventory Expense Accounts

Jun 1 APC - Sport Borders 636 210-6 2927 0 0 0 2927

Jun 1 Prepaid Rent 637 140 0 0 0 9100 9100

Jun 4 Electricity Payable 638 221 0 0 0 882 882

Jun 4 Wages Payable 639 220 0 0 481 1196 1677

Jun 4 Office Supplies 640 130 0 0 0 458 458

Jun

Feedback

CASH PAYMENTS JOURNAL

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Transactions - week 1 3/20/19, 3)35 PM

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

Jun 1 APC - Sport Borders 636 210-6 2,927 2,927

Jun 1 Prepaid Rent 637 140 9,100 9,100
Jun 4 Electricity Payable 638 221 882 882
Jun 4 Wages Payable 639 220 481 1,196 1,677
Jun 4 Office Supplies 640 130 458 458

(Q=305.generalJournalWeek1)

GENERAL JOURNAL

Post
Date Account and Explanation Debit Credit
Ref.

Jun

Jun

Jun

Feedback

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

(Q=310-110-5.AcctsRec5_week1)

SUBSIDIARY LEDGERS
Account: ARC - Croquet and Cricket
Account No. 110-5

Date Description Ref. Debit Credit Balance

May 31 Balance 4,939 DR

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Transactions - week 1 3/20/19, 3)35 PM

Jun 4 A CRJ 0 4939 0

Jun

Jun

Feedback

Account: ARC - Croquet and Cricket

Account No. 110-5

Date Description Ref. Debit Credit Balance

May 31 Balance 4,939 DR
Jun 4 Repayment CRJ 4,939 0

(Q=310-210-1.AcctsPay1_week1)
Account: APC - Sports 'R Us
Account No. 210-1

Date Description Ref. Debit Credit Balance

May 31 Balance 4,434 CR

Jun

Jun

Jun

Feedback

There are no relevant entries in the Sports 'R Us ledger for this week.

(Q=310-210-6.AcctsPay6_week1)
Account: APC - Sport Borders
Account No. 210-6

Date Description Ref. Debit Credit Balance

May 31 Balance 2,927 CR

Jun 1 A CPJ 2927 0 0

Jun

Jun

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Transactions - week 1 3/20/19, 3)35 PM

Feedback

Account: APC - Sport Borders

Account No. 210-6

Date Description Ref. Debit Credit Balance

May 31 Balance 2,927 CR
Jun 1 Repayment CPJ 2,927 0

(Q=320-100.Cash_week1)

GENERAL LEDGER
Account: Cash
Account No. 100

Date Description Ref. Debit Credit Balance

May 31 Balance 68,812 DR

Jun

Jun

Jun

Feedback

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

(Q=320-110.AcctsRecControl_week1)
Account: ARC - Accounts Receivable Control
Account No. 110

Date Description Ref. Debit Credit Balance

May 31 Balance 33,318 DR

Jun

Jun

Jun

Feedback

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Transactions - week 1 3/20/19, 3)35 PM

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

(Q=320-130.StoreSupplies_week1)
Account: Office Supplies
Account No. 130

Date Description Ref. Debit Credit Balance

May 31 Balance 2,099 DR

Jun 4 A CPJ 458 0 2557 DR

Jun

Jun

Feedback

Account: Office Supplies

Account No. 130

Date Description Ref. Debit Credit Balance

May 31 Balance 2,099 DR
Jun 4 Cash purchase CPJ 458 2,557 DR

(Q=320-140.PrepaidRent_week1)
Account: Prepaid Rent
Account No. 140

Date Description Ref. Debit Credit Balance

May 31 Balance 0

Jun 1 A CPJ 9100 0 9100 DR

Jun

Jun

Feedback

Account: Prepaid Rent

Account No. 140

Date Description Ref. Debit Credit Balance

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Transactions - week 1 3/20/19, 3)35 PM

May 31 Balance 0
Jun 1 Prepaid rent CPJ 9,100 9,100 DR

(Q=320-210.AcctsPayControl_week1)
Account: APC - Accounts Payable Control
Account No. 210

Date Description Ref. Debit Credit Balance

May 31 Balance 46,075 CR

Jun

Jun

Jun

Feedback

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

(Q=320-220.WagesPayable_week1)
Account: Wages Payable
Account No. 220

Date Description Ref. Debit Credit Balance

May 31 Balance 1,196 CR

Jun 4 A CPJ 1196 0 0

Jun

Jun

Feedback

Account: Wages Payable

Account No. 220

Date Description Ref. Debit Credit Balance

May 31 Balance 1,196 CR
Jun 4 Paid staff wages CPJ 1,196 0

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Transactions - week 1 3/20/19, 3)35 PM

(Q=320-221.ElectricityPayable_week1)
Account: Electricity Payable
Account No. 221

Date Description Ref. Debit Credit Balance

May 31 Balance 940 CR

Jun 4 A CPJ 882 0 58 CR

Jun

Jun

Feedback

Account: Electricity Payable

Account No. 221

Date Description Ref. Debit Credit Balance

May 31 Balance 940 CR
Jun 4 Paid electricity bill CPJ 882 58 CR

(Q=320-250.LoanPayable_week1)
Account: Bank Loan Payable
Account No. 250

Date Description Ref. Debit Credit Balance

May 31 Balance 0

Jun 1 A CRJ 0 55000 55000 CR

Jun

Jun

Feedback

Account: Bank Loan Payable

Account No. 250

Date Description Ref. Debit Credit Balance

May 31 Balance 0
Jun 1 Loan from Earth Bank CRJ 55,000 55,000 CR

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Transactions - week 1 3/20/19, 3)35 PM

(Q=320-400.SalesRevenue_week1)
Account: Sales Revenue
Account No. 400

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=320-402.SalesDisc_week1)
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.

(Q=320-500.CostOfSales_week1)
Account: Cost of Goods Sold
Account No. 500

Date Description Ref. Debit Credit Balance

May 31 Balance 0

Jun

Jun

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Transactions - week 1 3/20/19, 3)35 PM

Jun

Feedback

There are no relevant entries in the Cost of Goods Sold ledger for this week.

(Q=320-516.WagesExpense_week1)
Account: Wages Expense
Account No. 516

Date Description Ref. Debit Credit Balance

May 31 Balance 0

Jun

Jun

Jun

Feedback

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

(Q=320-541.ElectricityExpense_week1)
Account: Electricity Expense
Account No. 541

Date Description Ref. Debit Credit Balance

May 31 Balance 0

Jun

Jun

Jun

Feedback

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

(Q=320-544.SuppliesExpense_week1)
Account: Office Supplies Expense
Account No. 544

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Transactions - week 1 3/20/19, 3)35 PM

Date Description Ref. Debit Credit Balance

May 31 Balance 0

Jun

Jun

Jun

Feedback

There are no relevant entries in the Office Supplies Expense ledger for this week.

Manual Accounting Practice Set

Renegade Sports, US GAAP Edition 3 (VSU3q)
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