Perdisco Manual Accounting Set Week 2 Transactions Answers PDF

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Pedisco Accounting Manual Sets
Week two answers...

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Transactions - week 2

https://www.perdisco.com/elms/qsam/html/qsam.a

Manual Accounting Practice Set Technology Boutique, Australasian Edition 3

Feedback: Transactions - week 2 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.

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144

238

Points (on this page)

167

219

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824

Points (after this page) Total

Completed:

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Remaining pages will take: up to 16 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 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 11 Sold 31 MePod Multimedia Players to Radio Hut for $583 each, Invoice No. 452. 11

Jerry Technology paid the full amount owing on their account. Since Jerry Technology has been a loyal customer from the day the business commenced, a 10% discount was given for this early repayment.

11

Paid sales staff wages of $12,711 for the week up to and including yesterday, Cheque No. 623.

12

Handys Electronics returned 9 MX620 Notebook Computers that were originally sold for $1,925 each on 5 June. These items cost $880 each (excluding 10% GST) and were not faulty or damaged. Issued a Credit Note for $17,325.

13

Made cash sale of 4 Tony ZIO MLP Projectors for $1,100 each.

14

Paid the full amount owing to Big Telco, Cheque No. 624.

14

Made payment of $1,419 to Integer Energy for 3 months of electricity up to and including 31 May, Cheque No. 625.

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. 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.

Transactions - week 2

https://www.perdisco.com/elms/qsam/html/qsam.a

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: 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. 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. 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. 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. When completing the inventory cards, 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. You are also required to apply the journals and ledgers instructions and the inventory cards instructions provided in previous weeks. 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

Inventory (Q=401.salesJournalWeek2)

SALES JOURNAL Date Jun Jun

Account 5 ARC - Handys Electronics

11 ARC - Radio Hut

Invoice

Post

No.

Ref.

451 452

Accounts Receivable

GST

Sales Revenue

Cost of Sales

110-3

32,725

2,975

29,750

14,960

110-6

18073

1643

16430

7000

Jun Jun Jun

Feedback

SALES JOURNAL Date Jun

Account 5 ARC - Handys Electronics

Jun 11 ARC - Radio Hut

Invoice Post No.

Ref.

Accounts Receivable

GST

Sales Revenue

Cost of Sales

451 110-3

32,725 2,975

29,750

14,960

452 110-6

18,073 1,643

16,430

7,000

(Q=402.purchasesJournalWeek2)

PURCHASES JOURNAL

Transactions - week 2

Date

https://www.perdisco.com/elms/qsam/html/qsam.a

Account

Post

Terms

Inventory

Ref. Jun

3 APC - Pony

Jun

3 APC - Mega Tech

Accounts Payable

GST

net 30

210-3

15,520

1,552

17,072

2/10, n/30

210-1

16,740

1,674

18,414

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 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 Jun

Account 6 Sales Revenue

Jun

11 ARC - Jerry Technology

Jun

13 Sales Revenue

Debit

Post Ref.

Cash at Bank

Credit Discount Allowed

GST

X

13,728

110-1

4895

55

X

4400

0

Sales Revenue

Other Accounts Receivable Accounts

GST

Cost of Sales

12,480

1,248

5,330

550

0

0

5500

0

0

0

4000

400

0

0

1680

Jun Jun Jun Jun

Feedback

CASH RECEIPTS JOURNAL Date Jun

Account 6 Sales Revenue

Jun 11 ARC - Jerry Technology Jun 13 Sales Revenue

Post Ref.

X

Debit Cash at Bank

GST

Credit Discount Allowed

13,728

110-1

4,950

X

4,400

50

Sales Revenue

GST

12,480

1,248

4,000

400

500

Other Accounts Receivable Accounts

Cost of Sales 5,330

5,500 1,680

(Q=404.cashPaymentsJournalWeek2)

Transactions - week 2

https://www.perdisco.com/elms/qsam/html/qsam.a

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.

Debit

Post Accounts Payable

Ref.

GST

Credit

Inventory

Wages Expense

Other Accounts

Cash at Bank

Discount Received

GST

Jun

2 APC - JCN Electrical

619

210-2

6,600

6,534

6

60

Jun

4 APC - Moon Megasystems

620

210-4

7,150

7,007

13

130

Jun

4 Wages Payable

621

220

Jun

4 Inventory

622

X

6,928 1,440

14,400

6,500

13,428 15,840

Jun

11 Wages Expense

623

516

0

0

0

12711

0

12711

0

0

Jun

14 APC - Big Telco

624

210-5

7300

0

0

0

0

7300

0

0

Jun

14 Electricity Payable

625

221

0

129

0

0

1290

1419

0

0

Jun Jun Jun

Feedback

CASH PAYMENTS JOURNAL

Date

Account

Cheque

Post

No.

Ref.

Debit Accounts Payable

GST

Inventory

Credit Wages Expense

Other Accounts

Cash at Bank

Discount Received

GST

Jun

2 APC - JCN Electrical

619

210-2

6,600

6,534

6

60

Jun

4 APC - Moon Megasystems

620

210-4

7,150

7,007

13

130

Jun

4 Wages Payable

621

220

Jun

4 Inventory

622

X

Jun 11 Wages Expense

623

X

Jun 14 APC - Big Telco

624

210-5

Jun 14 Electricity Payable

625

221

6,928 1,440

6,500

14,400

13,428 15,840

12,711

12,711

7,300

7,300 129

1,290

1,419

(Q=405.generalJournalWeek2)

GENERAL JOURNAL Date Jun

Account and Explanation 12

Post Ref.

Debit

Credit

Sales Returns and Allowances

401

15750

0

GST Collections

240

1575

0

110-3

0

17325

ARC - Handys Electronics

Transactions - week 2

Jun

https://www.perdisco.com/elms/qsam/html/qsam.a

12

Inventory

120

7920

0

Cost of Sales

500

0

7920

Jun

Feedback

GENERAL JOURNAL Date

Post

Account and Explanation

Debit

Ref.

Credit

Jun

12 Sales Returns and Allowances

401

15,750

Jun

12 GST Collections

240

1,575

Jun

12

ARC - Handys Electronics

110/110-3

17,325

(sales return)

Jun

12 Inventory

120

Jun

12

500

Cost of Sales

7,920 7,920

(sales return)

(Q=410-110-1.AcctsRec1_week2)

SUBSIDIARY LEDGERS Account: ARC - Jerry Technology Account No. 110-1

Date

Description

May

31 Balance

Jun

11

paid account

Jun Jun

Feedback

Account: ARC - Jerry Technology

Ref.

Debit

Credit

Balance 5,500 DR

CRJ

0

5500

0

Transactions - week 2

https://www.perdisco.com/elms/qsam/html/qsam.a

Account No. 110-1

Date

Description

May

31 Balance

Jun

11 Repayment

Ref.

Debit

Credit

Balance 5,500 DR

CRJ

5,500

0

(Q=410-110-3.AcctsRec3_week2)

Account: ARC - Handys Electronics Account No. 110-3

Date May

Description

Ref.

Debit

Credit

Balance

31 Balance

Jun

47,326 DR

5 Credit sale

Jun

12

return

SJ

32,725

GJ

80,051 DR

0

17325

Debit

Credit

62726 DR

Jun Jun

Feedback

Account: ARC - Handys Electronics Account No. 110-3

Date May

Description

Ref.

31 Balance

Balance 47,326 DR

Jun

5 Credit sale

SJ

Jun

12 Sales return

GJ

32,725

80,051 DR 17,325

62,726 DR

(Q=410-110-6.AcctsRec6_week2)

Account: ARC - Radio Hut Account No. 110-6

Date

Description

May

31 Balance

Jun

11

Ref.

Debit

Credit

Balance 0

Sale

SJ

18073

0

Ref.

Debit

Credit

18073 DR

Jun Jun

Feedback

Account: ARC - Radio Hut Account No. 110-6

Date

Description

May

31 Balance

Jun

11 Credit sale

Balance 0

SJ

18,073

18,073 DR

(Q=410-210-5.AcctsPay5_week2)

Transactions - week 2

https://www.perdisco.com/elms/qsam/html/qsam.a

Account: APC - Big Telco Account No. 210-5

Date

Description

May

31 Balance

Jun

14

Ref.

Debit

Credit

Balance 7,300 CR

payment on account

CPJ

7300

0

Ref.

Debit

Credit

0

Jun Jun

Feedback

Account: APC - Big Telco Account No. 210-5

Date

Description

May

31 Balance

Jun

14 Repayment

Balance 7,300 CR

CPJ

7,300

0

(Q=420-100.CashAtBank_week2)

GENERAL LEDGER Account: Cash at Bank Account No. 100

Date May

Description

Ref.

Debit

Credit

31 Balance

Balance 95,296 DR

Jun Jun Jun

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

(Q=420-110.AcctsRecControl_week2)

Account: ARC - Accounts Receivable Control Account No. 110

Date May

Description

Ref.

31 Balance

Jun Jun Jun

Feedback

Account: ARC - Accounts Receivable Control

Debit

Credit

Balance 68,134 DR

Transactions - week 2

https://www.perdisco.com/elms/qsam/html/qsam.a

Account No. 110

Date

Description

Ref.

May

31 Balance

Jun

12 Sales return from Handys Electronics

Debit

Credit

Balance 68,134 DR

GJ

17,325

50,809 DR

(Q=420-120.Inventory_week2)

Account: Inventory Account No. 120

Date

Description

May

31 Balance

Jun

12

Ref.

Debit

Credit

Balance 132,220 DR

handys electrics

GJ

7920

0

140140 DR

Jun Jun

Feedback

Account: Inventory Account No. 120

Date

Description

Ref.

May

31 Ba...