Manual Accounting Practice Set

Ball-Mart, Australasian Edition 3

Bookmark

Previous pages

Being completed by: carolsu Saved

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

Completed:

14% (approximately)

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 step.

Your grading
Your grading outcome (still in progress)
Awarded

Total

Points (prior to this page)

Points (on this page)

96

238

Points (after this page)

1,043

Total

96

1,281

Information from previous pages

General instructions
Policies and procedures


All transactions

Adjusting entries information

Trial balance - May

Schedules of accounts - May

Inventory cards - May

Bank reconciliation - May

Bank statement - June

Special printing information

Now that you have reviewed information about Ball-Mart, 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

Purchased 12 SmartCue Snooker Sets from Addax Sports for $407 each, terms net 30.

Purchased 29 MJO Basketball Sets with cash for $220 each, Cheque No. 793.

Paid the full amount owing to J. J. Spud, Cheque No. 794. Payment fell within discount
period.

Paid the full amount owing to Hike, Cheque No. 795. Payment fell within discount period.

Paid sales staff wages of $2,084 for the week up to and including yesterday, Cheque No.
796. Note that $1,000 of this payment relates to the wages expense incurred during the last
week of May.

Purchased 10 sets of Minor-league Base Balls from Sports 'R Us for $264 each, terms
2/10, n/30

Sold 15 SmartCue Snooker Sets to Mick's Sporting Goods for $649 each, Invoice No. 440.

Made cash sale of 31 MJO Basketball Sets for $440 each.

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 All

Special JournalsGeneral JournalSubsidiary LedgersGeneral LedgerInventory

(Q=301.salesJournalWeek1)

SALES JOURNAL

Date

Account

Ju
n

ARC - Mick's Sporting

Goods (select)

Ju
n

(select)

Ju
n

(select)

Ju
n

(select)

Invoic
e
No.

Pos
t
Ref.

Accounts
Receivabl
e

GS
T

Sales
Revenu
e

Cost
of
Sale
s

Feedback

SALES JOURNAL
Date

Account

Jun 5 ARC - Mick's Sporting Goods

Invoic
e
No.

Post
Ref.

440 110-3

Accounts
Receivabl
e
9,735

GS
T
885

Sales
Revenu
e
8,850

Cost of
Sales
4,800

(Q=302.purchasesJournalWeek1)

PURCHASES JOURNAL
Dat
e

Account

Pos
Inventor
t
y
Ref.

Terms

Ju
n

APC - Addax
Sports (select)

terms...net 30net 72/10 n/30

Ju
n

APC - Sports 'R

Us (select)

terms...net 30net 72/10 n/30

Ju
n

(select)

Ju
n

(select)

GS
T

Account
s
Payable

terms...net 30net 72/10 n/30

terms...net 30net 72/10 n/30

Feedback

PURCHASES JOURNAL
Date

Account

Terms

Jun 1 APC - Addax Sports

Jun 5 APC - Sports 'R Us

Post
Ref.

net 30

210-3

2/10, n/30

210-1

Inventory

GST

Accounts
Payable

4,440

444

4,884

2,400

240

2,640

(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).

Debit
Date

Account

Ju
n

Sales
Revenue (select)

Ju
n

(select)

Ju

(select)

Pos
t
Ref.

Cas
h at
Ban
k

GS
T

Discoun
t
Allowed

Cost
of
Sale
s

Credit

Sales
Revenu
e

GS
T

Accounts
Receivabl
e

Other
Account
s

Ju
n

(select)

Ju
n

(select)

Ju
n

(select)

Feedback

CASH RECEIPTS JOURNAL

Date

Account

Debit

Pos
t
Ref.
Cash at
Bank

Ju
Sales
7
n
Revenue

GS
T

Cost
of
Sale
s

Credit

Discoun
t
Allowed

13,64
0

Sales
Revenu
e

GST

Accounts
Receivabl
e

12,400

1,24
0

Other
Account
s

5,580

(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).

Dat
e

Account

Ju
n

Inventory (select)

Ju
n

APC - J. J.
Spud (select)

Ju
n

APC - Hike (select)

Ju
n

Wages
Payable (select)

Ju

(select)

Cheq
ue
No.

Po
st
Ref
.

Debit
Accoun
ts
Payable

GS
T

Invento
ry

Credit
Wages
Expen
se

Other
Accoun
ts

Cas
h at
Ban
k

GS
T

Discou
nt
Receiv
ed

n
Ju
n

(select)

Feedback

CASH PAYMENTS JOURNAL

Debit
Date

Account

Chequ
e
No.

Post
Ref.

Accoun
ts
Payable

GS
T

Invento
ry

58
0

5,800

Credit
Wages
Expen
se

Other
Accoun
ts

Cash
at
Bank

GS
T

Discou
nt
Receiv
ed

Ju
1 Inventory
n

793

Ju
APC - J. J.
2
n
Spud

794

2104

7,700

7,546

14

140

Ju
4 APC - Hike
n

795

21011,000
2

10,89
0

10

100

Ju
Wages
4
n
Payable

796

220

6,380

1,084

1,000 2,084
(Q=305.generalJournalWeek1)

GENERAL JOURNAL
Date
Jun

Post
Ref.

Account and Explanation

Debit

Credit

(select)
(select)

Jun

(select)
(select)

Jun

(select)
(select)

Feedback

There are no relevant entries in the general journal for this week.
(Q=310-110-3.AcctsRec3_week1)

SUBSIDIARY LEDGERS
Account: ARC - Mick's Sporting Goods
Account No. 110-3

Date

Description

Ref.

Debit

Credit

May 31 Balance

48,726 DR
GJPJSJCRJCPJ

Jun

DRCR

GJPJSJCRJCPJ

Jun

DRCR

GJPJSJCRJCPJ

Jun

Balance

DRCR

Feedback

Account: ARC - Mick's Sporting Goods

Account No. 110-3

Date

Description

Ref.

Debit

Credit

Balance

May 31 Balance
Jun

48,726 DR

5 Credit sale

SJ

9,735

58,461 DR
(Q=310-210-1.AcctsPay1_week1)

Account: APC - Sports 'R Us

Account No. 210-1

Date

Description

Ref.

Debit

Credit

May 31 Balance

5,188 CR
GJPJSJCRJCPJ

Jun

DRCR

GJPJSJCRJCPJ

Jun

DRCR

GJPJSJCRJCPJ

Jun

Balance

DRCR

Feedback

Account: APC - Sports 'R Us

Account No. 210-1

Date

Description

Ref.

Debit

Credit

Balance

May 31 Balance
Jun

5,188 CR

5 Credit purchase

PJ

2,640

(Q=310-210-2.AcctsPay2_week1)

Account: APC - Hike

Account No. 210-2

Date

Description

7,828 CR

Ref.

Debit

Credit

Balance

May 31 Balance

11,000 CR
GJPJSJCRJCPJ

Jun

GJPJSJCRJCPJ

Jun

DRCR

GJPJSJCRJCPJ

Jun

DRCR

DRCR

Feedback

Account: APC - Hike

Account No. 210-2

Date

Description

Ref.

Debit

Credit

Balance

May 31 Balance
Jun

11,000 CR

4 Repayment

CPJ

11,000

0
(Q=310-210-3.AcctsPay3_week1)

Account: APC - Addax Sports

Account No. 210-3

Date

Description

Ref.

Debit

Credit

May 31 Balance

42,893 CR
GJPJSJCRJCPJ

Jun

DRCR

GJPJSJCRJCPJ

Jun

DRCR

GJPJSJCRJCPJ

Jun

Balance

DRCR

Feedback

Account: APC - Addax Sports

Account No. 210-3

Date

Description

Ref.

Debit

Credit

Balance

May 31 Balance
Jun

42,893 CR

1 Credit purchase

PJ

4,884

Account: APC - J. J. Spud

Account No. 210-4

Date

Description

Ref.

May 31 Balance
Jun
Jun

47,777 CR

(Q=310-210-4.AcctsPay4_week1)

Debit

Credit

Balance
7,700 CR

GJPJSJCRJCPJ
GJPJSJCRJCPJ

DRCR
DRCR

GJPJSJCRJCPJ

Jun

DRCR

Feedback

Account: APC - J. J. Spud

Account No. 210-4

Date

Description

Ref.

Debit

Credit

Balance

May 31 Balance
Jun

2 Repayment

7,700 CR
CPJ

7,700

0
(Q=320-100.CashAtBank_week1)

GENERAL LEDGER
Account: Cash at Bank
Account No. 100

Date

Description

Ref.

Debit

Credit

May 31 Balance

DRCR

GJPJSJCRJCPJ

Jun

DRCR

GJPJSJCRJCPJ

Jun

72,894 DR
GJPJSJCRJCPJ

Jun

Balance

DRCR

Feedback

There are no relevant entries in the Cash at Bank ledger for this week.
(Q=320-110.AcctsRecControl_week1)

Account: ARC - Accounts Receivable Control

Account No. 110

Date

Description

Ref.

Debit

Credit

May 31 Balance
Jun
Jun
Jun

Balance
69,249 DR

GJPJSJCRJCPJ
GJPJSJCRJCPJ
GJPJSJCRJCPJ

Feedback

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

DRCR
DRCR
DRCR

(Q=320-120.Inventory_week1)

Account: Inventory
Account No. 120

Date

Description

Ref.

Debit

Credit

May 31 Balance

DRCR

GJPJSJCRJCPJ

Jun

DRCR

GJPJSJCRJCPJ

Jun

89,790 DR
GJPJSJCRJCPJ

Jun

Balance

DRCR

Feedback

There are no relevant entries in the Inventory ledger for this week.
(Q=320-135.TaxPaid_week1)

Account: GST Outlays

Account No. 135

Date

Description

Ref.

Debit

Credit

May 31 Balance

DRCR

GJPJSJCRJCPJ

Jun

DRCR

GJPJSJCRJCPJ

Jun

13,905 DR
GJPJSJCRJCPJ

Jun

Balance

DRCR

Feedback

There are no relevant entries in the GST Outlays ledger for this week.
(Q=320-210.AcctsPayControl_week1)

Account: APC - Accounts Payable Control

Account No. 210

Date

Description

Ref.

May 31 Balance
Jun
Jun
Jun

Debit

Credit

Balance
75,381 CR

GJPJSJCRJCPJ
GJPJSJCRJCPJ
GJPJSJCRJCPJ

DRCR
DRCR
DRCR

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

May 31 Balance

1,000 CR
GJPJSJCRJCPJ

Jun

DRCR

GJPJSJCRJCPJ

Jun

DRCR

GJPJSJCRJCPJ

Jun

Balance

DRCR

Feedback

Account: Wages Payable

Account No. 220

Date

Description

Ref.

Debit

Credit

May 31 Balance
Jun

4 Paid staff wages

1,000 CR
CPJ

1,000

0
(Q=320-240.TaxCollected_week1)

Account: GST Collections

Account No. 240

Date

Description

Ref.

Debit

Credit

May 31 Balance

DRCR

GJPJSJCRJCPJ

Jun

DRCR

GJPJSJCRJCPJ

Jun

Balance
16,451 CR

GJPJSJCRJCPJ

Jun

Balance

DRCR

Feedback

There are no relevant entries in the GST Collections ledger for this week.
(Q=320-400.SalesRevenue_week1)

Account: Sales Revenue

Account No. 400

Date

Description

Ref.

Debit

Credit

Balance

May 31 Balance
Jun

0
GJPJSJCRJCPJ

DRCR

GJPJSJCRJCPJ

Jun

GJPJSJCRJCPJ

Jun

DRCR
DRCR

Feedback

There are no relevant entries in the Sales Revenue ledger for this week.
(Q=320-402.DiscountRecd_week1)

Account: Discount Received

Account No. 402

Date

Description

Ref.

Debit

Credit

Balance

May 31 Balance
GJPJSJCRJCPJ

Jun

DRCR

GJPJSJCRJCPJ

Jun

DRCR

GJPJSJCRJCPJ

Jun

DRCR

Feedback

There are no relevant entries in the Discount Received ledger for this week.
(Q=320-500.CostOfSales_week1)

Account: Cost of Sales

Account No. 500

Date

Description

Ref.

Debit

Credit

Balance

May 31 Balance
GJPJSJCRJCPJ

Jun

DRCR

GJPJSJCRJCPJ

Jun

DRCR

GJPJSJCRJCPJ

Jun

DRCR

Feedback

There are no relevant entries in the Cost of Sales 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
GJPJSJCRJCPJ

Jun

GJPJSJCRJCPJ

Jun

DRCR

GJPJSJCRJCPJ

Jun

DRCR

DRCR

Feedback

There are no relevant entries in the Wages Expense ledger for this week.
(Q=320-573.DiscountAllowed_week1)

Account: Discount Allowed

Account No. 573

Date

Description

Ref.

Debit

Credit

Balance

May 31 Balance

0
GJPJSJCRJCPJ

Jun

GJPJSJCRJCPJ

Jun

DRCR

GJPJSJCRJCPJ

Jun

DRCR

DRCR

Feedback

There are no relevant entries in the Discount Allowed ledger for this week.
(Q=330.Inventory2_week1)

INVENTORY CARDS
MJO Basketball Sets

Purchases
Date

May

Jun

Jun

Unit
s
31

Unit
Cost
($)

Cost of Sales
Total
Cost
($)

Unit
s

Unit
Cost
($)

Total
Cost
($)

Balance
Unit
s

Unit
Cost
($)

Total
Cost
($)

31

180

5580

69

200

13800

Jun

Jun

Feedback

MJO Basketball Sets

Purchases
Date

May

Jun

Jun

Unit
s

Unit
Cost
($)

Cost of Sales
Total
Cost
($)

Unit
Cost
($)

Unit
s

Balance

Total
Cost
($)

31

29

200

5800

31

180

5580

Unit
s

180

5580

69

200

13800

31

180

5580

98

200

19600

98

200

19600

(Q=330.Inventory3_week1)

Purchases

May

Jun

Jun

Unit
s
31

Unit
Cost
($)

Total
Cost
($)

31

SmartCue Snooker Sets

Date

Unit
Cost
($)

Cost of Sales
Total
Cost
($)

Unit
s

Unit
Cost
($)

Total
Cost
($)

Balance
Unit
s
88

Unit
Cost
($)
320

Total
Cost
($)
28160

Jun

Jun

Feedback

SmartCue Snooker Sets

Purchases
Date

Unit
s

May

31

Jun

Jun

12

Unit
Cost
($)

370

Cost of Sales
Total
Cost
($)

Unit
Cost
($)

Unit
s

Balance

Total
Cost
($)

4440

15

320

4800

Unit
s

320

28160

88

320

28160

12

370

4440

73

320

23360

12

370

4440

(Q=330.Inventory5_week1)

Purchases

May

Jun

Jun

Jun

Unit
s
31

Unit
Cost
($)

Cost of Sales
Total
Cost
($)

Total
Cost
($)

88

Sets Of Minor-League Base Balls

Date

Unit
Cost
($)

Unit
s

Unit
Cost
($)

Total
Cost
($)

Balance
Unit
s
61

Unit
Cost
($)
180

Total
Cost
($)
10980

Jun

Feedback

Sets Of Minor-League Base Balls

Purchases
Date

Unit
s

May

31

Jun

10

Unit
Cost
($)

Cost of Sales
Total
Cost
($)

240

Unit
s

Unit
Cost
($)

Total
Cost
($)

2400

Continue
Manual Accounting Practice Set
Ball-Mart, Australasian Edition 3 (VTA3q)

2009 - 2014 Perdisco / latin /. v., learn thoroughly

http://www.perdisco.com
Terms Of Use | Privacy Policy | Saturday, September 17, 2016, 21:28

Balance
Unit
s

Unit
Cost
($)

Total
Cost
($)

61

180

10980

61

180

10980

10

240

2400