& 08 E Transactions - week 1 ng Transactions - week 1 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 Purchased 19 BG90 Plasma Televisions from Pear Technology for $1,089 each, terms net 30. Purchased 11 BlueBerry Phones from Pony for $528 each, terms 2/10, n/30 Paid the full amount owing to JCN Electrical, Cheque No. 744. Payment fell within discount period. Paid the full amount owing to Big Telco, Cheque No. 745. Payment fell within discount period. Purchased 26 DK800 Desktop Computers with cash for $1,430 each, Cheque No. 746. Paid sales staff wages of $13,067 for the week up to and including yesterday, Cheque No. 747. Note that $6,500 of this payment relates to the wages expense incurred during the last week of May. 5 Sold 17 BG90 Plasma Televisions to Hypertronics for $1,727 each, Invoice No. 320. 5 Made cash sale of 13 DK800 Desktop Computers for $2,585 each. AW wa o 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 proceduresE for details of what is to be posted daily or monthly. WL IR R ] 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 procedurest. 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 Your progress INTRODUCTION (CTIONS WEEK 2 TRANSACTIONS ~ TRANSACTIONS TRANSACTIONS WEEK S WEEK 4 WEEK 3 BANK END OF MONTH RECONCILIATION POSTING ORNE cLosiNG SCHEDULES ADIUSTING ENTRIES OF ACCOUNTS ENTRIES POST-CLOSING FINANCIAL YOU HAVE TRIAL BALANCE STATEMENTS. NOW FINISHED Completed: 2% (approximately) s 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 page. . . . ~ Information from previous pages how inventory cards are to be completed. @ G) @ perdisco.com . Transactions - week 1 = 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. (S LR Special Journals Gen SALES JOURNAL ary Ledgers General Ledger Invent Invoice Post Accounts Sales Costof Ref. Receivable Revenue Sales (select) | 9 (select) | ] CASH RECEIPTS JOURNAL (Q=301.salesJournalWeek1) (Q=302.purchasesJournalWeek1) (Q=303.cashReceiptsournalWeek1) 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). perdisco.com FO C + P Transactions - week 1 Dashboard GENERAL JOURNAL Post Date Account and Explanation Debit Credit Ref. Jun (select) (Select (select) Jun (select Jun (select) (select) (Q=310-110-3.AcctsRec3_week1) SUBSIDIARY LEDGERS Account: ARC - Hypertronics Account No. 110-3 Date Description Ref. Debit Credit Balance May 31 Balance 46,674 DR Jun Jun Jun (Q=310-210-1.AcctsPay1_week1) Account: APC - Pony Account No. 210-1 Date Description Ref. Debit Credit Balance May 31 Balance 5,905 CR Jun Jun Jun (Q=310-210-2.AcctsPay2_week1) Account: APC - JCN Electrical