2 Week 1 Date Transaction description 1 Purchased 4 bags of Chocolate Coated Coffee Beans with cash for $550 each, Check No. 903 1 Obtained a loan of $43,000 from ZNZ Bank at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2021 and the principal of the loan is to be repaid on June 1, 2025 2 Purchased 6 boxes of Le krapp Instant Coffee from Jordo Gourmet Coffee for $272 each terms net 30 2 Purchased 6 bags of Light Roast Robusta Coffee Beans from East Tangiers Co-op for $151 each, terms 2/10,n/30 Paid the full amount owing to Croup Coffee, Check No 904. Payment fell within discount period. 3 Paid the full amount owing to Abejundio Coffee, Check No. 905. Payment fell within discount period 5 Sold General Cafe Supplies to Revamp Coffee Carts for $530, Invoice No. 501. 5 Made cash sales of $7,832 during the first 5 days of the month. 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 do 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. 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 joumals. 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. 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. Show All Special Journals General Journal Subsidiary Ledgers General Ledger SALES JOURNAL Date Account Invoice No. Post Ref. Amount Jun seled Jun Jun Select SALES JOURNAL Date Account Invoice No. Post Ref. Amount select Jun Jun select) 1110 select) Jun seled) Jun PURCHASES JOURNAL Date Account Terms Post Ref. Amount seledd Jun select Jun 1000 Ysled) Jun Jun select CASH RECEIPTS JOURNAL Note: In order to recelve full points, for each transaction you must select an account under the column labeled above. Since all transactions in this journal affect the cash account, you are asked to enter the name of the appr Account column so that the type of transaction can be determined by the name of the account entered into this Debit Credit Date Account Sales Accounts Cash O Discounts Arendre Receivable Accounts Sales Jun Jun seled LL IIIIIII Jun selech Jun select Jun Jun select CASH PAYMENTS JOURNAL Note: In order to receive full points, for each transaction you must select an account under the column labeled 'Account' above. Since all transactions in this journal affect the Cash account, you are asked to enter the name of the appropriate Account column so that the type of transaction can be determined by the name of the account entered into this column. Debit Date Account Check No. Credit Purchase Cash Discounts Post Ref. Accounts Payable Purchases Other Accounts Jun select select) Jun Jun select) Jun select Jun (select JUU Jun (select) GENERAL JOURNAL Date Account and Explanation Post Ref. Debit Credit Jun (select (select) Jun (select (select Jun Kselect) (select) SUBSIDIARY LEDGERS Account: ARC - Revamp Coffee Carts Account No. 110-3 Date Ref. Debit Credit Description 31 Balance Balance 2.469 DR May Jun Jun Jun Account: APC - East Tangiers Co-op. Account No. 210-1 Date Ref. Debit Credit Balance Description 31 Balance May 2.512 CR Jun Jun Jun Ref. Debit Credit Balance Account: APC - Abejundio Coffee Account No. 210-2 Date Description May 31 Balance Jun Jun L. 1253 CR Jun Account: APC - Jordo Gourmet Coffee Account No. 210-3 Date Description May 31 Balance Jun Ref. Debit Credit Balance 3.918 CR Jun Jun V Account: APC - Croup Coffee Account No. 210-4 | Date Ref. Debit Credit Description 31 Balance Balance 1,826 CR May Jun Jun Jun GENERAL LEDGER Account: Cash Account No. 100 Date Ref. Debit Description 31 Balance Credit Balance May 28.994 DR Jun Jun Jun Account: ARC - Accounts Receivable Control Account No. 110 Date Description 31 Balance Ref. Debit Credit Balance May 8.795 DR Jun Jun Jun Account: Merchandise Inventory Account No. 120 Date Ref. Description 31 Balance Debit Credit May Balance 72,796 DR Jun Jun JUD Account: APC - Accounts Payable Control Account No. 210 Date Ref. Debit Description 31 Balance Credit Balance May 13,365 CR Jun Jun Jun Account: Bank Loan Payable Account No. 250 Date Ref. Debit Description 31 Balance Credit Balance May Jun Jun Jun Account: Sales Revenue Account No. 400 Ref. Debit Credit Balance 0 Date Description May 31 Balance Jun LR Jun ! Jun Account: Sales Discounts Account No. 402 Date Ref. Debit Credit Balance Description 31 Balance May Jun v Jun Jun Account: Purchases Account No. 500 Date Description Ref. Debit Credit Balance May 31 Balance 0 Jun Jun Jun 2 Week 1 Date Transaction description 1 Purchased 4 bags of Chocolate Coated Coffee Beans with cash for $550 each, Check No. 903 1 Obtained a loan of $43,000 from ZNZ Bank at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2021 and the principal of the loan is to be repaid on June 1, 2025 2 Purchased 6 boxes of Le krapp Instant Coffee from Jordo Gourmet Coffee for $272 each terms net 30 2 Purchased 6 bags of Light Roast Robusta Coffee Beans from East Tangiers Co-op for $151 each, terms 2/10,n/30 Paid the full amount owing to Croup Coffee, Check No 904. Payment fell within discount period. 3 Paid the full amount owing to Abejundio Coffee, Check No. 905. Payment fell within discount period 5 Sold General Cafe Supplies to Revamp Coffee Carts for $530, Invoice No. 501. 5 Made cash sales of $7,832 during the first 5 days of the month. 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 do 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. 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 joumals. 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. 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. Show All Special Journals General Journal Subsidiary Ledgers General Ledger SALES JOURNAL Date Account Invoice No. Post Ref. Amount Jun seled Jun Jun Select SALES JOURNAL Date Account Invoice No. Post Ref. Amount select Jun Jun select) 1110 select) Jun seled) Jun PURCHASES JOURNAL Date Account Terms Post Ref. Amount seledd Jun select Jun 1000 Ysled) Jun Jun select CASH RECEIPTS JOURNAL Note: In order to recelve full points, for each transaction you must select an account under the column labeled above. Since all transactions in this journal affect the cash account, you are asked to enter the name of the appr Account column so that the type of transaction can be determined by the name of the account entered into this Debit Credit Date Account Sales Accounts Cash O Discounts Arendre Receivable Accounts Sales Jun Jun seled LL IIIIIII Jun selech Jun select Jun Jun select CASH PAYMENTS JOURNAL Note: In order to receive full points, for each transaction you must select an account under the column labeled 'Account' above. Since all transactions in this journal affect the Cash account, you are asked to enter the name of the appropriate Account column so that the type of transaction can be determined by the name of the account entered into this column. Debit Date Account Check No. Credit Purchase Cash Discounts Post Ref. Accounts Payable Purchases Other Accounts Jun select select) Jun Jun select) Jun select Jun (select JUU Jun (select) GENERAL JOURNAL Date Account and Explanation Post Ref. Debit Credit Jun (select (select) Jun (select (select Jun Kselect) (select) SUBSIDIARY LEDGERS Account: ARC - Revamp Coffee Carts Account No. 110-3 Date Ref. Debit Credit Description 31 Balance Balance 2.469 DR May Jun Jun Jun Account: APC - East Tangiers Co-op. Account No. 210-1 Date Ref. Debit Credit Balance Description 31 Balance May 2.512 CR Jun Jun Jun Ref. Debit Credit Balance Account: APC - Abejundio Coffee Account No. 210-2 Date Description May 31 Balance Jun Jun L. 1253 CR Jun Account: APC - Jordo Gourmet Coffee Account No. 210-3 Date Description May 31 Balance Jun Ref. Debit Credit Balance 3.918 CR Jun Jun V Account: APC - Croup Coffee Account No. 210-4 | Date Ref. Debit Credit Description 31 Balance Balance 1,826 CR May Jun Jun Jun GENERAL LEDGER Account: Cash Account No. 100 Date Ref. Debit Description 31 Balance Credit Balance May 28.994 DR Jun Jun Jun Account: ARC - Accounts Receivable Control Account No. 110 Date Description 31 Balance Ref. Debit Credit Balance May 8.795 DR Jun Jun Jun Account: Merchandise Inventory Account No. 120 Date Ref. Description 31 Balance Debit Credit May Balance 72,796 DR Jun Jun JUD Account: APC - Accounts Payable Control Account No. 210 Date Ref. Debit Description 31 Balance Credit Balance May 13,365 CR Jun Jun Jun Account: Bank Loan Payable Account No. 250 Date Ref. Debit Description 31 Balance Credit Balance May Jun Jun Jun Account: Sales Revenue Account No. 400 Ref. Debit Credit Balance 0 Date Description May 31 Balance Jun LR Jun ! Jun Account: Sales Discounts Account No. 402 Date Ref. Debit Credit Balance Description 31 Balance May Jun v Jun Jun Account: Purchases Account No. 500 Date Description Ref. Debit Credit Balance May 31 Balance 0 Jun Jun Jun