• 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.
• 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 also required to apply the journals and ledgers instructions and the inventory cards instructions provided in previous weeks.

please take your time

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 12 Radio Hut paid the full amount owing on their account 12 Made payment of $1,369 to Enroff for 3 months of electricity up to and including May 31, Check No. 876. 13 Paid the full amount owing to Mega Tech, Check No. 877 13 Made cash sale of 8 NR759 3D-HD Recorders for $2,400 each plus 5% sales tax. 13 Paid sales staff wages of $13,407 for the week up to and including yesterday, Check No. 878. 14 Sold 26 Zii Game Consoles to Jerry Technology for $1,460 each, plus 5% sales tax, Invoice No. 484. 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 before you prepare the Bank Reconciliation Statement. 3) Update inventory cards on a daily basis. SALES JOURNAL Date Account Invoice No. Post Ref. Accounts Receivable Sales Tax Sales Revenue Cost of Goods Sold Jun 5 ARC - Pikea 483 110- 3 1 8,564 884 17.680 9,880 select select select Jun select PURCHASES JOURNAL Date Account Terms Post Ref. Accounts Payable 210-3 Jun Jun 2 APC - Big Telco 5 APC - Moon Megasystems net 30 2/10, n/30 9,600 12.980 210-1 Jun select) select) (select) select) 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 Date Account Post Ref. Cost of Goods Sold Credit Sales Accounts Other Tax Receivable Accounts Sales Revenue Cash 250 57.000 Bank Loan Payable Sales Revenue 12 | ARC - Radio Hut 57,000 5,775 5,500 275 15175550 215/ 950 49 29000 35.00 2420 (select) 110-1 8000 011 0 8000 Sales Revenue select) (select) select) select) select) (Q=404.cash PaymentsJournalWeek2) 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 Date Account Check No. Post Ref. Accounts Merchandise Payable Inventory Wages Other Expense Accounts Cash 6,900 4 Merchandise Inventory 16 APC - Pear Technology 6 APC - JCN Electrical 6 Wages Payable 12 Electricity Payable 872 X 873 210-2 874 210-4 875 select) 876 221 8,300 9,300 6.900 8,300 9,300 12,998 220 6,498 6,500 select select) select) select) select) (Q=405.generalJournalWeek2) GENERAL JOURNAL Date Account and Explanation Post Ref. Debit Credit Jun (select) select select select select) select) (Q=410-110-1.Accts Reci_week2) SUBSIDIARY LEDGERS Account: ARC - Radio Hut Account No. 110-1 Date Ref. Debit Credit Description 31 Balance 12 Repaid Balance 8,000 DR May Jun 8000 8000 Jun Jun (Q=410-110-3.AcctsRec3_week2) U-410'110'S.HLLLSREL_week) Account: ARC - Pikea Account No. 110-3 Date Ref. Debit Credit May Jun Description 31 Balance 5 Credit sale Balance 44,711 DR 63,275 DR 18.564 Jun Jun Jun (Q=410-110-6.AcctsRec6_week2) Account: ARC - Jerry Technology Account No. 110-6 Date Description May 31 Balance Ref. Debit Credit Balance Jun Jun Jun (Q=410-210-5.AcctsPay5_week2) Account: APC - Mega Tech Account No. 210-5 Description Ref. Debit Credit Date May Balance 6,800 CR 31 Balance Jun Jun Jun (Q=420-100 Cash_week2) GENERAL LEDGER Account: Cash Account No. 100 Date Description May 31 Balance Jun Ref. Debit Credit Balance 95,855 DR Jun Jun (Q=420-110.AcctsRecControl_week2) Account: ARC - Accounts Receivable Control Account No. 110 Ref. Debit Credit Date May Description 31 Balance Balance 69,414 DR Jun Jun Jun (Q=420-120. Inventory_week) Account: Merchandise Inventory Account No. 120 Date Description Ref. Debit Credit Balance 162,060 DR 31 Balance May Jun Jun Jun (Q=420-221.Electricity Payable_week2) Account: Electricity Payable Account No. 221 Ref. Debit Credit Date May Description 31 Balance Balance 1,439 CR Jun Jun Jun (Q=420-270.TaxCollected_week2) Account: Sales Tax Payable Account No. 240 Ref. Debit Credit Date May Jun Description 31 Balance Balance 10,465 CR Jun Jun (Q=420-400. SalesRevenue_week2) Account: Sales Revenue Account No. 400 Ref. Debit Credit Balance Date May Description 31 Balance Jun Jun Jun (Q=420-500.CostOfSales_week2) Account: Cost of Goods Sold Account No. 500 Ref. Debit Credit Balance Description 31 Balance May Jun Jun Jun (Q=420-516. Wages Expense_week2) Account: Wages Expense Account No. 516 Date Ref. Debit Credit Balance Description 31 Balance May Jun Jun Jun (Q=420-541. ElectricityExpense_week) Account: Electricity Expense Account No. 541 Ref. Debit Credit Balance Date May Description 31 Balance Jun Jun Jun (Q=430.Inventory1_week) INVENTORY CARDS NR759 3D-HD Recorders Date Purchases Cost of Goods Sold Balance Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost ($) ($) 1080 | 11880 1340 21440 ($) ($) May 31 Jun (Q=430.Inventory3_week2) MV620 Alatabool Comoutor MX620 Notebook Computers Date Purchases Cost of Goods Sold Balance Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost ($) ($) May 31 63 76047880 Jun 21 10 960 9600 T 47880 760 960 9600 T T 13 780 9880 50 760|| 38000 9600 10 960 Jun (Q=430.Inventory4_week2) Zii Game Consoles Date Purchases Cost of Goods Sold Balance Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost ($) ($) ($) 680 11560 23 800 18400 May 17 Jun 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 12 Radio Hut paid the full amount owing on their account 12 Made payment of $1,369 to Enroff for 3 months of electricity up to and including May 31, Check No. 876. 13 Paid the full amount owing to Mega Tech, Check No. 877 13 Made cash sale of 8 NR759 3D-HD Recorders for $2,400 each plus 5% sales tax. 13 Paid sales staff wages of $13,407 for the week up to and including yesterday, Check No. 878. 14 Sold 26 Zii Game Consoles to Jerry Technology for $1,460 each, plus 5% sales tax, Invoice No. 484. 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 before you prepare the Bank Reconciliation Statement. 3) Update inventory cards on a daily basis. SALES JOURNAL Date Account Invoice No. Post Ref. Accounts Receivable Sales Tax Sales Revenue Cost of Goods Sold Jun 5 ARC - Pikea 483 110- 3 1 8,564 884 17.680 9,880 select select select Jun select PURCHASES JOURNAL Date Account Terms Post Ref. Accounts Payable 210-3 Jun Jun 2 APC - Big Telco 5 APC - Moon Megasystems net 30 2/10, n/30 9,600 12.980 210-1 Jun select) select) (select) select) 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 Date Account Post Ref. Cost of Goods Sold Credit Sales Accounts Other Tax Receivable Accounts Sales Revenue Cash 250 57.000 Bank Loan Payable Sales Revenue 12 | ARC - Radio Hut 57,000 5,775 5,500 275 15175550 215/ 950 49 29000 35.00 2420 (select) 110-1 8000 011 0 8000 Sales Revenue select) (select) select) select) select) (Q=404.cash PaymentsJournalWeek2) 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 Date Account Check No. Post Ref. Accounts Merchandise Payable Inventory Wages Other Expense Accounts Cash 6,900 4 Merchandise Inventory 16 APC - Pear Technology 6 APC - JCN Electrical 6 Wages Payable 12 Electricity Payable 872 X 873 210-2 874 210-4 875 select) 876 221 8,300 9,300 6.900 8,300 9,300 12,998 220 6,498 6,500 select select) select) select) select) (Q=405.generalJournalWeek2) GENERAL JOURNAL Date Account and Explanation Post Ref. Debit Credit Jun (select) select select select select) select) (Q=410-110-1.Accts Reci_week2) SUBSIDIARY LEDGERS Account: ARC - Radio Hut Account No. 110-1 Date Ref. Debit Credit Description 31 Balance 12 Repaid Balance 8,000 DR May Jun 8000 8000 Jun Jun (Q=410-110-3.AcctsRec3_week2) U-410'110'S.HLLLSREL_week) Account: ARC - Pikea Account No. 110-3 Date Ref. Debit Credit May Jun Description 31 Balance 5 Credit sale Balance 44,711 DR 63,275 DR 18.564 Jun Jun Jun (Q=410-110-6.AcctsRec6_week2) Account: ARC - Jerry Technology Account No. 110-6 Date Description May 31 Balance Ref. Debit Credit Balance Jun Jun Jun (Q=410-210-5.AcctsPay5_week2) Account: APC - Mega Tech Account No. 210-5 Description Ref. Debit Credit Date May Balance 6,800 CR 31 Balance Jun Jun Jun (Q=420-100 Cash_week2) GENERAL LEDGER Account: Cash Account No. 100 Date Description May 31 Balance Jun Ref. Debit Credit Balance 95,855 DR Jun Jun (Q=420-110.AcctsRecControl_week2) Account: ARC - Accounts Receivable Control Account No. 110 Ref. Debit Credit Date May Description 31 Balance Balance 69,414 DR Jun Jun Jun (Q=420-120. Inventory_week) Account: Merchandise Inventory Account No. 120 Date Description Ref. Debit Credit Balance 162,060 DR 31 Balance May Jun Jun Jun (Q=420-221.Electricity Payable_week2) Account: Electricity Payable Account No. 221 Ref. Debit Credit Date May Description 31 Balance Balance 1,439 CR Jun Jun Jun (Q=420-270.TaxCollected_week2) Account: Sales Tax Payable Account No. 240 Ref. Debit Credit Date May Jun Description 31 Balance Balance 10,465 CR Jun Jun (Q=420-400. SalesRevenue_week2) Account: Sales Revenue Account No. 400 Ref. Debit Credit Balance Date May Description 31 Balance Jun Jun Jun (Q=420-500.CostOfSales_week2) Account: Cost of Goods Sold Account No. 500 Ref. Debit Credit Balance Description 31 Balance May Jun Jun Jun (Q=420-516. Wages Expense_week2) Account: Wages Expense Account No. 516 Date Ref. Debit Credit Balance Description 31 Balance May Jun Jun Jun (Q=420-541. ElectricityExpense_week) Account: Electricity Expense Account No. 541 Ref. Debit Credit Balance Date May Description 31 Balance Jun Jun Jun (Q=430.Inventory1_week) INVENTORY CARDS NR759 3D-HD Recorders Date Purchases Cost of Goods Sold Balance Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost ($) ($) 1080 | 11880 1340 21440 ($) ($) May 31 Jun (Q=430.Inventory3_week2) MV620 Alatabool Comoutor MX620 Notebook Computers Date Purchases Cost of Goods Sold Balance Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost ($) ($) May 31 63 76047880 Jun 21 10 960 9600 T 47880 760 960 9600 T T 13 780 9880 50 760|| 38000 9600 10 960 Jun (Q=430.Inventory4_week2) Zii Game Consoles Date Purchases Cost of Goods Sold Balance Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost ($) ($) ($) 680 11560 23 800 18400 May 17 Jun