Help with Perdisco question set week 1. I'm completely lost on what to do... An explanation would be great!

this is just the practice set, NOT the graded version

# Transactions - week 1 Now that you have reviewed Information about Bradbury, 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 occurre 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 Issued Check No. 553 for $8,600 to pay Blue Blazer Realty for two month's worth of rent in advance. 1 Obtained a loan of $47.000 from BinBank at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2020 and the principal of the loan is to be repaid on June 1, 2025 2 Paid the full amount owing to Hershel's. Check No. 554. 2. Issued Check No. 555 to Office Supplies Warehouse for the purchase of $454 worth of office supplies. 4 Central Candy paid the full amount owing on their account. 4 Made payment of $865 to Enroff for 3 months of electricity up to and including May 31, Check No. 556. 4 Paid sales staff wages of $2.445 for the week up to and including yesterday. Check No. 557. Note that $1,120 of this payment relates to the wages expense incurred during the last week of May. 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 journal 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 I 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 Remember to enter all answers to the nearest whole dollar. When calculating a discount of 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. 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 Show Al, but you may also select to view just one particular accounting record by selecting the appropriate tnb. 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 social Journals under the column labeled Account, you must select the correct account name for each transaction in order to receive full peints. Note that for some transactions, this wil 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 Pool Ref. column. In this practice sett order to receive full points, every transaction entered in a special journal requires an entry in the Post Recolumn. Note that In the special journals, ir the account name selected for a transaction corresponds to the heading of one of the comes in that special Journal, the post ret is to be recorded as an X This is because these transactions are not posted on a daily basis. In order to receive full point, you must record only the letter X in the Post Recolumn for these transactions . Note that in special Journals, the Other Accounts on should not 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. Note that in special journals, the Other Accounts column should not be used to record movements of inventory. . 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. . When purchases and sales are recorded in special journals, changes in inventory must not be posted to the Merchandise Inventory account in the general ledger on a daily basis. SALES JOURNAL Date Account Invoice No. Post Ref. Accounts Receivable Cost of Goods Sold Jun Jun sele Jun Jun Tselect (Q=32 purchasesoral) PURCHASES JOURNAL Date Account Terms Post Ref. Accounts Payable Jun Jun seleco 1000 Jun Jun (-30.decesure) 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 tonal 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 Date Account pour Debit Sales Cash Discounts Credit Sales Account Other Revenue Receivable Account Cost of Goods Sold Iseo || Jun Jun ODIODO Jun Jun Jun CASH PAYMENTS JOURNAL Note: In order to receive full points for each transaction you must select an account under the columnas indicated the adonaructions 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 the Account column so that the type of transaction can be determined by the name of the account entered into this column Credit Date Account Check Na Rel Debit Account Merchandise Wages Payable Expe Accu Jun Jun Jun IDIDID Jun GENERAL JOURNAL Date Account and Explanation Post Ref. Debit Credit Jun Jun Jun sche SUBSIDIARY LEDGERS Account: ARC - Central Candy Account No. 110-5 Rel. Description 31 Balance Debit Credit Date May Jun Balance 4.987 DR Jun 000 DOO III. Jun Account: APC - Spud's Confectionery Account No. 210-1 Ref. Debit Credit Date May Jun Description 31 Balance Balance 2.808 CR Jun bil Jun v Account: APC - Hershe's Account No. 210-6 Date Ref. Debit Credir Description 31 Balance May Jun Balance 4216 CR Jun Jun GENERAL LEDGER Account: Cash Account No. 100 Ref. Date May Debit Description 31 Balance Credit Balance 69.584 DR Jun 100 HOD Jun GENERAL LEDGER Account: Cash Account No. 100 Date Ref. Debit Credit Balance Description 31 Balance May Jun 69,584 DR Jun Jun v Account: ARC - Accounts Receivable Control Account No. 110 Date Ref. Debit Credit Description 31 Balance Balance 30.064 DR May Jun Jun Jun Account Office Supplies Account No. 130 Date Ref. Debit Credit Balance Description 31 Balance May 3.254 DR Jun Jun die Jun Account: Prepaid Rent Account No. 140 Ref. Debit Credit Balance Date May Jun Description 31 Balance Jun Account: APC - Accounts Payable Control Account No. 210 Date Rel Debil Credit Description 31 Balance Balance 42,678 CR May Jun Jun Jun Account: Wages Payable Account No. 220 Ref. Debit Credit Date May Jun Description 31 Balance Balance 1,120 CR Jun Account: Wages Payable Account No. 220 Date Description May 31 Balance Ref. Debit Credit Balance 1,120 CR Jun Jun Jun Account: Electricity Payable Account No. 221 Description Ref. Debit Credit Date May Jun 31 Balance Balance 927 CR Jun DOO Jun Account: Bank Loan Payable Account No. 250 Date May Description 31 Balance Ref. Debit Credit Balance Jun Jun Jun Account: Sales Revenue Account No. 400 Date Description 31 Balance Ref. Debit Credit Balance Mary Jun Jun Jun ol Account: Sales Discounts Account No. 402 Date May Description 31 Balance Ref. Debit Credit Balance Jun Jun DOO Jun Account: Cost of Goods Sold Account No. 500 Date May Description 31 Balance Ret Debit Credit Balance Jun Jun JOO dlo Account: Wages Expense Account No. 516 Date Description 31 Balance Ref. Debit Credit May Balance Jun Jun Jun Account: Electricity Expense Account No. 541 Date Ref. Debit Description 31 Balance Credit Balance May Jun Jun Account: Office Supplies Expense Account No. 544 Date Ref. Debit Credit Balance Description 31 Balance May 0 Jun Jun Jun # Transactions - week 1 Now that you have reviewed Information about Bradbury, 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 occurre 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 Issued Check No. 553 for $8,600 to pay Blue Blazer Realty for two month's worth of rent in advance. 1 Obtained a loan of $47.000 from BinBank at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2020 and the principal of the loan is to be repaid on June 1, 2025 2 Paid the full amount owing to Hershel's. Check No. 554. 2. Issued Check No. 555 to Office Supplies Warehouse for the purchase of $454 worth of office supplies. 4 Central Candy paid the full amount owing on their account. 4 Made payment of $865 to Enroff for 3 months of electricity up to and including May 31, Check No. 556. 4 Paid sales staff wages of $2.445 for the week up to and including yesterday. Check No. 557. Note that $1,120 of this payment relates to the wages expense incurred during the last week of May. 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 journal 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 I 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 Remember to enter all answers to the nearest whole dollar. When calculating a discount of 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. 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 Show Al, but you may also select to view just one particular accounting record by selecting the appropriate tnb. 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 social Journals under the column labeled Account, you must select the correct account name for each transaction in order to receive full peints. Note that for some transactions, this wil 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 Pool Ref. column. In this practice sett order to receive full points, every transaction entered in a special journal requires an entry in the Post Recolumn. Note that In the special journals, ir the account name selected for a transaction corresponds to the heading of one of the comes in that special Journal, the post ret is to be recorded as an X This is because these transactions are not posted on a daily basis. In order to receive full point, you must record only the letter X in the Post Recolumn for these transactions . Note that in special Journals, the Other Accounts on should not 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. Note that in special journals, the Other Accounts column should not be used to record movements of inventory. . 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. . When purchases and sales are recorded in special journals, changes in inventory must not be posted to the Merchandise Inventory account in the general ledger on a daily basis. SALES JOURNAL Date Account Invoice No. Post Ref. Accounts Receivable Cost of Goods Sold Jun Jun sele Jun Jun Tselect (Q=32 purchasesoral) PURCHASES JOURNAL Date Account Terms Post Ref. Accounts Payable Jun Jun seleco 1000 Jun Jun (-30.decesure) 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 tonal 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 Date Account pour Debit Sales Cash Discounts Credit Sales Account Other Revenue Receivable Account Cost of Goods Sold Iseo || Jun Jun ODIODO Jun Jun Jun CASH PAYMENTS JOURNAL Note: In order to receive full points for each transaction you must select an account under the columnas indicated the adonaructions 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 the Account column so that the type of transaction can be determined by the name of the account entered into this column Credit Date Account Check Na Rel Debit Account Merchandise Wages Payable Expe Accu Jun Jun Jun IDIDID Jun GENERAL JOURNAL Date Account and Explanation Post Ref. Debit Credit Jun Jun Jun sche SUBSIDIARY LEDGERS Account: ARC - Central Candy Account No. 110-5 Rel. Description 31 Balance Debit Credit Date May Jun Balance 4.987 DR Jun 000 DOO III. Jun Account: APC - Spud's Confectionery Account No. 210-1 Ref. Debit Credit Date May Jun Description 31 Balance Balance 2.808 CR Jun bil Jun v Account: APC - Hershe's Account No. 210-6 Date Ref. Debit Credir Description 31 Balance May Jun Balance 4216 CR Jun Jun GENERAL LEDGER Account: Cash Account No. 100 Ref. Date May Debit Description 31 Balance Credit Balance 69.584 DR Jun 100 HOD Jun GENERAL LEDGER Account: Cash Account No. 100 Date Ref. Debit Credit Balance Description 31 Balance May Jun 69,584 DR Jun Jun v Account: ARC - Accounts Receivable Control Account No. 110 Date Ref. Debit Credit Description 31 Balance Balance 30.064 DR May Jun Jun Jun Account Office Supplies Account No. 130 Date Ref. Debit Credit Balance Description 31 Balance May 3.254 DR Jun Jun die Jun Account: Prepaid Rent Account No. 140 Ref. Debit Credit Balance Date May Jun Description 31 Balance Jun Account: APC - Accounts Payable Control Account No. 210 Date Rel Debil Credit Description 31 Balance Balance 42,678 CR May Jun Jun Jun Account: Wages Payable Account No. 220 Ref. Debit Credit Date May Jun Description 31 Balance Balance 1,120 CR Jun Account: Wages Payable Account No. 220 Date Description May 31 Balance Ref. Debit Credit Balance 1,120 CR Jun Jun Jun Account: Electricity Payable Account No. 221 Description Ref. Debit Credit Date May Jun 31 Balance Balance 927 CR Jun DOO Jun Account: Bank Loan Payable Account No. 250 Date May Description 31 Balance Ref. Debit Credit Balance Jun Jun Jun Account: Sales Revenue Account No. 400 Date Description 31 Balance Ref. Debit Credit Balance Mary Jun Jun Jun ol Account: Sales Discounts Account No. 402 Date May Description 31 Balance Ref. Debit Credit Balance Jun Jun DOO Jun Account: Cost of Goods Sold Account No. 500 Date May Description 31 Balance Ret Debit Credit Balance Jun Jun JOO dlo Account: Wages Expense Account No. 516 Date Description 31 Balance Ref. Debit Credit May Balance Jun Jun Jun Account: Electricity Expense Account No. 541 Date Ref. Debit Description 31 Balance Credit Balance May Jun Jun Account: Office Supplies Expense Account No. 544 Date Ref. Debit Credit Balance Description 31 Balance May 0 Jun Jun Jun