how to do the all All Special Journals General Journal Subsidiary Ledgers General Ledger SALES JOURNAL Date CASH PAYMENTS JOURNAL ??

Transactions - week 1 Your progress LYR INTRODUCTION TRANSACTIONS WEEKE TRANSACTIONS WEEKS TRANSACTIONS WEEK A 5 END OF MONTH POSTING WO RECONCILIATION FINANCIAL STATEMENTS SCHEDULES OF ACCOUNTS Now that you have reviewed information about Extremely Board, you are ready to begin the first step in the accounting cyde, 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 Obtained a loan of 553,000 from Earth Bank 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. 4 Purchased 12 DropZone Parachutes from Hike for $340 each, terms net 30. 4 Purchased 27 Downhill Snowboards with cash for $200 each, Check No 829. Purchased 18 White Water Rafts from J. J. Spud for $280 each, terms 2/10,n/30 5 Paid the full amount owing to Sports 'R Us, Check No. 830. Payment fell outside discount period. 5 Sold 17 DropZone Parachutes to Mick's Sporting Goods for $580 each, plus 5% sales tax, Invoice No. 260 5 Paid sales staff wages of $1,667 for the week up to and including yesterday, Check No. 831. Note that $1,000 of this payment relates to the wages expense incurred during the last week of May. 7 Paid the full amount owing to Extreme Sports Inc, Check No.832. Payment fell outside discount period 7 Made cash sale of 24 Downhill Snowboards for $500 each plus 5% sales tax 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 POST CLOSING ENTRIES NOW Completed: 2 (approxim This page will take: up to 25 hour Remaining pages will take up to 18 hours The time frames we provide are a guide only. It take you more or less time to complete each pag Your grading Your grading outcome (still in progre Awarded To Show All Special Journals General Journal Subsidiary Ledgers General Ledger (Q=301.salesJournalWeek1) SALES JOURNAL Date Account Invoice No. Post Ref. Amount Jun (select) Jun select) Jun select) (select) Jun (Q=302.purchasesJournalWeek1) PURCHASES JOURNAL Date Account Terms Post Ref. Amount Jun (select) Jun (select) Jun (select) Jun (select) (Q=303.cash ReceiptsJournalWeek1) 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. Sales Discounts Cash Sales Revenue Credit Accounts Other Receivable Accounts Jun 1 Bank Loan Payable (select) 250 46000 46000 Jun (select) Jun select) select) Jun Jun (select) (select) Jun (Q=304.cashPaymentsJoumalWeeki) CASH PAYMENTS JOURNAL Note: In order to receive full points, for each transection 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 Date Account Check No. Poar Ref. Other Accounts Payable Credit Cash Purchase Discounts Purchases Accounts Jun Tibe! Jun Tiek! Jun isalec) Jun select) Jun Iselect Jun select (Q-305.generaloumalwanki) GENERAL JOURNAL Date Post Ref. Debit Credit Account and Explanation ( isclct Jun scle Jun SAAT HA IR:// Jun ale | Best {Q-310-110-3.ActsRec3_weeki) Q- SUBSIDIARY LEDGERS Account: ARC - Boundaries Account No. 110-3 Ref. Debit Credit Date May Description 31 Balance Balance 2,549 DR | Jun Jun Jun (Q-310-210-1 AcetsPayi_wonki) Account: APC - Booked Inn Account No. 210-1 Date Description Ref. Debit Credit Balance 1,809 CR May 31 Balance Jun V Jun y Jun V (Q-310-210-2. Accs Pay2 week Account: APC - Stompson Account No. 210-2 Date Description Rel. Debit Credit Balance 3,300 CR May 31 Balance Jun Jun Jun (Q=310-210-3.Accts Pay_weekl) Account: APC - Books R Us Account No. 210-3 Date Description Ref. Dobit Credit Balance May 31 Balance 4,511 CR Jun Jun Jun (Q-310-210-4 AcetsPayd_weeki) (Q=310-210-4.AcctsPay4_weeki) Account: APC - Deterministic Garage Account No. 210-4 Date Description Ref. Debit Credit Balance May 31 Balance 1.778 CR Jun V Jun V Jun y (Q-320-100. Cash_weeki) GENERAL LEDGER Account: Cash Account No. 100 Ref. Debit Credit Balance Date May Description 31 Balance 23,076 DR Jun Jun Jun V (Q-320-110.AcctsRecControl_week1) Account: ARC - Accounts Receivable Control Account No. 110 Date Ref. Debit Credit Balance Description 31 Balance May 7,990 DR Jun Jun 7 Jun V (Q=320-120.Inventory_week 1) Account: Merchandise Inventory Account No. 120 Description Ref. Debit Credit Balance Date May 31 Balance 82,043 DR Jun Jun V Jun in 10 (Q-320-210. Acts Papoantro_week 1) Account: APC - Accounts Payable Control Account No. 210 Ref. Debit Credit Date May Description 31 Balance Balance 14,112 CR Jun Jun Jun (0-320-250. LoanPayable week) Account: Bank Loan Payable Account No. 250 Date Ref. Dobit Credit Balance Description 31 Balance May Jun 1 borrow from BitiBank CRJ 46000 48000 || CRV Jun Jun (Q=320-400. SalesRevenue_weekl) Account: Sales Revenue Account No. 400 Date Ref. Debit Credit Balance Description 31 Balance May Jun Jun Jun (Q=320-02.Sales Dise_weeki) ( Account: Sales Discounts Account No. 402 Ref. Debit Credit Balance Date May Jun Description 31 Balance Jun V Jun 20-320-500.Purchases 11 (Q=320-500.Purchases_week1) Account: Purchases Account No. 500 Date Description Ref. Debit Credit Balance May 31 Balance 0 Jun Jun Jun (Q=320-502.PurchaseDisc_week1) Account: Purchase Discounts Account No. 502 4C Date Description Ref. Debit Credit Balance May 31 Balance 0 Jun Jun Jun Submit answers Chart of accounts [X] X Clear account selection 100 Cash 102 Short-term Investments 110 ARC - Accounts Receivable Control 110-1 ARC - Congo.com 110-2 ARC - Outlines 110-3 ARC - Boundaries 110-4 ARC - Cough-up bookstore 110-5 ARC - Cliff's Notes 110-6 ARC - Bovine & Hobbitson 112 Interest Receivable 120 Merchandise Inventory 130 Office Supplies 140 Prepaid Rent 141 Prepaid Advertising 142 Prepaid Insurance 150 Office Furniture 151 Accum Depn: Office Furniture 160 Office Equipment 161 Accum Depn: Office Equipment Chart of accounts [X] 161 Accum Depn: Office Equipment 210 APC - Accounts Payable Control 210-1 APC - Booked Inn 210-2 APC - Stompson 210-3 APC - Books R Us 210-4 APC - Deterministic Garage 210-5 APC - Quickdraw Peak 210-6 APC - Albatross 220 Wages Payable 221 Electricity Payable 222 Water Payable 225 Interest Payable 250 Bank Loan Payable 300 Common Stock 301 Retained Earnings 310 Income Summary 400 Sales Revenue 401 Sales Returns and Allowances 402 Sales Discounts 403 Interest Revenue POS Chart of accounts [X] TITUOTT UTILITY 400 Sales Revenue 401 Sales Returns and Allowances 402 Sales Discounts 403 Interest Revenue 500 Purchases 501 Purchase Returns and Allowances 502 Purchase Discounts 511 Advertising Expense 516 Wages Expense 540 Rent Expense 541 Electricity Expense 542 Water Expense 543 Insurance Expense 544 Office Supplies Expense 545 Salary Expense 560 Depn Expense: Office Furniture 561 Depn Expense: Office Equipment 571 Interest Expense 572 Admin. Expense - Bank Charges Transactions - week 1 Your progress LYR INTRODUCTION TRANSACTIONS WEEKE TRANSACTIONS WEEKS TRANSACTIONS WEEK A 5 END OF MONTH POSTING WO RECONCILIATION FINANCIAL STATEMENTS SCHEDULES OF ACCOUNTS Now that you have reviewed information about Extremely Board, you are ready to begin the first step in the accounting cyde, 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 Obtained a loan of 553,000 from Earth Bank 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. 4 Purchased 12 DropZone Parachutes from Hike for $340 each, terms net 30. 4 Purchased 27 Downhill Snowboards with cash for $200 each, Check No 829. Purchased 18 White Water Rafts from J. J. Spud for $280 each, terms 2/10,n/30 5 Paid the full amount owing to Sports 'R Us, Check No. 830. Payment fell outside discount period. 5 Sold 17 DropZone Parachutes to Mick's Sporting Goods for $580 each, plus 5% sales tax, Invoice No. 260 5 Paid sales staff wages of $1,667 for the week up to and including yesterday, Check No. 831. Note that $1,000 of this payment relates to the wages expense incurred during the last week of May. 7 Paid the full amount owing to Extreme Sports Inc, Check No.832. Payment fell outside discount period 7 Made cash sale of 24 Downhill Snowboards for $500 each plus 5% sales tax 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 POST CLOSING ENTRIES NOW Completed: 2 (approxim This page will take: up to 25 hour Remaining pages will take up to 18 hours The time frames we provide are a guide only. It take you more or less time to complete each pag Your grading Your grading outcome (still in progre Awarded To Show All Special Journals General Journal Subsidiary Ledgers General Ledger (Q=301.salesJournalWeek1) SALES JOURNAL Date Account Invoice No. Post Ref. Amount Jun (select) Jun select) Jun select) (select) Jun (Q=302.purchasesJournalWeek1) PURCHASES JOURNAL Date Account Terms Post Ref. Amount Jun (select) Jun (select) Jun (select) Jun (select) (Q=303.cash ReceiptsJournalWeek1) 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. Sales Discounts Cash Sales Revenue Credit Accounts Other Receivable Accounts Jun 1 Bank Loan Payable (select) 250 46000 46000 Jun (select) Jun select) select) Jun Jun (select) (select) Jun (Q=304.cashPaymentsJoumalWeeki) CASH PAYMENTS JOURNAL Note: In order to receive full points, for each transection 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 Date Account Check No. Poar Ref. Other Accounts Payable Credit Cash Purchase Discounts Purchases Accounts Jun Tibe! Jun Tiek! Jun isalec) Jun select) Jun Iselect Jun select (Q-305.generaloumalwanki) GENERAL JOURNAL Date Post Ref. Debit Credit Account and Explanation ( isclct Jun scle Jun SAAT HA IR:// Jun ale | Best {Q-310-110-3.ActsRec3_weeki) Q- SUBSIDIARY LEDGERS Account: ARC - Boundaries Account No. 110-3 Ref. Debit Credit Date May Description 31 Balance Balance 2,549 DR | Jun Jun Jun (Q-310-210-1 AcetsPayi_wonki) Account: APC - Booked Inn Account No. 210-1 Date Description Ref. Debit Credit Balance 1,809 CR May 31 Balance Jun V Jun y Jun V (Q-310-210-2. Accs Pay2 week Account: APC - Stompson Account No. 210-2 Date Description Rel. Debit Credit Balance 3,300 CR May 31 Balance Jun Jun Jun (Q=310-210-3.Accts Pay_weekl) Account: APC - Books R Us Account No. 210-3 Date Description Ref. Dobit Credit Balance May 31 Balance 4,511 CR Jun Jun Jun (Q-310-210-4 AcetsPayd_weeki) (Q=310-210-4.AcctsPay4_weeki) Account: APC - Deterministic Garage Account No. 210-4 Date Description Ref. Debit Credit Balance May 31 Balance 1.778 CR Jun V Jun V Jun y (Q-320-100. Cash_weeki) GENERAL LEDGER Account: Cash Account No. 100 Ref. Debit Credit Balance Date May Description 31 Balance 23,076 DR Jun Jun Jun V (Q-320-110.AcctsRecControl_week1) Account: ARC - Accounts Receivable Control Account No. 110 Date Ref. Debit Credit Balance Description 31 Balance May 7,990 DR Jun Jun 7 Jun V (Q=320-120.Inventory_week 1) Account: Merchandise Inventory Account No. 120 Description Ref. Debit Credit Balance Date May 31 Balance 82,043 DR Jun Jun V Jun in 10 (Q-320-210. Acts Papoantro_week 1) Account: APC - Accounts Payable Control Account No. 210 Ref. Debit Credit Date May Description 31 Balance Balance 14,112 CR Jun Jun Jun (0-320-250. LoanPayable week) Account: Bank Loan Payable Account No. 250 Date Ref. Dobit Credit Balance Description 31 Balance May Jun 1 borrow from BitiBank CRJ 46000 48000 || CRV Jun Jun (Q=320-400. SalesRevenue_weekl) Account: Sales Revenue Account No. 400 Date Ref. Debit Credit Balance Description 31 Balance May Jun Jun Jun (Q=320-02.Sales Dise_weeki) ( Account: Sales Discounts Account No. 402 Ref. Debit Credit Balance Date May Jun Description 31 Balance Jun V Jun 20-320-500.Purchases 11 (Q=320-500.Purchases_week1) Account: Purchases Account No. 500 Date Description Ref. Debit Credit Balance May 31 Balance 0 Jun Jun Jun (Q=320-502.PurchaseDisc_week1) Account: Purchase Discounts Account No. 502 4C Date Description Ref. Debit Credit Balance May 31 Balance 0 Jun Jun Jun Submit answers Chart of accounts [X] X Clear account selection 100 Cash 102 Short-term Investments 110 ARC - Accounts Receivable Control 110-1 ARC - Congo.com 110-2 ARC - Outlines 110-3 ARC - Boundaries 110-4 ARC - Cough-up bookstore 110-5 ARC - Cliff's Notes 110-6 ARC - Bovine & Hobbitson 112 Interest Receivable 120 Merchandise Inventory 130 Office Supplies 140 Prepaid Rent 141 Prepaid Advertising 142 Prepaid Insurance 150 Office Furniture 151 Accum Depn: Office Furniture 160 Office Equipment 161 Accum Depn: Office Equipment Chart of accounts [X] 161 Accum Depn: Office Equipment 210 APC - Accounts Payable Control 210-1 APC - Booked Inn 210-2 APC - Stompson 210-3 APC - Books R Us 210-4 APC - Deterministic Garage 210-5 APC - Quickdraw Peak 210-6 APC - Albatross 220 Wages Payable 221 Electricity Payable 222 Water Payable 225 Interest Payable 250 Bank Loan Payable 300 Common Stock 301 Retained Earnings 310 Income Summary 400 Sales Revenue 401 Sales Returns and Allowances 402 Sales Discounts 403 Interest Revenue POS Chart of accounts [X] TITUOTT UTILITY 400 Sales Revenue 401 Sales Returns and Allowances 402 Sales Discounts 403 Interest Revenue 500 Purchases 501 Purchase Returns and Allowances 502 Purchase Discounts 511 Advertising Expense 516 Wages Expense 540 Rent Expense 541 Electricity Expense 542 Water Expense 543 Insurance Expense 544 Office Supplies Expense 545 Salary Expense 560 Depn Expense: Office Furniture 561 Depn Expense: Office Equipment 571 Interest Expense 572 Admin. Expense - Bank Charges