i am stuck on this set of problems, i would like more detail on how you come to the conclusion of the accounts and why. Ive never gotten an explantion as of why im getting some wrong so any help would be great. thanks!!
PS: if you have work to show i greatly apprciate it
Transactions - week 4 You are now asked to record transactions that occurred throughout the fourth week of June in the company's books. The week 4 transactions are listed below Week 4 Date Transaction description 24 Sold 75 packages of Assorted Gourmet Coffee Beans to Central Coffee for $390 each Invoice No. 714 25 Delivered 20 bags of Kopi Luwak Coffee Beans to Con's Coffee for $370 each Invoice No. 715. These items were ordered on the 19th 25 Paid sales staff wages of S2 319 for the week up to and including yesterday. Check No. 610, 26 Made cash sale of 7 boxes of Linen Napkins for 5550 each 26 Ordered 16 packages of Assorted Gourmet Coffee Beans from Dominga Wholesalers for $300 each. Agreed terms with Dominga Wholesalers are 2/10 n/30 27 Quick Bolt Coffee paid the full amount owing on their account 28 Paid the full amount owing to East Tangiers Cooperative, Check No. 611. Payment fell outside discount period 28 Returned 6 faulty packs of Coffee Syrups, originally purchased for $250 each, to Brazil Imports Group Received a Credit Note for $1,500 Instructions for week 4 1) Record all week 4 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. Back-On-Track functionality Please note that any answers from previous pages carried through onto this page (either on the page or in a popup information page) have been reset, if necessary, to the correct answers. Your particular answers from previous pages are no longer shown. B Remember: Enter all answers to the nearest whole dollar. . 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. When completing the inventory cards, 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 You are also required to apply the journals and ledgers instructions and the inventory cards instructions provided in previous weeks. Before pressing the Submit answers button, we recommend that you click the Show All tab and check that all relevant accounting records have been completed. Show All Special Journals General Journal Subsidiary Ledgers General Ledger Inventory (Q=601.sales Journalweek SALES JOURNAL Date Account Invoice No. Post Ref. Accounts Receivable Cost of Goods Sold 6,600 350 Jun 11 ARC - Quick Bolt Coffee 16 ARC - Central Coffee ARC-Con's Coffee 712 713 Jun 11 000 740 110-3 110-5 110-6 Jun 714 29250 18090 Jun VIII 1000 Jun Jun (0502.purchasedurale ) PURCHASES JOURNAL Date Account Terms Terms Accounts Payable 4140 Jun Jun Jun 9 APC-Croup Coffee 16 APC - East Tangiers Cooperative 17 | APC - Brazil Imports Group tlet Post Ref. 210-6 210-1 210-5 net 30 2/10 n/30 nel 30 4.800 4.500 Jun v Jun >> Jun Jun (0=603.halomal Wit) 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 Date Account Por Rel. Cost of Goods Sol Jun Jun Jun 1 Bank Loan Payable 5 ARC - Central Coffee 12 ARC - Kavajava 12 Sales Revenue 19 ARC - Con's Coffee 19 Sales Revenue 250 110.5 110-1 X Debit Cash Sale Die 57.000 4579 3.492 388 6.450 1.300 16 848 Credit Sales AO Other Revenue Receivable Account 57.000 4.579 3.880 6.450 1 300 16 848 2.850 Jun Jun 110-6 Jun x 12.432 Jun Jun Jun see DIDIEL 101010 111000 lil 100 IIIIII Jun Jun Jun mentoria We 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 Date Credit Account Check No. Post Ref. Cast Jun Jun 600 601 602 Debit Accu Merchandise Wage Other Payable Inventory Expense Accouns 3,798 9.600 320 1,192 795 3,796 9,600 1.512 796 Jun 603 Jun Jun Jun Jun Jun 1 APC - Croup Coffee 1 Prepaid Rent 4 Wages Payable 5 Electricity Payable 5 Office Supplies 9 APC - Klam Wholesalers 11 APC - East Tangiers Cooperative 11 Wages Expense 12 APC - Brazil Imports Group 18 Wages Expense 210-6 140 220 221 130 210-2 210-1 210-5 4,473 3,393 604 605 606 607 608 609 4.473 3,393 2372 4,906 Jun Jun Jun 2372 4906 2,496 2.496 c Jun select Jun ale 110000 IIIIII Jun Jun Jun (Q-505.generaBournal Week) GENERAL JOURNAL Date Account and Explanation Debit Credit Jun Post Ref. 401 110/110-3 2.750 20 Sales Returns and Allowances 20 ARC - Quick Bolt Coffee (sales return) Jun 2,750 Jun 1,650 20 Merchandise Inventory 20 Cost of Goods Sold (sales return) 120 500 Jun 1.650 Jun 10 y Jun Jun (Q=610-210-4. Accts Pay4_week Account: APC - Dominga Wholesalers Account No. 210-4 Date Ref. Debit Credit Description 31 Balance Balance 3,256 CR May Jun Jun Jun (Q=610-210-5.AcctsPay5_week4 Account: APC - Brazil Imports Group Account No. 210-5 Date Ref. Debit Credit Credit Ma Jun Jun Description 31 Balance 12 Repayment 17 Credit purchase Balance 4,906 CR 0 4,500 CR 4,906 PJ 4,500 Jun Jun > > > V Jun (Q=620-100.Cash_week4) GENERAL LEDGER Account: Cash Account No. 100 Date Ref. Debit Credit Description 31 Balance Balance 68,960 DR May Jun Jun 110 Jun (Q=620-110.Accts RecControl_weslot) Account: ARC - Accounts Receivable Control Account No. 110 Date Description Ref. Debit Credit 31 Balance May Jun Balance 32,079 DR 29,329 DR 20 Sales return from Quick Bolt Coffee GJ 2,750 Jun Jun V Jun (Q-620-120. Inventory_week 4) Account: Merchandise Inventory Account No. 120 Date Ref. Debit Credit May Description 31 Balance 20 Sales retum from Quick Bolt Coffee Balance 83,738 DR 85,388 DR Jun GJ 1,650 Jun Jun Jun (Q-620-210. AccsPay Control_week) Account: APC - Accounts Payable Control Account No. 210 Date Ref. Dobit Credit Balance Description 31 Balance 48,001 CR May Jun Jun Jun (Q=620-400. SalesRevenue_week) Account: Sales Revenue Account No. 400 Ref. Debit Credit Balance Date May Jun Description 31 Balance Jun Jun (Q-520-402 Sale Dise_week Account: Sales Discounts Account No. 402 Ref. Debit Credit Balance Date May Jun Description 31 Balance Jun Jun (Q-620-500.Cost Of Sales we Account: Cost of Goods Sold Account No. 500 Date Ref. Debit Credit Balance May Description 31 Balance 20 Sales return from Quick Bolt Coffee GJ 1,650 Jun Jun 1,650 CR Jun 100 Jun (Q=620-516. WagesExpense_week) Account: Wages Expense Account No. 516 Date Ref. Debit Credit Balance Description 31 Balance May 0 Jun Jun Jun (Q=630. Inventory1_week) INVENTORY CARDS Packs of Coffee Syrups Purchases Cost of Goods Sold Balance Date Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost 4 May 31 38 21 190 250 7220 5250 Jun 12 15 190 2850 23 21 190 250 4370 5250 Jun 17 18 250 4500 23 39 190 250 4370 9750 Jun Jun Jun I I I Jun RAVOG iman (Q-630. Inventory3_week4) Boxes Of Linen Napkins (Q=630Inventory_wed Date Purchases Cost of Goods Sold Balance Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost ($) ($) 74 330 24420 May 31 Jun 11 20 330 6600 54 330 17820 Jun 20 330 - 1650 59 330 19470 Jun Jun Jun Jun Bags Of Kopi Luwak Coffee Beans (Q-630. Inventory_week) Date Purchases Cost of Goods Sold Balance Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Gost ($) 15 2850 24 224 5376 May 31 190 Jun 16 2 190 380 13 190 224 2470 5376 24 Jun Jun CO Jun Jun (Q-530.Inventory_week 4) Packages Of Assorted Gourmet Coffee Beans Date Purchases Cost of Goods Sold Balance Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost ($) (5) 45 230 10350 c May 31 Jun 9 18 230 4140 63 230 14490 Jun 16 16 300 4800 63 16 230 300 14490 4800 24 Jun 24 63 230 300 1200 14490 14 3600 300 Jun 1 Jun U Jun Transactions - week 4 You are now asked to record transactions that occurred throughout the fourth week of June in the company's books. The week 4 transactions are listed below Week 4 Date Transaction description 24 Sold 75 packages of Assorted Gourmet Coffee Beans to Central Coffee for $390 each Invoice No. 714 25 Delivered 20 bags of Kopi Luwak Coffee Beans to Con's Coffee for $370 each Invoice No. 715. These items were ordered on the 19th 25 Paid sales staff wages of S2 319 for the week up to and including yesterday. Check No. 610, 26 Made cash sale of 7 boxes of Linen Napkins for 5550 each 26 Ordered 16 packages of Assorted Gourmet Coffee Beans from Dominga Wholesalers for $300 each. Agreed terms with Dominga Wholesalers are 2/10 n/30 27 Quick Bolt Coffee paid the full amount owing on their account 28 Paid the full amount owing to East Tangiers Cooperative, Check No. 611. Payment fell outside discount period 28 Returned 6 faulty packs of Coffee Syrups, originally purchased for $250 each, to Brazil Imports Group Received a Credit Note for $1,500 Instructions for week 4 1) Record all week 4 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. Back-On-Track functionality Please note that any answers from previous pages carried through onto this page (either on the page or in a popup information page) have been reset, if necessary, to the correct answers. Your particular answers from previous pages are no longer shown. B Remember: Enter all answers to the nearest whole dollar. . 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. When completing the inventory cards, 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 You are also required to apply the journals and ledgers instructions and the inventory cards instructions provided in previous weeks. Before pressing the Submit answers button, we recommend that you click the Show All tab and check that all relevant accounting records have been completed. Show All Special Journals General Journal Subsidiary Ledgers General Ledger Inventory (Q=601.sales Journalweek SALES JOURNAL Date Account Invoice No. Post Ref. Accounts Receivable Cost of Goods Sold 6,600 350 Jun 11 ARC - Quick Bolt Coffee 16 ARC - Central Coffee ARC-Con's Coffee 712 713 Jun 11 000 740 110-3 110-5 110-6 Jun 714 29250 18090 Jun VIII 1000 Jun Jun (0502.purchasedurale ) PURCHASES JOURNAL Date Account Terms Terms Accounts Payable 4140 Jun Jun Jun 9 APC-Croup Coffee 16 APC - East Tangiers Cooperative 17 | APC - Brazil Imports Group tlet Post Ref. 210-6 210-1 210-5 net 30 2/10 n/30 nel 30 4.800 4.500 Jun v Jun >> Jun Jun (0=603.halomal Wit) 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 Date Account Por Rel. Cost of Goods Sol Jun Jun Jun 1 Bank Loan Payable 5 ARC - Central Coffee 12 ARC - Kavajava 12 Sales Revenue 19 ARC - Con's Coffee 19 Sales Revenue 250 110.5 110-1 X Debit Cash Sale Die 57.000 4579 3.492 388 6.450 1.300 16 848 Credit Sales AO Other Revenue Receivable Account 57.000 4.579 3.880 6.450 1 300 16 848 2.850 Jun Jun 110-6 Jun x 12.432 Jun Jun Jun see DIDIEL 101010 111000 lil 100 IIIIII Jun Jun Jun mentoria We 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 Date Credit Account Check No. Post Ref. Cast Jun Jun 600 601 602 Debit Accu Merchandise Wage Other Payable Inventory Expense Accouns 3,798 9.600 320 1,192 795 3,796 9,600 1.512 796 Jun 603 Jun Jun Jun Jun Jun 1 APC - Croup Coffee 1 Prepaid Rent 4 Wages Payable 5 Electricity Payable 5 Office Supplies 9 APC - Klam Wholesalers 11 APC - East Tangiers Cooperative 11 Wages Expense 12 APC - Brazil Imports Group 18 Wages Expense 210-6 140 220 221 130 210-2 210-1 210-5 4,473 3,393 604 605 606 607 608 609 4.473 3,393 2372 4,906 Jun Jun Jun 2372 4906 2,496 2.496 c Jun select Jun ale 110000 IIIIII Jun Jun Jun (Q-505.generaBournal Week) GENERAL JOURNAL Date Account and Explanation Debit Credit Jun Post Ref. 401 110/110-3 2.750 20 Sales Returns and Allowances 20 ARC - Quick Bolt Coffee (sales return) Jun 2,750 Jun 1,650 20 Merchandise Inventory 20 Cost of Goods Sold (sales return) 120 500 Jun 1.650 Jun 10 y Jun Jun (Q=610-210-4. Accts Pay4_week Account: APC - Dominga Wholesalers Account No. 210-4 Date Ref. Debit Credit Description 31 Balance Balance 3,256 CR May Jun Jun Jun (Q=610-210-5.AcctsPay5_week4 Account: APC - Brazil Imports Group Account No. 210-5 Date Ref. Debit Credit Credit Ma Jun Jun Description 31 Balance 12 Repayment 17 Credit purchase Balance 4,906 CR 0 4,500 CR 4,906 PJ 4,500 Jun Jun > > > V Jun (Q=620-100.Cash_week4) GENERAL LEDGER Account: Cash Account No. 100 Date Ref. Debit Credit Description 31 Balance Balance 68,960 DR May Jun Jun 110 Jun (Q=620-110.Accts RecControl_weslot) Account: ARC - Accounts Receivable Control Account No. 110 Date Description Ref. Debit Credit 31 Balance May Jun Balance 32,079 DR 29,329 DR 20 Sales return from Quick Bolt Coffee GJ 2,750 Jun Jun V Jun (Q-620-120. Inventory_week 4) Account: Merchandise Inventory Account No. 120 Date Ref. Debit Credit May Description 31 Balance 20 Sales retum from Quick Bolt Coffee Balance 83,738 DR 85,388 DR Jun GJ 1,650 Jun Jun Jun (Q-620-210. AccsPay Control_week) Account: APC - Accounts Payable Control Account No. 210 Date Ref. Dobit Credit Balance Description 31 Balance 48,001 CR May Jun Jun Jun (Q=620-400. SalesRevenue_week) Account: Sales Revenue Account No. 400 Ref. Debit Credit Balance Date May Jun Description 31 Balance Jun Jun (Q-520-402 Sale Dise_week Account: Sales Discounts Account No. 402 Ref. Debit Credit Balance Date May Jun Description 31 Balance Jun Jun (Q-620-500.Cost Of Sales we Account: Cost of Goods Sold Account No. 500 Date Ref. Debit Credit Balance May Description 31 Balance 20 Sales return from Quick Bolt Coffee GJ 1,650 Jun Jun 1,650 CR Jun 100 Jun (Q=620-516. WagesExpense_week) Account: Wages Expense Account No. 516 Date Ref. Debit Credit Balance Description 31 Balance May 0 Jun Jun Jun (Q=630. Inventory1_week) INVENTORY CARDS Packs of Coffee Syrups Purchases Cost of Goods Sold Balance Date Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost 4 May 31 38 21 190 250 7220 5250 Jun 12 15 190 2850 23 21 190 250 4370 5250 Jun 17 18 250 4500 23 39 190 250 4370 9750 Jun Jun Jun I I I Jun RAVOG iman (Q-630. Inventory3_week4) Boxes Of Linen Napkins (Q=630Inventory_wed Date Purchases Cost of Goods Sold Balance Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost ($) ($) 74 330 24420 May 31 Jun 11 20 330 6600 54 330 17820 Jun 20 330 - 1650 59 330 19470 Jun Jun Jun Jun Bags Of Kopi Luwak Coffee Beans (Q-630. Inventory_week) Date Purchases Cost of Goods Sold Balance Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Gost ($) 15 2850 24 224 5376 May 31 190 Jun 16 2 190 380 13 190 224 2470 5376 24 Jun Jun CO Jun Jun (Q-530.Inventory_week 4) Packages Of Assorted Gourmet Coffee Beans Date Purchases Cost of Goods Sold Balance Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost ($) (5) 45 230 10350 c May 31 Jun 9 18 230 4140 63 230 14490 Jun 16 16 300 4800 63 16 230 300 14490 4800 24 Jun 24 63 230 300 1200 14490 14 3600 300 Jun 1 Jun U Jun
