Note to expert from student:Only need Special Journals and General Journal solved. If you do not complete the entire question that is fine, just please make sure you let me know what calculations still need to be completed.

Using the company's records that are provided below, you are now required to record transactions that occurred throughout the third week of June. The week 3 transactions are listed below: Week 3 Date Transaction description 15 Paid sales staff wages of $5,587 for the two weeks up to and including yesterday, Check No. 607 16 Dan Soul paid $600 in partial payment of their account. 17 Made cash sales of $9,883 during the week. 18 Sold 25 The Pixie Chicks CDs to Dan Serr for $20 each, Invoice No. 203. 18 KB Lo-Fi paid the full amount owing on their account. 19 Returned $1,327 worth of faulty product to Toadstool records. Received a Credit Memorandum for $1,327 21 Received a purchase order from Dan Soul. Created a corresponding sales order to deliver 90 The Vibes CDs to this customer for $34 each, Invoice No. 204. Background Assume it is currently June 1, 2018. You are working for the temporary accounting employment agency known as Uptempo. Today you have been asked to work at Vinyl Revival, a small music store that operates in inner city Seattle and is owned by Margaret Downing. Your task here is to complete the accounting cycle for Vinyl Revival for the month of June 2018, To assist you in this task, Margaret tells you to read the company's accounting policies and procedures. Note that you will be required to follow these policies and procedures when completing the accounts for Vinyl Revival Accounting policies a. Business operations: Vinyl Revival is set up as a private non-listed corporation based in Seattle with Margaret Downing as the sole stockholder. The business derives its main source of revenue from retail sales of music related goods To assist in managing the business, Vinyl Revival rents a small office space. Note that the business is required to pay for the rent for this premises in advance. The electricity and water expenses incurred during the month relate to the running of the office. Additional expenses include an insurance policy to protect the equipment in the office in the event of theft or fire All costs associated with the office are classified as general and administrative expenses Margaret is the only full-time employee and her role is to handle all administrative tasks. Margaret's salary is paid once at the end of each month. All other employees are sales staff who are employed on a part-time basis. The sales staff receive their wages every two weeks b. Accounting cycle: The business adopts a monthly accounting cycle c. Purchases: Purchases are recorded when the business receives the goods. All items purchased are received on the same day as recorded in the transaction list, except for purchase orders which are received at a later date. Note that the business uses the gross method of recording purchases and receives trade discounts and early payment discounts from some suppliers d. Purchase returns: To allow Margaret to separately track and analyze the value of goods returned to suppliers, all purchase returns are recorded in the Purchase Returns and Allowances account rather than directly in the Purchases account. Revenue recognition: The business recognizes revenues when goods sold are delivered to customers. All items sold are delivered on the same day as recorded in the transaction list except for sales orders, which are delivered at a later date s agreed with the customer. Note that the business uses the gross method of recording sales and sometimes grants trade discounts to customers. Past experience has shown that offering early payment discounts did not increase the likelihood of accounts receivable being paid promptly. Therefore, discounts for early payment of accounts are not normally offered to credit customers except in exceptional circumstances f. Sales returns: So that the business can easily track the level of sales returns in relation to overall sales, all sales eturns are recorded using a contra revenue account (Sales Returns and Allowances) rather than being recorded directly in the Sales Revenue account g. Sales tax: Margaret has advised you to ignore the effect of sales tax. [ASIDE: This is an assumption to make the practice set easier for you to complete. In the real world, sales tax cannot be ignored.] h. Cash: The business accepts cash and checks and uses checks to pay for the majority of its expenses. On the day checks are received, Margaret deposits them at the bank. It may take a number of days for the checks to be cleared by the bank. The business holds its checking account with BitiBank. Short-term investments: The business holds a six-month term deposit account with BitiBank at a simple interest rate of 6%. Interest is calculated on a monthly basis and received at the end of the deposit term. The monthly interest earned is calculated as the yearly interest divided by the number of months in a year. Note that when the deposit matures, Margaret usually rolls over the principal and interest received at the end of the term. The term deposit account was rolled over on June 1, 2018 j. Inventories: The business uses the periodic inventory system and and records all purchases of inventory in the Purchases account, rather than recording them directly in the Merchandise Inventory account. At the end of the reporting period, the Purchases account and the opening balance of the Merchandise Inventory account are closed to the Income Summary account and Merchandise Inventory is restated to its ending balance. Note that the company does not use a Cost of Goods Sold account. k. Prepayments: The business has a policy of recording prepayments, including office supplies, as assets. At the end of the month, adjustments are made to the relevant accounts to recognize the expense incurred during the accounting period. I. Property, plant and equipment: Property, plant and equipment items are depreciated over their estimated useful life using the straight line method to calculate the depreciation charge. Depreciation is allocated on a monthly basis and the monthly depreciation charge is calculated as the yearly depreciation expense divided by the number of months in a year. m. Long-term liabilities: The business obtained an interest only loan from MRMC Bank on June 1, 2018 at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2018 and the principal on the loan is due on June 1, 2021 Accounting procedures Vinyl Revival adopts a manual accounting system and uses the general journal and special journals for the recording of individual transactions. Margaret Downing has tailored the design of those journals to meet the specific needs of the business so the format of those journals may be slightly different to those you have seen before. However, she advises you that the general principles of how to use special journals are followed in her business The table below shows the journals used by the business and the types of transactions that can be recorded in each of these journals: Journal Code Transaction type General journal GJ All transactions that are not able to be recorded in the special journals below Credit sales of inventory Credit purchases of inventory Sales journal Purchases journal Cash receipts journal CRJCash inflows to the business Cash payments journal CPJ Cash outflows from the business SJ PJ - At the end of the month, the totals of each column in the special journals are manually calculated. Those totals, with the exception of the totals of the Other Accounts columns in the cash journals, are posted to the appropriate SALES JOURNAL Invoice No. Post Ref. Date Account Amount 201 202 2,255 660 4 ARC - KB Lo-Fi 110-3 Jun Jun 14ARC Dan Soul Jun 110-6 (select) (select) (select) (select) Jun Jun Jun PURCHASES JOURNAL Post Ref. Date Account Terms net 30 2/10, n/30 Amount 325 3,200 3APC - Toadstool records 210-3 Jun Jun Jun 6 APC - Pony OMC records 210-1 (select) (select) (select) (select) Jun Jun Jun 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 Credit Post Ref Date Account Sales SalesAccounts Other Cash Discounts RevenueReceivable Accounts 250 51,000 XI 3,921 XII 11,862 110-1 3,723 51,000 Jun 1Bank Loan Payable Jun 3 Sales Revenue Jun 10 Sales Revenue Jun 13 ARC - Mel O'Dius Jun Jun Jun Jun 3,921 11,862 196 3,919 (select) (select) (select) select) select) elect) Jun Jun CASH PAYMENTS JOURNAL Note: In order to recelve 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 Check Post No. Ref. Date Account Accounts Purchases Accounts Payable Cash Purchase Discounts Other 1,683 1,680 2,885 3,669 Jun 3 APC - Black label Jun 3 Purchases Jun 6 APC - Mac records Jun9 APC - Shadow records Jun Jun Jun Jun Jun Jun 603 210-2 1,700 17 1,680 605 210-4 2,944 59 606 210-5 3,669 (select) (select) (select) (select) (select) select) GENERAL JOURNAL PostD Ref. Debit Credit Date Jun12 Sales Returns and Allowances Jun 12 ARC - KB Lo-Fi Account and Explanation 401 2,740 110/110-3 2,740 (sales return) Jun (select) (select) (select) Jun Jun