Now that you have reviewed information about Ball-Mart, 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 occurred during thefirst weekof 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:

Now that you have reviewed information about Ball-Mart, 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 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 Paid the full amount owing to Sport Borders, Cheque No. 646. Issued Cheque No. 647 for $9,900 to pay ZNG Property Group for two month's worth of rent in advance. 2 Issued Cheque No. 648 to Office Supplies Warehouse for the purchase of $329 worth of office supplies. No. 649. Made payment of $896 to State Power for 3 months of electricity up to and including 31 May, Cheque 4 Paid sales staff wages of $1,623 for the week up to and including yesterday, Cheque No. 650. Note that $1,143 of this payment relates to the wages expense incurred during the last week of May. 5 Great Sports paid the full amount owing on their account. 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 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 procedureser. Note that the relevant totals of the special journals will be posted to the general ledger accounts at th end of the month. You will enter this after you prepare the Bank Reconciliation Statement. Remember to enter all answers to the nearest whole dollar. When calculating a discount, if a discount not a whole number, round the discount to the nearest whole dollar. Then, to calculate the cash at bank 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 is Show All, but you may also select to view just one particular accounting record by selecting the appropriate tab. If 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.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 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. If a cheque number is not required, you need to fill the appropriate input box with an X. 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, the corresponding changes in inventory must not be posted to the Inventory account in the general ledger on a daily basis.SALES JOURNAL Date Account Invoice Post Accounts Cost of NO. Ref. Receivable Sales Jun Inventory (select) Jun select Jun select) Jun (select (Q= PURCHASES JOURNAL Date Account Terms Post Accounts Ref. Payable Jun select) Jun select) Jun select Jun (select (Q=30 CASH RECEIPTS JOURNAL Note: In order to receive full points, for each transaction you must select an account under the column labelled 'Account', as indic instructions above. Since all transactions in this journal affect the Cash at Bank account, you are asked to enter the name of the ap these transactions into the Account column so that the type of transaction can be determined by the name of the account entered Debit Credit Date Account Post Ref. Cash at Discount Sales Accounts Other Cost of Sales Bank Allowed Revenue | Receivable | Accounts Jun select Jun select Jun (select Jun (select Jun (select) Jun selectCASH PAYMENTS JOURNAL Note: In order to receive full points, for each transaction you must select an account under the column labelled 'Account', as indicated under the instructions above. Since all transactions in this journal affect the Cash at Bank account, you are asked to enter the name of the appropriate acc these transactions into the Account column so that the type of transaction can be determined by the name of the account entered into this colu Debit Credit Date Account Cheque Post No. Ref. Accounts Inventory Wages Other Cash at | Discount Payable Expense Accounts Bank Received Jun select Jun select Jun select Jun select Jun select Jun select (Q=305.genera GENERAL JOURNAL Date Account and Explanation Post Ref. Debit Credit Jun (select) select) Jun select select) Jun select select) (Q=310-110-5.AccSUBSIDIARY LEDGERS Account: ARC - Great Sports Account No. 110-5 Date Description Ref Debit Credit Balance Ma 31 Balance 4.530 DR Jun Jun Jun Account: APC - Sports 'R Us Account No. 210-1 Date Description Ref. Debit Credit Balance May 31 Balance 2,768 CR Jun Jun Jun Account: APC - Sport Borders Account No. 210-6 Date Description Ref. Debit Credit Balance May 31 Balance 2,290 CR Jun Jun JunAccount: Cash at Bank Account No. 100 Date Description Ref. Debit Credit Balance May 31 Balance 67,373 DR Jun Jun Jun Account: ARC - Accounts Receivable Control Account No. 110 Date Description Ref. Debit Credit Balance May 31 Balance 30,352 DR Jur un un Account: Office Supplies Account No. 130 Date Description Ref. Debit Credit Balance May 31 Balance 306 DR un un JurDate Description Ref. Debit Credit Balance May 31 Balance Jun Jun Jun Account: APC - Accounts Payable Control Account No. 210 Date Description Ref. Debit Credit Balance May 31 Balance 39,959 CR Jun Jun Jun Account: Wages Payable Account No. 220 Date Description Ref. Debit Credit Balance May 31 Balance 1,143 CR Jun Jun Jun Account: Electricity Payable Account No. 221 Date Description Ref. Debit Credit Balance May 31 Balance 975 CR Jun Jun JunAccount: Sales Revenue Account No. 400 Date Description Ref. Debit Credit Balance May 31 Balance 0 Jun Jun Jun Account: Discount Received Account No. 402 Date Description Ref. Debit Credit Balance May 31 Balance Jun Jun Jur Account: Cost of Sales Account No. 500 Date Description Ref. Debit Credit Balance May 31 Balance Jur Jun Jun Account: Wages Expense Account No. 516 Date Description Ref. Debit Credit Balance May 31 Balance 0 Jun ur JunAccount: Electricity Expense Account No. 541 Date Description Ref. Debit Credit Balance May 31 Balance Jun Jun Jun Account: Office Supplies Expense Account No. 544 Date Description Ref. Debit Credit Balance May 31 Balance Jun Jun Jun Account: Discount Allowed Account No. 573 Date Description Ref. Debit Credit Balance May 31 Balance 0 Jun Jun Jun