ou are now instructed to record transactions that occurred throughout the second week of June into the company's books. The week 2 transactions are listed below: Week 2

Date Transaction description 8 Purchased 15 Freestyle Snowboards from Extreme Sports Inc for $264 each, terms net 30. 8 Paid the full amount owing to Addax Sports, Cheque No. 682. Payment fell within discount period. 10 Sold 18 Bungee Kits to Mick's Sporting Goods for $592 each, Invoice No. 233. 10 Great Sports paid the full amount owing on their account. Since Great Sports has been a loyal customer from the day the business commenced, a 10% discount was given for this early repayment. 11 Paid sales staff wages of $2,171 for the week up to and including yesterday, Cheque No. 683. 13 Paid the full amount owing to Sports 'R Us, Cheque No. 684. 13 Made cash sale of 7 Tony Eagle Freestyle Skateboards for $392 each. 14 Paid the full amount owing to Hike, Cheque No. 685. Instructions for week 2

1)Record all week 2 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 after 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.

Remember to enter all answers to the nearest whole dollar. When calculating a discount, if a discount is 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.

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.

Additional instructions

Inventory cards:

• Each transaction recorded in the inventory cards must be entered in a pair of lines provided. You may be required to record a transaction in a single line or two separate lines within the pair of lines provided. Whether one or two lines are required depends on the unit costs of the items involved in that transaction. If a transaction involves items with the same unit cost, you must record that transaction in a single line. Alternatively, if those items have two different unit costs, you are required to use a separate line within the pair of lines provided for each different unit cost.
• In order to receive full points, you must not combine two transactions into the one pair of lines. See the Inventory cards ~ May popup below the 'Information from previous pages' heading for an example of how inventory cards are to be completed.
• Note that 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.

Remember:

• 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.
• 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.
• You are also required to apply the journals and ledgers instructions provided in Week 1.

F - CA O A https://www.perdisco.com/elms/qsam/html/qsam.aspx ... (Q=401.salesJournalWeek2) SALES JOURNAL Invoice Post Account Accounts Cost of Date No. Ref. Receivable Sales Jur 10 ARC - Mick's Sporting Goods (select 233 110-3 10656 Jun select Jun select Jun select (Q=402.purchasesJournalWeek2) PURCHASES JOURNAL Post Accounts Date Account Terms Ref. Payable Jun select Jun select Jun select Jun (select (Q=403.cashReceiptsJournalWeek2) CASH RECEIPTS 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 additional instructions above. Since all transactions in this journal affect the Cash at Bank 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.CASH RECEIPTS 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 additional instructions above. Since all transactions in this journal affect the Cash at Bank 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 Credit Cost of Ref. Cash at Discount Sales Accounts Other Sales Bank Allowed Revenue Receivable| Accounts Jun 6 ARC - The Locker Room 110-5 4,624 4,624 Jun select) Jun select Jun select Jun select Jun select Jun select (Q=404.cashPaymentsJournalWeek2) CASH 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 additional instructions above. Since all transactions in this journal affect the Cash at Bank 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 Account Cheque Post Date No. Ref Accounts Wages Cash at Discount Payable Inventory Other Expense Accounts Bank Received Jun 1 Prepaid Rent 677 140 8,800 8,800 Jun Wages Payable 67 220 1,143 1.748(Q=404.cashPaymentsJournalWeek2) CASH 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 additional instructions above. Since all transactions in this journal affect the Cash at Bank 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 Cheque Post Date Account Accounts Wages Other Cash at| Discount No. Ref. Payable Inventory Expense Accounts Bank Received 8,800 8,800 Jun 1 Prepaid Rent 677 140 4 Wages Payable 678 220 605 1,143 1,748 Jur 6 APC - Extreme Sports Inc 679 210-6 2,142 2,142 Jun 6 Electricity Payable 680 221 879 879 Jun Jun Office Supplies 681 130 509 509 Jun select) Jun select Jun (select) Jun select Jun select Jun select! (Q=405.generalJournalWeek2) GENERAL JOURNAL Post Date Account and Explanation Debit Credit Ref. (select)(Q=405.generalJournalWeek2) GENERAL JOURNAL Post Date Account and Explanation Debit Ref. Credit Jun select) select Jun select) select Jun select select (Q=410-110-1.AcctsRec1_week2) SUBSIDIARY LEDGERS Account: ARC - Great Sports Account No. 110-1 Date Description Ref. Debit Credit Balance May 31 Balance 2,480 DR Jun v Jun JurSUBSIDIARY LEDGERS Account: ARC - Great Sports Account No. 110-1 Date Description Ref. Debit Credit Balance May 31 Balance 2,480 DR Jun Jun Jur (Q=410-110-3.AcctsRec3_week2) Account: ARC - Mick's Sporting Goods Account No. 110-3 Date Description Ref. Debit Credit Balance May 31 Balance 12,776 DR Jun Jun Jun (Q=410-110-6.AcctsRec6_week2) Account: ARC - Jump Around Account No. 110-6 Date Description Ref. Debit Credit Balance May 31 Balance 3,214 DR Jun(Q=410-110-6.AcctsRec6_week2) Account: ARC - Jump Around Account No. 110-6 Date Description Ref. Debit Credit Balance May 31 Balance 3,214 DR Jun Jun Jun (Q=410-210-1.AcctsPay1_week2) Account: APC - Hike Account No. 210-1 Date Description Ref. Debit Credit Balance May 31 Balance 3,316 CR Jun ...... Jun .................................................................... Jun (Q=410-210-2.AcctsPay2_week2) Account: APC - Addax Sports Account No. 210-2 Date Description Ref. Debit Credit Balance May 31 Balance 2,400 CR Jun JunAccount: APC - Sports 'R US Account No. 210-5 Date Description Ref. Debit Credit Balance May 31 Balance 4,397 CR Jun Jun Jun (Q=410-210-6.AcctsPay6_week2) Account: APC - Extreme Sports Inc Account No. 210-6 Date Description Ref. Debit Credit Balance May 31 Balance 2, 142 CR Jun 6 Repayment CPJ 2,142 Jun Jun .......................................... .......... .........com Jun (Q=420-100.CashAtBank_week2) GENERAL LEDGER Account: Cash at Bank Account No. 100 Date Description Ref. Debit Credit Balance May 31 Balance 66,230 DRhttps://www.perdisco.com/elms/qsam/html/qsam.aspx ... GENERAL LEDGER Account: Cash at Bank Account No. 100 Date Description Ref. Debit Credit Balance May 31 Balance 66,230 DR Jun v Jur Jun (Q=420-110.AcctsRecControl_week2) Account: ARC - Accounts Receivable Control Account No. 110 Date Description Ref. Debit Credit Balance May 31 Balance 30,518 DR Jun Jun Jur (Q=420-120.Inventory_week2) Account: Inventory Account No. 120 Date Description Ref. Debit Credit Balance May 31 Balance 80,296 DR Jun Jun(Q=420-400.SalesRevenue_week2) Account: Sales Revenue Account No. 400 Date Description Ref. Debit Credit Balance May 31 Balance Jun Jun Jun (Q=420-401.SalesReturns_week2) Account: Sales Returns and Allowances Account No. 401 Date Description Ref. Debit Credit Balance May 31 Balance Jun Jun Jun (Q=420-402.DiscountRecd_week2) Account: Discount Received Account No. 402 Date Description Ref. Debit Credit Balance May 31 Balance Jun Jun(Q=420-500.CostOfSales_week2) Account: Cost of Sales Account No. 500 Date Description Ref. Debit Credit Balance May 31 Balance Jun Jun Jun (Q=420-516.WagesExpense_week2) Account: Wages Expense Account No. 516 Date Description Ref. Debit Credit Balance May 31 Balance Jur Jun Jun (Q=420-573.DiscountAllowed_week2) Account: Discount Allowed Account No. 573 Date Description Ref. Debit Credit Balance May 31 Balance Jun V JunINVENTORY CARDS Tony Eagle Freestyle Skateboards Purchases Cost of Sales Balance Date Units Unit Cost Total Cost |Units Unit Cost Total Cost Units Unit Cost Total Cost ($) ($) ($) ($) ($) ($) May 31 3 200 7600 22 240 5280 Jur Jun Jun Jun (Q=430.Inventory3_week2) Bungee Kits(Q=430.Inventory3_week2) Bungee Kits Purchases Cost of Sales Balance Date Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost ($) ($) ($) ($) ($) ($) May 31 74 360 26640 Jun Jun Jun Jun (Q=430.Inventory5_week2) Freestyle Snowboards Purchases Cost of Sales BalanceFreestyle Snowboards (Q=430.Inventory5_week2) Purchases Cost of Sales Balance Date Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost ($) ($) ($) ($) ($) ($) May 31 58 264 15312 Jun Jun Jun Jur Submit answers