Really needing help with someone walking me through this JP Tech Solution Practice Test.

JP's Tech Solutions, Inc. General Journal x I Date Refer Account Debit Credit Vendor Customer 12/01/16 Search Post Add New Entry Insert Debit/Credit Delete Proof: 0.00 Close Close Print Copy 7. Cash Payments Journal . Click on the Add New Entry button (or Ctrl-Y), then enter the date of the transaction, or use the pop-up calendar. . In the Refer. column, enter the check number for the transaction, starting with 1102. . For payment on an outstanding Account Payable, or a cash purchase of computer inventory, enter the correct amounts split between the Accounts Payable Dr., Purchases Computer Dr. and Purchases Discount Cr. columns as noted in the transaction description. If the transaction calls for the payment for something other than one of the categories in the prior step, click on the Insert Debit/Credit button (or Ctrl-), then enter the account number to be debited or credited (usually debited for this journal). Next, enter the debit or credit amount. If there is more than one account to be debited or credited, repeat this step. . The entry to Cash Credit is calculated and entered automatically. Review it for correctness. . Select the Vendor name from the drop-down list if this is a payment on account. Review your journal entry, then click the Post button (or Ctrl-O) to post to the General Ledger. 8. Cash Receipts Journal . Click on the Add New Entry button (or Ctrl-Y), then enter the date of the transaction, or use the pop-up calendar. . In the Refer. column, number the cash receipt transactions sequentially, starting with 1. . For payment on an outstanding Account Receivable, or a cash sale of inventory or services, enter the correct amounts split between the Sales Computer Cr., Sales Peripherals Cr., Sales Services Cr. and Accounts Payable Cr. columns as noted in the transaction description. . If the transaction calls for the cash receipt for something other than one of the categories in the prior step, click on the Insert Debit/Credit button (or Ctrl-t), then enter the account number to be debited or credited (usually credited for this journal). Next, enter the debit or credit amount. If there is more than one account to be debited or credited, repeat this step. The entry to Cash Debit is calculated and entered automatically. Review it for correctness. Select the Customer name from the drop-down list if this is a payment on account. Review your journal entry, then click the Post button (or Ctrl-O) post to the General Ledger 8. General Journal . Click on the Add New Entry button (or Ctrl-Y), then enter the date of the transaction, or use the pop-up calendar. . In the Refer. column, enter any appropriate short description, for instance "Payroll". . Click on the Insert Debit/Credit button (or Ctrl-I), then enter the first account number to be debited as well as the debit amount. Repeat the prior step as many times as necessary to enter the remaining debit or credit lines. A "Proof Total" is displayed at the bottom of the window, showing the current "net" between debits and credits. This needs to be zero (total debits equal total credits) before you can post the transaction. . Select the Customer or Vendor name from the drop-down list if the transaction has a debit or credit to Accounts Receivable or Accounts Payable. Review your journal entry, then click the Post button (or Ctrl-O) to post to the General Ledger Hide the student instructions. Print the instructions. Follow the steps below to complete Part 1 of the JP's Tech Solutions practice set using Cengage Learning General Ledger. The set is broken into three separate assignment parts, each graded separately. When you begin the second and thi parts, all account balances will be set correctly for the beginning of that part, in order to prevent any previous errors from compounding. To access additional Help, click on the Help button that appears in the lower part of your screen (note that you may need to scroll down and over to see this button). 1. Set the System Date at the bottom of the screen to 12/01/16. (Note that you may need to scroll down to see the System Date box). 2. Enter the journal entries from transactions dated December 1 through December 10. Click on the General Ledger tab, and then select the appropriate journal entry from the Tasks menu in the left menu bar, using the following criteria: Record the purchase of inventory, on account only, and any other transactions with credits Accounts Payable, in the Purchases Journal. . Record sales of inventory and services, on account only, in the Sales Journal, using the invoice number as the reference (note that this is called the Revenue Journal in some texts). Note that if you are recording a discounted amount, first round the discount amount before subtracting from the gross sale amount in order to match the solution. . Record ALL cash payments, for whatever reason, in the Cash Payments Journal, using the check number as the reference. . Record ALL cash receipts, including cash sales, in the Cash Receipts Journal. . Record adjustments and any other transactions that do not fit the above criteria in the General Journal. . For detailed instructions for entering transactions in each journal, click on the appropriate journal name above or scroll to the section below these instructions. 7. Display and review the journal entries. Click on each journal report item under the Journal Reports menu on the left menu bar. If you have been asked to print these reports, click on the Print button. 8. Make corrections to the journal entries, if necessary. Go to the appropriate journal entry task, click on the entry you wish to correct, then make any corrections to the journal entry, and click on the Post button to confirm your changes. 9. Display and review the Trial Balance. Click on the Trial Balance item under the Ledger Reports menu. If you have been asked to print this report, click the Print button. 10. Display and review the Schedule of Accounts Receivable. Click on the Schedule of Accounts Receivable item under the Ledger Reports menu on the left menu bar. To print the report, if requested by your instructor, click on the Print button. 11. Display and review the Schedule of Accounts Payable. Click on the Schedule of Accounts Payable item under the Ledger Reports menu on the left menu bar. To print the report, click on the Print button. 12. When you are comfortable that you have completed all steps of the problem correctly, click the Check My Work button near the bottom of your screen if it is available, or click the Submit Assignment for Grading button on the lower right of your screen if this is the only item in the assignment. The program will then display the results of the grading, indicating accounts in error with a red X. Note that grading in Cengage Learning General Ledger is based on getting each General Ledger account, customer account and vendor account to its correct ending balance, rather than grading journal transactions individually. This means that the order of transactions in the general journal is not graded, so you may add transactions and also delete or correct transactions without penalty if you run into difficulty with the assignment. 13. Proceed to Part 2 of the assignment. Detailed Instructions for the General and Special Journals 1. Purchases Journal . Click on the Add New Entry button (or Ctrl-Y), then enter the date of the transaction, or use the pop-up calendar. . In the Refer. column, number the purchases transactions sequentially, starting with 1. . For the purchase of inventory, enter the correct amounts of the Purchases debit split between the Purchases Computer Dr., Purchases Peripheral Dr., Store Supplies Dr. and Office Supplies Dr. columns as noted in the transaction description. . If the transaction calls for the purchase of something other than inventory or supplies on account, click on the Insert Debit/Credit button (or Ctrl-1), then enter the account number to be debited or credited (usually debited for this journal). Next, enter the debit or credit amount. If there is more than one account to be debited or credited, repeat this step. The entry to Accounts Payable Credit is calculated and entered automatically. Review it for correctness. . Select the Vendor name from the drop-down list. Review your journal entry, then click the Post button (or Ctrl-O) to post to the General Ledger. Note that cash purchases are handled using the Cash Payments Journal. 8. Sales Journal . Click on the Add New Entry button (or Ctrl-Y), then enter the date of the transaction, or use the pop-up calendar. Enter the invoice number (starting with 707) in the Refer. column. Enter the correct amounts of the Sales credit split between the Sales Computer Cr., Sales Peripheral Cr. and Sales Services Cr. columns as noted in the transaction description. . The entry to Accounts Receivable Debit is calculated and entered automatically. Review it for correctness. Select the Customer name from the drop-down list. . Review your journal entry, then click the Post button (or Ctrl-O) to post to the General Ledger. Enter all transactions for sales on account in this manner. Cash sales are handled using the Cash Receipts Journal. 7. Cash Payments Journal . Click on the Add New Entry button (or Ctrl-Y), then enter the date of the transaction, or use the pop-up calendar. . In the Refer. column, enter the check number for the transaction, starting with 1102. . For payment on an outstanding Account Payable, or a cash purchase of computer inventory, enter the correct amounts split between the Accounts Payable Dr., Purchases Computer Dr. and Purchases Discount Cr. columns as noted in the transaction description. . If the transaction calls for the payment for something other than one of the categories in the prior step, click on the Insert Debit/Credit button (or Ctrl-1), then enter the account number to be debited or credited (usually debited for this journal). Next, enter the debitor credit amount. If there is more than one account to be debited or credited, repeat this step. . The entry to Cash Credit is calculated and entered automatically. Review it for correctness. . Select the Vendor name from the drop-down list if this is a payment on account. Review your journal entry, then click the Post button (or Ctrl-O) to post to the General Ledger. JP's Tech Solutions, Inc. General Journal x I Date Refer Account Debit Credit Vendor Customer 12/01/16 Search Post Add New Entry Insert Debit/Credit Delete Proof: 0.00 Close Close Print Copy 7. Cash Payments Journal . Click on the Add New Entry button (or Ctrl-Y), then enter the date of the transaction, or use the pop-up calendar. . In the Refer. column, enter the check number for the transaction, starting with 1102. . For payment on an outstanding Account Payable, or a cash purchase of computer inventory, enter the correct amounts split between the Accounts Payable Dr., Purchases Computer Dr. and Purchases Discount Cr. columns as noted in the transaction description. If the transaction calls for the payment for something other than one of the categories in the prior step, click on the Insert Debit/Credit button (or Ctrl-), then enter the account number to be debited or credited (usually debited for this journal). Next, enter the debit or credit amount. If there is more than one account to be debited or credited, repeat this step. . The entry to Cash Credit is calculated and entered automatically. Review it for correctness. . Select the Vendor name from the drop-down list if this is a payment on account. Review your journal entry, then click the Post button (or Ctrl-O) to post to the General Ledger. 8. Cash Receipts Journal . Click on the Add New Entry button (or Ctrl-Y), then enter the date of the transaction, or use the pop-up calendar. . In the Refer. column, number the cash receipt transactions sequentially, starting with 1. . For payment on an outstanding Account Receivable, or a cash sale of inventory or services, enter the correct amounts split between the Sales Computer Cr., Sales Peripherals Cr., Sales Services Cr. and Accounts Payable Cr. columns as noted in the transaction description. . If the transaction calls for the cash receipt for something other than one of the categories in the prior step, click on the Insert Debit/Credit button (or Ctrl-t), then enter the account number to be debited or credited (usually credited for this journal). Next, enter the debit or credit amount. If there is more than one account to be debited or credited, repeat this step. The entry to Cash Debit is calculated and entered automatically. Review it for correctness. Select the Customer name from the drop-down list if this is a payment on account. Review your journal entry, then click the Post button (or Ctrl-O) post to the General Ledger 8. General Journal . Click on the Add New Entry button (or Ctrl-Y), then enter the date of the transaction, or use the pop-up calendar. . In the Refer. column, enter any appropriate short description, for instance "Payroll". . Click on the Insert Debit/Credit button (or Ctrl-I), then enter the first account number to be debited as well as the debit amount. Repeat the prior step as many times as necessary to enter the remaining debit or credit lines. A "Proof Total" is displayed at the bottom of the window, showing the current "net" between debits and credits. This needs to be zero (total debits equal total credits) before you can post the transaction. . Select the Customer or Vendor name from the drop-down list if the transaction has a debit or credit to Accounts Receivable or Accounts Payable. Review your journal entry, then click the Post button (or Ctrl-O) to post to the General Ledger Hide the student instructions. Print the instructions. Follow the steps below to complete Part 1 of the JP's Tech Solutions practice set using Cengage Learning General Ledger. The set is broken into three separate assignment parts, each graded separately. When you begin the second and thi parts, all account balances will be set correctly for the beginning of that part, in order to prevent any previous errors from compounding. To access additional Help, click on the Help button that appears in the lower part of your screen (note that you may need to scroll down and over to see this button). 1. Set the System Date at the bottom of the screen to 12/01/16. (Note that you may need to scroll down to see the System Date box). 2. Enter the journal entries from transactions dated December 1 through December 10. Click on the General Ledger tab, and then select the appropriate journal entry from the Tasks menu in the left menu bar, using the following criteria: Record the purchase of inventory, on account only, and any other transactions with credits Accounts Payable, in the Purchases Journal. . Record sales of inventory and services, on account only, in the Sales Journal, using the invoice number as the reference (note that this is called the Revenue Journal in some texts). Note that if you are recording a discounted amount, first round the discount amount before subtracting from the gross sale amount in order to match the solution. . Record ALL cash payments, for whatever reason, in the Cash Payments Journal, using the check number as the reference. . Record ALL cash receipts, including cash sales, in the Cash Receipts Journal. . Record adjustments and any other transactions that do not fit the above criteria in the General Journal. . For detailed instructions for entering transactions in each journal, click on the appropriate journal name above or scroll to the section below these instructions. 7. Display and review the journal entries. Click on each journal report item under the Journal Reports menu on the left menu bar. If you have been asked to print these reports, click on the Print button. 8. Make corrections to the journal entries, if necessary. Go to the appropriate journal entry task, click on the entry you wish to correct, then make any corrections to the journal entry, and click on the Post button to confirm your changes. 9. Display and review the Trial Balance. Click on the Trial Balance item under the Ledger Reports menu. If you have been asked to print this report, click the Print button. 10. Display and review the Schedule of Accounts Receivable. Click on the Schedule of Accounts Receivable item under the Ledger Reports menu on the left menu bar. To print the report, if requested by your instructor, click on the Print button. 11. Display and review the Schedule of Accounts Payable. Click on the Schedule of Accounts Payable item under the Ledger Reports menu on the left menu bar. To print the report, click on the Print button. 12. When you are comfortable that you have completed all steps of the problem correctly, click the Check My Work button near the bottom of your screen if it is available, or click the Submit Assignment for Grading button on the lower right of your screen if this is the only item in the assignment. The program will then display the results of the grading, indicating accounts in error with a red X. Note that grading in Cengage Learning General Ledger is based on getting each General Ledger account, customer account and vendor account to its correct ending balance, rather than grading journal transactions individually. This means that the order of transactions in the general journal is not graded, so you may add transactions and also delete or correct transactions without penalty if you run into difficulty with the assignment. 13. Proceed to Part 2 of the assignment. Detailed Instructions for the General and Special Journals 1. Purchases Journal . Click on the Add New Entry button (or Ctrl-Y), then enter the date of the transaction, or use the pop-up calendar. . In the Refer. column, number the purchases transactions sequentially, starting with 1. . For the purchase of inventory, enter the correct amounts of the Purchases debit split between the Purchases Computer Dr., Purchases Peripheral Dr., Store Supplies Dr. and Office Supplies Dr. columns as noted in the transaction description. . If the transaction calls for the purchase of something other than inventory or supplies on account, click on the Insert Debit/Credit button (or Ctrl-1), then enter the account number to be debited or credited (usually debited for this journal). Next, enter the debit or credit amount. If there is more than one account to be debited or credited, repeat this step. The entry to Accounts Payable Credit is calculated and entered automatically. Review it for correctness. . Select the Vendor name from the drop-down list. Review your journal entry, then click the Post button (or Ctrl-O) to post to the General Ledger. Note that cash purchases are handled using the Cash Payments Journal. 8. Sales Journal . Click on the Add New Entry button (or Ctrl-Y), then enter the date of the transaction, or use the pop-up calendar. Enter the invoice number (starting with 707) in the Refer. column. Enter the correct amounts of the Sales credit split between the Sales Computer Cr., Sales Peripheral Cr. and Sales Services Cr. columns as noted in the transaction description. . The entry to Accounts Receivable Debit is calculated and entered automatically. Review it for correctness. Select the Customer name from the drop-down list. . Review your journal entry, then click the Post button (or Ctrl-O) to post to the General Ledger. Enter all transactions for sales on account in this manner. Cash sales are handled using the Cash Receipts Journal. 7. Cash Payments Journal . Click on the Add New Entry button (or Ctrl-Y), then enter the date of the transaction, or use the pop-up calendar. . In the Refer. column, enter the check number for the transaction, starting with 1102. . For payment on an outstanding Account Payable, or a cash purchase of computer inventory, enter the correct amounts split between the Accounts Payable Dr., Purchases Computer Dr. and Purchases Discount Cr. columns as noted in the transaction description. . If the transaction calls for the payment for something other than one of the categories in the prior step, click on the Insert Debit/Credit button (or Ctrl-1), then enter the account number to be debited or credited (usually debited for this journal). Next, enter the debitor credit amount. If there is more than one account to be debited or credited, repeat this step. . The entry to Cash Credit is calculated and entered automatically. Review it for correctness. . Select the Vendor name from the drop-down list if this is a payment on account. Review your journal entry, then click the Post button (or Ctrl-O) to post to the General Ledger