Set Bookmark Previous pages Being completed by: Harmandeepkaur Transactions - Week 1 1 Now that you have reviewed information about Extremely Board, 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 Issued Cheque No. 884 for $9,600 to pay Blue Blazer Realty for two month's worth of rent in advance. 4 Balls 'n All paid the full amount owing on their account 4 Paid sales staff wages of $2,198 for the week up to and including yesterday, Cheque No. 885 Note that $1,143 of this payment relates to the wages expense incurred during the last week of May. 4 Issued Cheque No. 886 to Office Supplies Warehouse for the purchase of $374 worth of office supplies 5 Made payment of $786 to State Power for 3 months of electricity up to and including 31 May, Cheque No. 887 6 Paid the full amount owing to Sport Borders, Cheque No. 888. 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 SALES JOURNAL Date Account Invoice No. Post Ref. Accounts Receivable Cost of Sales Jun relec Jun Jun Jun select (Q-302.purchase Journalweekt) PURCHASES JOURNAL Date Account Terms Post Rer. Accounts Payable Jun Jun Jun Jun (Q-101.chceternalweek CASH RECEIPTS JOURNAL Noter 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 there 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 Date Account Gost of Ref. Casal Dileen Sales Account Othe Sales Allow Revue Receivable Account Jun Jun Jun Jun Jun Jun 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 Date Account Cheque Post No. Rel. Accounts Payable Debit Inventory Wages Other Expense Account Credit Cash at Discount Bank Received Jun select Jun Jun Jun 00100 select 1100 Jun select Jun (Q=305.generoum Week) GENERAL JOURNAL Date Account and Explanation Post Ref. DE Credit 1 Prepaid Rent 140 9600 Cash at Bank 100 9600 130 Jun 4 Office Supplies 4 Cash at Bank 100 374 786 Jun Electricity Expense 5 Cash at Bank 1002 786 19-310-10-5 Accedi SUBSIDIARY LEDGERS Account ARC - Bag 'n AN Account No. 110-5 Ref. Det Crecht Description 31 Balance Balance 3.747 DR May Jun 4 cash Jun (Q=JID-210 Account: APC - J. ). Spud Account No. 210-1 Date Ref. Debit Credit Balance Description 31 Balance May 3,656 CR Jun Jun Jun > Jun Jun (Q=320-544. Supplies.Expense Account Office Supplies Expense Account No. 544 Date Ref. Debit Credit Balance Description 31 Balance May 0 Jun Jun 100 Jun (Q=320-573.Disclowed we Accounts Discount Allowed Account No. 573 Date Ref. Debit Credit Balance Description 31 Balance May Jun Jun Jun