Transactions - week 2 You 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 16 boxes of Fruit Drops from Gillard Wholesalers for $192 each, terms net 30. 10 Paid the full amount owing to East Tangiers Cooperative, Cheque No. 810. Payment fell within discount period 10 Sold 15 boxes of Raspberry Delights to Sweet Tooth for $344 each, Invoice No. 283. 10 Sugar-hi paid the full amount owing on their account. Since Sugar-hi 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 $1,902 for the week up to and including yesterday, Cheque No 811 12 Paid the full amount owing to Hershel's, Cheque No. 812 12 Paid the full amount owing to Spud's Confectionery, Cheque No. 813. 13 Made cash sale of 14 boxes of Party Mix for $328 each. 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 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 joumals and ledgers instructions provided in Week 1. Show All Special Journals General Journal Subsidiary Ledgers General Ledger Inventory (Q=401.sa SALES JOURNAL Date Account Invoice No. Post Ref. Accounts Receivable Cost of Sales Jun (select) Jun select) Jun (select) Jun select) (Q=402.purchase PURCHASES JOURNAL Date Account Terms Post Ref. Accounts Payable Jun select Jun Account: Discount Received Account No. 402 Date Ref. Debit Credit Balance Description 31 Balance May 0 Jun Jun Account: Discount Received Account No. 402 Date Ref. Debit Credit Balance Description 31 Balance May 0 Jun