Transactions - week 2 Your progress TRANSACTIONS INTRODUCTION TRANSACTIONS WEEK You are now instructed to record transactions that occurred during the second week of June into the company's books. The week 2 transactions are listed below: Week 2 Date Transaction description 9 Paid the full amount owing to Spud's Confectionery, Cheque No. 606. 9 Mercury Square returned $2,103 worth of product. Issued a Credit Note for $2,103. 10 Made cash sales of $11,288 during the week. 12 Candy Man paid the full amount owing on their account. Since Candy Man has been a loyal customer from the day the business commenced, a 10% discount was given for this early repayment. 13 Sold 20 boxes of Party Mix to Central Candy for $80 each, Invoice No. 202. TRANSACTIONS TRANSACTIONS POST-CLOSING FINANCIA 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. Completed: 15% (approximately This page will take: up to 1 hours Remaining pages will take up to 13.5 hours The time frames we provide are a guide only. It may take you more or less time to complete each page. 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: - 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, . You are required 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 . In this practice set, in order to receive full points, every transaction entered in a special journal requires The Lost Ref column. Note that in the specialioumalsif the accountname selected Your grading Your grading outcome (still in progress) Awarded Total Points (prior to this page) 136 184 Show All Special Journals General Journal Subsidiary Ledgers General Ledger (Q-401 salesJournalWeek 2) . All transactions Adjusting entriesinformation Trial balance May Schedules of account - May Bank reconciliation - May Bank statement June Journals and ledgers instructions SALES JOURNAL Date Account Invoice No. Post Ref. Amount Jun 6 ARC - Mercury Square 201 110-3 1,140 Jun sce Jun Jun Jun (Q-02.purchasesora PURCHASES JOURNAL Date Account Terms Post Ref. Amount Jun 3 APC - Giard Wholesalers 7 APC - East Tangiers Cooperative 2/10,n/30 net 30 210-1 210-3 1,000 720 Jun Jun sz Jun D000 scient > > Jun select) Jun (403.cas Receptional 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 the transactions into the Account column so that the type of transaction can be determined by the name of the account stered into this column Date Account Post Ref. Debit Cash at Discount Bank Allowed 56,000 4,524 Sales Reve Credit AGODA Other Receivable Account 250 55,000 Jun Jun 1 Bank Loan Payable 3 Sales Revenue 4,524 Jun Jun s IIIIII DIDINI, lillll Jun Jun schech |||||| bill IIID Jun Jun sched 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 instructions above. Since all transactions in this journal affect the cash at Bank account, you are asked to enter the name of the appropriate acce 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 Cheque Ne Post Ret Purchases Accounts Payable 1,336 Other Accounts 210-2 Credit Casar Discount Bank Received 1,322 13 800 3,580 73 Jun 603 604 605 3 APC - Brennan Imports Group 3 Purchases 6 APC - Hershe's Telech 210-4 3,659 | Jun Jun II Jun Jun select 1100 Jun sele Jun Sect GENERAL JOURNAL Date Account and Explanation Post Ref. Debit Credit Jun Jun 52E 10 II Jun Select) select SUBSIDIARY LEDGERS Account: ARC - Candy Man Account No. 110-1 Date Description 31 Balance Ref. Debit Credit May Balance Jun 1.109 DR Jun se Jun Account: ARC - Mercury Square Account No. 110-3 (9410-110 SUBSIDIARY LEDGERS Account: ARC - Candy Man Account No. 110-1 Q Description 31 Balance Ref. Date May Jun Debit Credit Balance 1,109 DR Jun Jun hah Account: ARC - Mercury Square Account No. 110-3 10 Date Ref. Debit Description 31 Balance 6 Credit sale May Jun Credit Balance SJ Jun 1.140 1.965 DR 3.105 DR Jun > Jun Account: ARC - Central Candy Account No. 110-6 Date Description 31 Balance s Ref. Debit May Credit Balance Jun Jun Jun Account: APC - Spud's Confectionery Account No. 210-5 Date Description 31 Balance Ref. Debit May Credit Balance Jun 2,509 CR Jun Jun GENERAL LEDGER Account: Cash at Bank Account No. 100 Date Description 31 Ralnog Ref. Debit Credit Balance GENERAL LEDGER Account: Cash at Bank Account No. 100 Date Description 31 Balance May Ref. Debil Credit Jun Balance 26,758 DR Jun Jun Account: ARC Accounts Receivable Control Account No. 110 Date May Jun Description 31 Balance Ref. Debat Credit Balance 10.105 DR Jun s III Jun Account: Inventory Account No. 120 Date May Description 31 Balance Ref. Debit Credit Jun Balance 72,101 DR 2 Jun Jun Account: APC - Accounts Payable Control Account No. 210 Date May Jun Description 31 Balance Ref. Debit Credit Balance 14.041 CR Jun Jun Account: Sales Revenue Account No. 400 Date May Jun Description 31 Balance Ref. Debit Credit Balance Jun Jun Jun III Account: Sales Returns and Allowances Ref. May 31 Balance Jun O Jun Jun DIO Account Discoun Ref. Debit Credit Balance May 31 Balance Jun Jun Jun D DOD 000 Account: Purchases do. 500 Date Ref. Debil Credit ce Ref Credit Balance Jun Jun DO Jun accounts Account Discount Allowed Description Debit Credit Balance Jun con Type here to search R