Week 1 Date Transaction description 1 Issued Check No. 627 for $8,000 to pay Barry White Real Estate for two month's worth of rent in advance 1 Obtained a loan of $45,000 from BitiBank at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2021 and the principal of the loan is to be repaid on June 1, 2025. Issued Check No. 628 to Office Supplies Warehouse for the purchase of S456 worth of office supplies. 4 Pald sales staff wages of $2,223 for the week up to and including yesterday, Check No. 629. Note that $1,182 of this payment relates to the wages expense incurred during the last week of May. Paid the full amount owing to Restlay, Check No. 630. Sugar-hi paid the full amount owing on their account. Made payment of $760 to Integer Energy for 3 months of electricity up to and including May 31, Check No. 631 2 5 6 6 Enstructions for week 1 Infa 1) Record all week 1 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 before you prepare the Bank Reconciliation Statement. 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 amount, subtract the discount from the original amount. Additional instructions Displaying selected accounting records: To save space, not all accounting records (e.g. journals and ledgers) will be displayed on every page. However, on each page you can access all accounting records necessary to answer the questions on that page. There are several tabs representing different views of the accounting records. The active tab by default is Show All, but you may also select to view just one particular accounting record by selecting the appropriate tab. . If you fill in any accounting records and change the view on the page by selecting a different tab, the information that you have entered will remain in that accounting record and be displayed whenever you can see that accounting record. . Before submitting your answers, we recommend that you click the Show All tab and check that all relevant accounting records have been completed. You are required to complete all relevant accounting records before pressing the Submit answers button. Once submitted, you will not be able to return to the page to re-enter or alter your answers. Journals: 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. . For certain transactions in special journals, some accounting textbooks do not always require an account to be chosen under the column labeled Account. In this practice set you are required to select an account for each transaction in the special journals. Specifically, in all special foumals, under the column labeled Account, you must select the correct account name for each transaction in order to receive full points. Note that for some transactions, this will mean that the account name selected will correspond to the heading of one of the columns in that special Journal . For each journal, in the Post Ref. column you will need to correctly type the account number of the account you are posting to. In particular, 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 B Chart of accounts [X] X Clear account selection 100 Cash 110 ARC - Accounts Receivable Control 110-1 ARC - Mercury Square 110-2 ARC - Sweet Tooth 110-3 ARC - Candy Man 110-4 ARC - Candy Rush 110-5 ARC - Sugar-hi 110-6 ARC - Central Candy 120 Merchandise Inventory 130 Office Supplies 140 Prepaid Rent 141 Prepaid Advertising 142 Prepaid Insurance 150 Office Furniture 151 Accum Depn: Office Furniture an A Criment Chart of accounts [X] 160 Office Equipment 161 Accum Depn: Office Equipment 210 APC - Accounts Payable Control 210-1 APC - East Tangiers Cooperative 210-2 APC - Gillard Wholesalers 210-3 APC - Hershel's 210-4 APC - Spud's Confectionery 210-5 APC - Brennan Imports Group 210-6 APC - Restlay e ce 220 Wages Payable 221 Electricity Payable 222 Water Payable 225 Interest Payable 250 Bank Loan Payable 300 Common Stock 301 Retained Earnings 310 Income Summary Terms POST ns Accounts Chart of accounts [X] 400 Sales Revenue 401 Sales Returns and Allowances 402 Sales Discounts 403 Interest Revenue 500 Cost of Goods Sold e sel se 511 Advertising Expense 516 Wages Expense 540 Rent Expense 541 Electricity Expense 542 Water Expense 543 Insurance Expense 544 Office Supplies Expense 545 Salary Expense 560 Depn Expense: Office Furniture 561 Depn Expense: Office Equipment 571 Interest Expense 572 Admin. Expense - Bank Charges Terms POST Accounts se SALES JOURNAL Date Account Invoice No. Post Ref. Accounts Receivable Cost of Goods Sold Jun select Jun select Jun Kalect) Jun beled (702.purchasestour PURCHASES JOURNAL Date Account Terms Post Ref. Accounts Payable Jun Jun Xoled Jun Keladi Jun (303.castacelsumarw CASH RECEIPTS JOURNAL Note: In order to receive full points, for each transaction you must select an account under the column labeled Accounts as indicated under the additional instruc above. Since all transactions in this journal affect the cash account, you are asked to enter the name of the appropriate account credited in the transactions into Account column so that the type of transaction can be determined by the name of the account entered into this column Debit Credit Post Cost of Date Account Ref. Sales Cash Sales Accounts Other Goods Discounts Reverse Aceivable Accounts Sold Jun Jun le Jun let Jun Valdi lun Jun 104 casemat CASH PAYMENTS JOURNAL Note: In order to receive full points, for each transaction you must select an account under the column labeled 'Account, as indicated under the additional instructions above. Since all transactions in this journal affect the cash 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 columit, Date Account Check Credit No. Post Ref. Debit Accounts Merchandise Wages Other Payable Inventory Expense Accounts Cash Jun ch) Jun Jun Dale Jun select DIODO 111000 Jun Kalecil ll (Q-305.generator livek) GENERAL JOURNAL Date Account and Explanation Post Ref. Debit Credit Juni Jun Jun (30-10-5acc.) SUBSIDIARY LEDGERS Account ARC Sugar Account No. 110-5 Date Description 31 Banco Mer Debat Credil Balance 4.001 OR un ER Account: APC - East Tangiers Cooperative Account No. 210-1 Date Description Ref. Debit Balance Credit May 3,020 CR 31 Balance Jun Jun