Week 1 Date Transaction description 1 Obtained a loan of $59,000 from Earth Bank 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, 2026 2 Purchased 90 copies of A Shortened History of Space from Polar Bear Books for $13 each, terms net 30 2 Paid the full amount $1,308 owing to Quickdraw Peak, Check No 903 Payment fell within discount period 4 Purchased 140 copies of Barry Plotter and the Goods that Expire from Bookheamoth for $12 each, terms 2 10, n 30 4 Made cash sales of $6,426 during the first 4 days of the month 5 Purchased 30 copies of Accidental Accountant with cash for $23 each, Check No 904 6 Paid the full amount $2,816 owing to Albatross, Check No 905 Payment fell within discount period 6 Sold 80 copies of Barry Plotter and the Profits of Revalued Land to Hoarders for $42 each, Invoice No 501 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 Instructions for week 1 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 do 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 journals, 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 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 There may be entries in the general journal that require posting to both a control account and a subsidiary ledger In these cases, after you have posted to both ledgers, you should enter the reference for both the general ledger account and the subsidiary ledger account in the Post Ref column to indicate that you have posted to both accounts For example, if the reference number for the control account is 110 and the reference number for the subsidiary ledger account is 110 1, you should type '110 110 1' into the Post Ref column General journal entries do NOT require a description of the journal entries Ledgers When posting a transaction to a ledger account, under the Description column, please type the description of the transaction directly into the field The exact wording does not matter for grading purposes For example, it does not matter in an electricity transaction if you type 'Paid for electricity' or 'Paid electricity bill' For each ledger, under the Ref column, you need to select the correct journal from a list in the drop down box provided in order to receive full points If the balance of a ledger account is zero you do not need to select a debit or credit from the drop down box Each transaction posted to the subsidiary ledgers 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 subsidiary ledger Both journals and ledgers Most journals and ledgers will have blank rows left at the end of the page Some journals and ledgers may not require any entries Please post which Journal it will be entered to whether if its Sales Journal, Purchase Journal, Cash Receipts Journal, Cash Payments Journal, General Journal, Subsidary Ledgers, General Ledger, Please include Date, Description, Ref, debit, credit, Invoice no, Post ref amount x Bank Statement pdf Adobe Acrobat Reader DC (32 bit) File Edit View Sign Window Help Home Tools Bank Statement pdf x Sign In 1 2 75 1 o Juliet Lee 864 Power Lane Seattle, WA 98101 Nccount NO 28009344 Pane No 1 Search 'Rotate Page Cover 2 Cover Po Export PDF Debit Credit $3,967 $5,800 $1,800 $59 000 $530 Date Particulars JUN 1 BALANCE BROUGHT FORWARD JUN 1 DEPOSIT Altic Books JUN 2 901 an JUN 2 902 JUN 4 LOAN JUN 5 DEPOSIT Boundaries JUN 7 903 JUN 8 DEPOSIT Cash sales JUN 8 904 JUN 10 905 JUN 14 906 JUN 16 DEPOSIT Boundaries JUN 16 DEPOSIT Cash sales JUN 22 DEPOSIT Congo com JUN 22 DEPOSIT Cash sales $1,308 Balance $23,979 CR $27,946 CR $22,146 CR $20,346 CR $79,346 CR $79 876 CR $78,568 CR $84,994 CR $84,304 CR $81 488 CR $79 726 CR $80,848 CR $90,589 CR $92,089 CR $102,990 CR $6,426 $690 $2,816 $1,762 S922 $9 941 $1,500 $10,901 https www perdisco com elms sam html asam aspx 3 4 Further information S5 840 $4,268 $1,500 2 21 2021 JUN 22 907 JUN 25 908 JUN 25 NSF CHECK Congo com JUN 28 DEPOSIT Cash sales JUN 30 910 JUN 30 911 JUN 30 INTEREST JUN 30 SERVICE CHARGE $11,670 $97,150 CR $92,882 CR 591,382 CR $103 052 CR $97 918 CR $91 318 CR $91,484 CR $91,479 CR $5,134 $6,600 Convert, edit and e sign PDF forms agreements $166 S5 Free 7 Day Trial Last statement to this statement to 05 31 21 06 30 21 Total debits Total credits $37,523 $105,023 Final balance $91 479 CR 1 Type here to search 2 31 AM 2 27 2021 x Bank Statement pdf Adobe Acrobat Reader DC (32 bit) File Edit View Sign Window Help Home Tools Bank Statement pdf x Sign In 1 2 75 1 o Juliet Lee 864 Power Lane Seattle, WA 98101 Nccount NO 28009344 Pane No 1 Search 'Rotate Page Cover 2 Cover Po Export PDF Debit Credit $3,967 $5,800 $1,800 $59 000 $530 Date Particulars JUN 1 BALANCE BROUGHT FORWARD JUN 1 DEPOSIT Altic Books JUN 2 901 an JUN 2 902 JUN 4 LOAN JUN 5 DEPOSIT Boundaries JUN 7 903 JUN 8 DEPOSIT Cash sales JUN 8 904 JUN 10 905 JUN 14 906 JUN 16 DEPOSIT Boundaries JUN 16 DEPOSIT Cash sales JUN 22 DEPOSIT Congo com JUN 22 DEPOSIT Cash sales $1,308 Balance $23,979 CR $27,946 CR $22,146 CR $20,346 CR $79,346 CR $79 876 CR $78,568 CR $84,994 CR $84,304 CR $81 488 CR $79 726 CR $80,848 CR $90,589 CR $92,089 CR $102,990 CR $6,426 $690 $2,816 $1,762 S922 $9 941 $1,500 $10,901 https www perdisco com elms sam html asam aspx 3 4 Further information S5 840 $4,268 $1,500 2 21 2021 JUN 22 907 JUN 25 908 JUN 25 NSF CHECK Congo com JUN 28 DEPOSIT Cash sales JUN 30 910 JUN 30 911 JUN 30 INTEREST JUN 30 SERVICE CHARGE $11,670 $97,150 CR $92,882 CR 591,382 CR $103 052 CR $97 918 CR $91 318 CR $91,484 CR $91,479 CR $5,134 $6,600 Convert, edit and e sign PDF forms agreements $166 S5 Free 7 Day Trial Last statement to this statement to 05 31 21 06 30 21 Total debits Total credits $37,523 $105,023 Final balance $91 479 CR 1 Type here to search 2 31 AM 2 27 2021

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Week 1 Date Transaction description 1 Obtained a loan of $59,000 from Earth Bank at a simple interest rate of 6% per year. The first

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Week 1
Date	Transaction description
1	Obtained a loan of $59,000 from Earth Bank 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, 2026.
2	Purchased 90 copies of A Shortened History of Space from Polar Bear Books for $13 each, terms net 30.
2	Paid the full amount $1,308 owing to Quickdraw Peak, Check No. 903. Payment fell within discount period.
4	Purchased 140 copies of Barry Plotter and the Goods that Expire from Bookheamoth for $12 each, terms 2/10, n/30.
4	Made cash sales of $6,426 during the first 4 days of the month.
5	Purchased 30 copies of Accidental Accountant with cash for $23 each, Check No. 904.
6	Paid the full amount $2,816 owing to Albatross, Check No. 905. Payment fell within discount period.
6	Sold 80 copies of Barry Plotter and the Profits of Revalued Land to Hoarders for $42 each, Invoice No. 501.

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.

**Instructions for week 1**

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 do 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 journals, 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 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.
There may be entries in the general journal that require posting to both a control account and a subsidiary ledger. In these cases, after you have posted to both ledgers, you should enter the reference for both the general ledger account and the subsidiary ledger account in the Post Ref. column to indicate that you have posted to both accounts. For example, if the reference number for the control account is 110 and the reference number for the subsidiary ledger account is 110-1, you should type '110/110-1' into the Post Ref. column.
General journal entries do NOT require a description of the journal entries.

Ledgers:

When posting a transaction to a ledger account, under the Description column, please type the description of the transaction directly into the field. The exact wording does not matter for grading purposes. For example, it does not matter in an electricity transaction if you type 'Paid for electricity' or 'Paid electricity bill'.
For each ledger, under the Ref. column, you need to select the correct journal from a list in the drop-down box provided in order to receive full points.
If the balance of a ledger account is zero you do not need to select a debit or credit from the drop-down box.
Each transaction posted to the subsidiary ledgers 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 subsidiary ledger.

Both journals and ledgers:

Most journals and ledgers will have blank rows left at the end of the page.
Some journals and ledgers may not require any entries.

**Please post which Journal it will be entered to whether if its Sales Journal, Purchase Journal, Cash Receipts Journal, Cash Payments Journal, General Journal, Subsidary Ledgers, General Ledger,

**Please include Date, Description, Ref, debit, credit, Invoice no, Post ref. amount

- x Bank Statement.pdf - Adobe Acrobat Reader DC (32-bit) File Edit View Sign Window Help Home Tools Bank Statement.pdf x Sign In 1 / 2 75% 1 o Juliet Lee 864 Power Lane Seattle, WA 98101 Nccount NO. 28009344 Pane No. 1 Search 'Rotate Page Cover 2 Cover Po Export PDF Debit Credit $3,967 $5,800 $1,800 $59.000 $530 Date Particulars JUN 1 BALANCE BROUGHT FORWARD JUN 1 DEPOSIT - Altic Books JUN 2 901 an JUN 2 902 JUN 4 LOAN JUN 5 DEPOSIT - Boundaries JUN 7 903 JUN 8 DEPOSIT - Cash sales JUN 8 904 JUN 10 905 JUN 14 906 JUN 16 DEPOSIT - Boundaries JUN 16 DEPOSIT - Cash sales JUN 22 DEPOSIT - Congo.com JUN 22 DEPOSIT - Cash sales $1,308 Balance $23,979 CR $27,946 CR $22,146 CR $20,346 CR $79,346 CR $79.876 CR $78,568 CR $84,994 CR $84,304 CR $81.488 CR $79.726 CR $80,848 CR $90,589 CR $92,089 CR $102,990 CR $6,426 $690 $2,816 $1,762 S922 $9.941 $1,500 $10,901 https://www.perdisco.com/elms/sam/html/asam.aspx 3/4 Further information S5.840 $4,268 $1,500 2/21/2021 JUN 22 907 JUN 25 908 JUN 25 NSF CHECK- Congo.com JUN 28 DEPOSIT - Cash sales JUN 30 910 JUN 30 911 JUN 30 INTEREST JUN 30 SERVICE CHARGE $11,670 $97,150 CR $92,882 CR 591,382 CR $103.052 CR $97.918 CR $91 318 CR $91,484 CR $91,479 CR $5,134 $6,600 Convert, edit and e-sign PDF forms & agreements $166 S5 Free 7-Day Trial Last statement to this statement to 05/31/21 06/30/21 Total debits Total credits $37,523 $105,023 Final balance $91.479 CR 1 Type here to search 2:31 AM 2/27/2021 - x Bank Statement.pdf - Adobe Acrobat Reader DC (32-bit) File Edit View Sign Window Help Home Tools Bank Statement.pdf x Sign In 1 / 2 75% 1 o Juliet Lee 864 Power Lane Seattle, WA 98101 Nccount NO. 28009344 Pane No. 1 Search 'Rotate Page Cover 2 Cover Po Export PDF Debit Credit $3,967 $5,800 $1,800 $59.000 $530 Date Particulars JUN 1 BALANCE BROUGHT FORWARD JUN 1 DEPOSIT - Altic Books JUN 2 901 an JUN 2 902 JUN 4 LOAN JUN 5 DEPOSIT - Boundaries JUN 7 903 JUN 8 DEPOSIT - Cash sales JUN 8 904 JUN 10 905 JUN 14 906 JUN 16 DEPOSIT - Boundaries JUN 16 DEPOSIT - Cash sales JUN 22 DEPOSIT - Congo.com JUN 22 DEPOSIT - Cash sales $1,308 Balance $23,979 CR $27,946 CR $22,146 CR $20,346 CR $79,346 CR $79.876 CR $78,568 CR $84,994 CR $84,304 CR $81.488 CR $79.726 CR $80,848 CR $90,589 CR $92,089 CR $102,990 CR $6,426 $690 $2,816 $1,762 S922 $9.941 $1,500 $10,901 https://www.perdisco.com/elms/sam/html/asam.aspx 3/4 Further information S5.840 $4,268 $1,500 2/21/2021 JUN 22 907 JUN 25 908 JUN 25 NSF CHECK- Congo.com JUN 28 DEPOSIT - Cash sales JUN 30 910 JUN 30 911 JUN 30 INTEREST JUN 30 SERVICE CHARGE $11,670 $97,150 CR $92,882 CR 591,382 CR $103.052 CR $97.918 CR $91 318 CR $91,484 CR $91,479 CR $5,134 $6,600 Convert, edit and e-sign PDF forms & agreements $166 S5 Free 7-Day Trial Last statement to this statement to 05/31/21 06/30/21 Total debits Total credits $37,523 $105,023 Final balance $91.479 CR 1 Type here to search 2:31 AM 2/27/2021