Week 1 Date Transaction description 1 Purchased 7 bags of Medium Roast Robusta Coffee Beans from Dominga Wholesalers for $176 each, terms 2 10, n 30 1 Obtained a loan of $53,000 from ZNZ 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 5 packages of Plastic Coffee Mugs with cash for $248 each, Check No 603 3 Paid the full amount owing to Brazil Imports Group, Check No 604 Payment fell within discount period 4 Made cash sales of $6,064 during the first 4 days of the month 6 Paid the full amount owing to Abejundio Coffee, Check No 605 Payment fell within discount period 7 Purchased 6 boxes of Disposable Napkins from Buena Vista Coffee for $249 each, terms net 30 7 Sold 5 bags of Light Roast Arabica Coffee Beans to Quick Bolt Coffee for $303 each, Invoice No 501 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 SALES JOURNAL Date Account Invoice No Post Ref Amount Jun Jun Jun Jun PURCHASES JOURNAL Date Account Terms Post Ref Amount Jun terms ,net 30,net 7,2 10 n 30 Jun terms ,net 30,net 7,2 10 n 30 Jun terms ,net 30,net 7,2 10 n 30 Jun terms ,net 30,net 7,2 10 n 30 CASH RECEIPTS 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 credited 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 Post Ref Debit Credit Cash Sales Discounts Sales Revenue Accounts Receivable Other Accounts Jun Jun Jun Jun Jun Jun 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 column Date Account Check No Post Ref Debit Credit Accounts Payable Purchases Other Accounts Cash Purchase Discounts Jun Jun Jun Jun Jun Jun GENERAL JOURNAL Date Account and Explanation Post Ref Debit Credit Jun Jun Jun SUBSIDIARY LEDGERS SALES JOURNAL Date Account Invoice No Post Ref Amount (select) Jun 4 Sales Revenue 6064 Jun 7 ARC Quick Bolt Coffee select) 501 1515 DIQQ Jun (select) JU Jun (select) (Q 302 purchasesJournalWeeks) PURCHASES JOURNAL Date Account Terms Post Ref Amount DR 1232 Jun 1 APC Dominga Wholesalers select) 2 10 n 30 ( Jun 2 Purchases select net 30 Jun 7 APC Buena Vista Coffee select) net 30 DR 1240 CR 1494 Jun (select (Q 303 cashReceiptsJournalWeek) CASH RECEIPTS 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 credited 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 Debit Credit Account Post Ref Cash Sales Discounts Sales Revenue Accounts Other Receivable Accounts Jun 1 Bank Loan Payable (select) DR 53000 53000 Jun (select) Jun 1000000 select) Jun select) Jun select) Jun (select) (Q 304 cashPaymentsJournalWeeks)

Week 1 Date Transaction description 1 Purchased 7 bags of Medium Roast Robusta Coffee Beans from Dominga Wholesalers for $176 each, terms 2/10, n/30. 1

Question

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

1 Approved Answer

Posted on Jul 13, 2024

Invoice No.

Week 1
Date	Transaction description
1	Purchased 7 bags of Medium Roast Robusta Coffee Beans from Dominga Wholesalers for $176 each, terms 2/10, n/30.
1	Obtained a loan of $53,000 from ZNZ 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 5 packages of Plastic Coffee Mugs with cash for $248 each, Check No. 603.
3	Paid the full amount owing to Brazil Imports Group, Check No. 604. Payment fell within discount period.
4	Made cash sales of $6,064 during the first 4 days of the month.
6	Paid the full amount owing to Abejundio Coffee, Check No. 605. Payment fell within discount period.
7	Purchased 6 boxes of Disposable Napkins from Buena Vista Coffee for $249 each, terms net 30.
7	Sold 5 bags of Light Roast Arabica Coffee Beans to Quick Bolt Coffee for $303 each, Invoice No. 501.

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.

SALES JOURNAL

PURCHASES JOURNAL

Date	Account	Terms	Post Ref.	Amount
Jun		terms...,net 30,net 7,2/10 n/30
Jun		terms...,net 30,net 7,2/10 n/30
Jun		terms...,net 30,net 7,2/10 n/30
Jun		terms...,net 30,net 7,2/10 n/30

CASH RECEIPTS 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 credited 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	Post Ref.	Debit		Credit
Date	Account	Post Ref.	Cash	Sales Discounts	Sales Revenue	Accounts Receivable	Other Accounts
Jun
Jun
Jun
Jun
Jun
Jun

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 column.

Date	Account	Check No.	Post Ref.	Debit			Credit
Date	Account	Check No.	Post Ref.	Accounts Payable	Purchases	Other Accounts	Cash	Purchase Discounts
Jun
Jun
Jun
Jun
Jun
Jun

GENERAL JOURNAL

Date	Account and Explanation	Post Ref.	Debit	Credit
Jun


Jun


Jun

SUBSIDIARY LEDGERS

image text in transcribed

SALES JOURNAL Date Account Invoice No. Post Ref. Amount (select) Jun 4 | Sales Revenue 6064 Jun 7 | ARC - Quick Bolt Coffee select) 501|||| 1515 DIQQ Jun (select) JU Jun (select) (Q=302.purchasesJournalWeeks) PURCHASES JOURNAL Date Account Terms Post Ref. Amount DR 1232 Jun 1 APC - Dominga Wholesalers select) 2/10 n/30 | ( Jun 2 | Purchases select net 30 Jun 7 | APC - Buena Vista Coffee select) net 30 DR 1240 CR 1494 Jun (select (Q=303.cashReceiptsJournalWeek) CASH RECEIPTS 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 credited 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. Debit Credit Account Post Ref. Cash Sales Discounts Sales Revenue Accounts Other Receivable Accounts Jun 1 | Bank Loan Payable (select) DR 53000 53000 Jun (select) Jun 1000000 select) Jun select) Jun select) Jun (select) (Q=304.cashPaymentsJournalWeeks)