Question
Week 1 Date Transaction description 2 Purchased 13 boxes of copies of Barry Plotter and the Profits of Revalued Land from Peachson for $242 each,
Week 1 | ||
Date | Transaction description | |
2 | Purchased 13 boxes of copies of Barry Plotter and the Profits of Revalued Land from Peachson for $242 each, terms net 30. | |
2 | Purchased 24 boxes of copies of Accidental Accountant with cash for $264 each, Cheque No. 650. | |
4 | Paid the full amount owing to Stompson, Cheque No. 651. Payment fell within discount period. | |
4 | Paid sales staff wages of $4,375 for the week up to and including yesterday, Cheque No. 652. Note that $2,000 of this payment relates to the wages expense incurred during the last week of May. | |
5 | Purchased 18 boxes of copies of To Steal a Hummingbird from Albatross for $352 each, terms 2/10, n/30 | |
5 | Paid the full amount owing to Booked Inn, Cheque No. 653. Payment fell within discount period. | |
5 | Sold 14 boxes of copies of Barry Plotter and the Profits of Revalued Land to Cliff's Notes for $363 each, Invoice No. 266. | |
5 | Made cash sale of 35 boxes of copies of Accidental Accountant for $528 each. |
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 enter this after you prepare the Bank Reconciliation Statement.
3)Update inventory cards on a daily basis.
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.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started