Week 2DateTransaction description8Purchased 18 boxes of Fruit Drops from Hershel's for $208 each, terms net 30.10Paid the full amount owing to Restlay, Check No. 542. Payment fell outside discount period.10Sold 19 boxes of Peppermint Sticks to Central Candy for $392 each, Invoice No. 439.11Paid sales staff wages of $2,231 for the week up to and including yesterday, Check No. 543.12Paid the full amount owing to Brennan Imports Group, Check No. 544.12Paid the full amount owing to East Tangiers Cooperative, Check No. 545.12Candy 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.14Made cash sale of 11 boxes of Raspberry Delights for $568 each.

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 accountingpolicies 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.

3)Update inventory cards on a daily basis.

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 to enter all answers to thenearest 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.

Before pressing the Submit answers button, we recommend that you click theShow Alltab and check that all relevant accounting records have been completed.

Additional instructions

Inventory cards:

• Each transaction recorded in the inventory cards must be entered in a pair of lines provided. You may be required to record a transaction in a single line or two separate lines within the pair of lines provided. Whether one or two lines are required depends on the unit costs of the items involved in that transaction. If a transaction involves items with the same unit cost, you must record that transaction in a single line. Alternatively, if those items have two different unit costs, you are required to use a separate line within the pair of lines provided for each different unit cost.
• In order to receive full points, you must not combine two transactions into the one pair of lines. See the Inventory cards ~ May popup below the 'Information from previous pages' heading for an example of how inventory cards are to be completed.
• Note that you may enter a positive or negative number into the Units and Total Cost columns but all unit costs must be entered as positive numbers into the Unit Cost columns.

Remember:

• Each transaction recorded in a special journal must be entered in one line. In order to receive full points, you mustnotsplit up the relevant transaction into more than one line in the special journal.
• 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 anX. This is because these transactions are not posted on a daily basis. In order to receive full points, you must record only the letterXin the Post Ref. column for these transactions.
• You are also required to apply thejournals and ledgers instructionsprovided in Week 1.

Show AllSpecial JournalsGeneral JournalSubsidiary LedgersGeneral LedgerInventory

(Q=401.salesJournalWeek2)

SALES JOURNAL

DateAccountInvoice

No.Post

Ref.Accounts ReceivableCost of Goods SoldJunARC - Central Candy

(select)Jun(select)Jun(select)Jun(select)

(Q=402.purchasesJournalWeek2)

PURCHASES JOURNAL

DateAccountTermsPost

Ref.Accounts PayableJunAPC - Hershel's

(select)terms...

net 30

net 7

2/10 n/30

Jun(select)terms...

net 30

net 7

2/10 n/30

Jun(select)terms...

net 30

net 7

2/10 n/30

Jun(select)terms...

net 30

net 7

2/10 n/30

(Q=403.cashReceiptsJournalWeek2)

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.

DateAccountPost Ref.DebitCreditCost of Goods SoldCashSales DiscountsSales RevenueAccounts ReceivableOther AccountsJun1Bank Loan Payable25050,00050,000Jun3ARC - Mercury Square110-52,6292,629JunARC - Candy Man

(select)JunSales Revenue

(select)Jun(select)Jun(select)Jun(select)Jun(select)

(Q=404.cashPaymentsJournalWeek2)

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.

DateAccountCheck

No.Post

Ref.DebitCreditAccounts PayableMerchandise InventoryWages

ExpenseOther AccountsCashJun1Prepaid Rent5371409,0009,000Jun3Office Supplies538130511511Jun4Wages Payable5392204911,1271,618Jun5APC - Hershel's540210-62,7872,787Jun6Electricity Payable541221909909Jun(select)Jun(select)Jun(select)Jun(select)Jun(select)Jun(select)

(Q=405.generalJournalWeek2)

GENERAL JOURNAL

DateAccount and ExplanationPost

Ref.DebitCreditJun(select)(select)Jun(select)(select)Jun(select)(select)

(Q=410-110-1.AcctsRec1_week2)

SUBSIDIARY LEDGERS

Account:ARC - Candy Man

Account No. 110-1

DateDescriptionRef.DebitCreditBalanceMay31Balance4,430 DRJunGJ

PJ

SJ

CRJ

CPJ

DR

CR

JunGJ

PJ

SJ

CRJ

CPJ

DR

CR

JunGJ

PJ

SJ

CRJ

CPJ

DR

CR

(Q=410-110-3.AcctsRec3_week2)

Account:ARC - Central Candy

Account No. 110-3

DateDescriptionRef.DebitCreditBalanceMay31Balance13,522 DRJunGJ

PJ

SJ

CRJ

CPJ

DR

CR

JunGJ

PJ

SJ

CRJ

CPJ

DR

CR

JunGJ

PJ

SJ

CRJ

CPJ

DR

CR

(Q=410-110-6.AcctsRec6_week2)

Account:ARC - Sweet Tooth

Account No. 110-6

DateDescriptionRef.DebitCreditBalanceMay31Balance4,020 DRJunGJ

PJ

SJ

CRJ

CPJ

DR

CR

JunGJ

PJ

SJ

CRJ

CPJ

DR

CR

JunGJ

PJ

SJ

CRJ

CPJ

DR

CR

(Q=410-210-1.AcctsPay1_week2)

Account:APC - East Tangiers Cooperative

Account No. 210-1

DateDescriptionRef.DebitCreditBalanceMay31Balance2,038 CRJunGJ

PJ

SJ

CRJ

CPJ

DR

CR

JunGJ

PJ

SJ

CRJ

CPJ

DR

CR

JunGJ

PJ

SJ

CRJ

CPJ

DR

CR

(Q=410-210-2.AcctsPay2_week2)

Account:APC - Restlay

Account No. 210-2

DateDescriptionRef.DebitCreditBalanceMay31Balance4,564 CRJunGJ

PJ

SJ

CRJ

CPJ

DR

CR

JunGJ

PJ

SJ

CRJ

CPJ

DR

CR

JunGJ

PJ

SJ

CRJ

CPJ

DR

CR

(Q=410-210-5.AcctsPay5_week2)

Account:APC - Brennan Imports Group

Account No. 210-5

DateDescriptionRef.DebitCreditBalanceMay31Balance4,928 CRJunGJ

PJ

SJ

CRJ

CPJ

DR

CR

JunGJ

PJ

SJ

CRJ

CPJ

DR

CR

JunGJ

PJ

SJ

CRJ

CPJ

DR

CR

(Q=410-210-6.AcctsPay6_week2)

Account:APC - Hershel's

Account No. 210-6

DateDescriptionRef.DebitCreditBalanceMay31Balance2,787 CRJun5RepaymentCPJ2,7870JunGJ

PJ

SJ

CRJ

CPJ

DR

CR

JunGJ

PJ

SJ

CRJ

CPJ

DR

CR

JunGJ

PJ

SJ

CRJ

CPJ

DR

CR

(Q=420-100.Cash_week2)

GENERAL LEDGER

Account:Cash

Account No. 100

DateDescriptionRef.DebitCreditBalanceMay31Balance74,973 DRJunGJ

PJ

SJ

CRJ

CPJ

DR

CR

JunGJ

PJ

SJ

CRJ

CPJ

DR

CR

JunGJ

PJ

SJ

CRJ

CPJ

DR

CR

(Q=420-110.AcctsRecControl_week2)

Account:ARC - Accounts Receivable Control

Account No. 110

DateDescriptionRef.DebitCreditBalanceMay31Balance30,507 DRJunGJ

PJ

SJ

CRJ

CPJ

DR

CR

JunGJ

PJ

SJ

CRJ

CPJ

DR

CR

JunGJ

PJ

SJ

CRJ

CPJ

DR

CR

(Q=420-120.Inventory_week2)

Account:Merchandise Inventory

Account No. 120

DateDescriptionRef.DebitCreditBalanceMay31Balance100,024 DRJunGJ

PJ

SJ

CRJ

CPJ

DR

CR

JunGJ

PJ

SJ

CRJ

CPJ

DR

CR

JunGJ

PJ

SJ

CRJ

CPJ

DR

CR

(Q=420-400.SalesRevenue_week2)

Account:Sales Revenue

Account No. 400

DateDescriptionRef.DebitCreditBalanceMay31Balance0JunGJ

PJ

SJ

CRJ

CPJ

DR

CR

JunGJ

PJ

SJ

CRJ

CPJ

DR

CR

JunGJ

PJ

SJ

CRJ

CPJ

DR

CR

(Q=420-401.SalesReturns_week2)

Account:Sales Returns and Allowances

Account No. 401

DateDescriptionRef.DebitCreditBalanceMay31Balance0JunGJ

PJ

SJ

CRJ

CPJ

DR

CR

JunGJ

PJ

SJ

CRJ

CPJ

DR

CR

JunGJ

PJ

SJ

CRJ

CPJ

DR

CR

(Q=420-402.SalesDisc_week2)

Account:Sales Discounts

Account No. 402

DateDescriptionRef.DebitCreditBalanceMay31Balance0JunGJ

PJ

SJ

CRJ

CPJ

DR

CR

JunGJ

PJ

SJ

CRJ

CPJ

DR

CR

JunGJ

PJ

SJ

CRJ

CPJ

DR

CR

(Q=420-500.CostOfSales_week2)

Account:Cost of Goods Sold

Account No. 500

DateDescriptionRef.DebitCreditBalanceMay31Balance0JunGJ

PJ

SJ

CRJ

CPJ

DR

CR

JunGJ

PJ

SJ

CRJ

CPJ

DR

CR

JunGJ

PJ

SJ

CRJ

CPJ

DR

CR

(Q=420-516.WagesExpense_week2)

Account:Wages Expense

Account No. 516

DateDescriptionRef.DebitCreditBalanceMay31Balance0JunGJ

PJ

SJ

CRJ

CPJ

DR

CR

JunGJ

PJ

SJ

CRJ

CPJ

DR

CR

JunGJ

PJ

SJ

CRJ

CPJ

DR

CR

(Q=430.Inventory1_week2)

INVENTORY CARDS

Boxes Of Raspberry DelightsDatePurchasesCost of Goods SoldBalanceUnitsUnit Cost

($)Total Cost

($)UnitsUnit Cost

($)Total Cost

($)UnitsUnit Cost

($)Total Cost

($)May31262967696153525280JunJunJunJun

(Q=430.Inventory3_week2)

Boxes Of Peppermint Sticks

DatePurchasesCost of Goods SoldBalanceUnitsUnit Cost

($)Total Cost

($)UnitsUnit Cost

($)Total Cost

($)UnitsUnit Cost

($)Total Cost

($)May319024021600JunJunJunJun

(Q=430.Inventory5_week2)

Boxes Of Fruit Drops

DatePurchasesCost of Goods SoldBalanceUnitsUnit Cost

($)Total Cost

($)UnitsUnit Cost

($)Total Cost

($)UnitsUnit Cost

($)Total Cost

($)May317020814560JunJunJunJun