Week 2DateTransaction description8Sold 9 Tony ZIO MLP Projectors to Radio Hut for $170 each, Invoice No. 502.9Paid the full amount owing to Moon Megasystems, Cheque No. 906.11Made cash sales of $11,430 during the week.14Turbo Tech paid the full amount owing on their account. Since Turbo Tech has been a loyal customer from the day the business commenced, a 10% discount was given for this early repayment.14Pikea returned $2,572 worth of product. Issued a Credit Note for $2,572.

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 after you prepare the Bank Reconciliation Statement.

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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.
• You are required 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 at bank amount, subtract the discount from the original amount.
• 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.
• 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 is110-1, you should type'110/110-1'into the Post Ref. column.
• You are also required to apply thejournals and ledgers instructionsprovided in Week 1.

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

Show AllSpecial JournalsGeneral JournalSubsidiary LedgersGeneral Ledger

(Q=401.salesJournalWeek2)

SALES JOURNAL

DateAccountInvoice

No.Post

Ref.AmountJun6ARC - Pikea501110-31,710Jun(select)Jun(select)Jun(select)Jun(select)

(Q=402.purchasesJournalWeek2)

PURCHASES JOURNAL

DateAccountTermsPost

Ref.AmountJun4APC - Mega Technet 30210-3720Jun5APC - Big Telco2/10, n/30210-11,550Jun(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 labelled 'Account', as indicated under the additional instructions above. Since all transactions in this journal affect the Cash at Bank 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.DebitCreditCash at BankDiscount AllowedSales RevenueAccounts ReceivableOther AccountsJun1Bank Loan Payable25060,00060,000Jun4Sales RevenueX6,6956,695Jun(select)Jun(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 labelled 'Account', as indicated under the additional instructions above. Since all transactions in this journal affect the Cash at Bank 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.

DateAccountCheque

No.Post

Ref.DebitCreditAccounts PayablePurchasesOther AccountsCash at BankDiscount ReceivedJun1APC - JCN Electrical903210-43,6263,55373Jun1Purchases904X600600Jun3APC - Pony905210-23,3573,32334Jun(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 - Turbo Tech

Account No. 110-1DateDescriptionRef.DebitCreditBalanceMay31Balance1,083 DRJunGJ

PJ

SJ

CRJ

CPJ

DR

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JunGJ

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JunGJ

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(Q=410-110-3.AcctsRec3_week2)

Account:ARC - Pikea

Account No. 110-3

DateDescriptionRef.DebitCreditBalanceMay31Balance1,864 DRJun6Credit saleSJ1,7103,574 DRJunGJ

PJ

SJ

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CPJ

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JunGJ

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JunGJ

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(Q=410-110-6.AcctsRec6_week2)

Account:ARC - Radio Hut

Account No. 110-6

DateDescriptionRef.DebitCreditBalanceMay31Balance0JunGJ

PJ

SJ

CRJ

CPJ

DR

CR

JunGJ

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JunGJ

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(Q=410-210-5.AcctsPay5_week2)

Account:APC - Moon Megasystems

Account No. 210-5

DateDescriptionRef.DebitCreditBalanceMay31Balance3,934 CRJunGJ

PJ

SJ

CRJ

CPJ

DR

CR

JunGJ

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JunGJ

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(Q=420-100.CashAtBank_week2)

GENERAL LEDGER

Account:Cash at Bank

Account No. 100DateDescriptionRef.DebitCreditBalanceMay31Balance26,545 DRJunGJ

PJ

SJ

CRJ

CPJ

DR

CR

JunGJ

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JunGJ

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(Q=420-110.AcctsRecControl_week2)

Account:ARC - Accounts Receivable Control

Account No. 110

DateDescriptionRef.DebitCreditBalanceMay31Balance6,016 DRJunGJ

PJ

SJ

CRJ

CPJ

DR

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JunGJ

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JunGJ

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(Q=420-120.Inventory_week2)

Account:Inventory

Account No. 120

DateDescriptionRef.DebitCreditBalanceMay31Balance77,004 DRJunGJ

PJ

SJ

CRJ

CPJ

DR

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JunGJ

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JunGJ

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(Q=420-210.AcctsPayControl_week2)

Account:APC - Accounts Payable Control

Account No. 210

DateDescriptionRef.DebitCreditBalanceMay31Balance15,821 CRJunGJ

PJ

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CPJ

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JunGJ

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JunGJ

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(Q=420-400.SalesRevenue_week2)

Account:Sales Revenue

Account No. 400

DateDescriptionRef.DebitCreditBalanceMay31Balance0JunGJ

PJ

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JunGJ

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(Q=420-401.SalesReturns_week2)

Account:Sales Returns and Allowances

Account No. 401

DateDescriptionRef.DebitCreditBalanceMay31Balance0JunGJ

PJ

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DR

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JunGJ

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JunGJ

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(Q=420-402.DiscountRecd_week2)

Account:Discount Received

Account No. 402

DateDescriptionRef.DebitCreditBalanceMay31Balance0JunGJ

PJ

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CPJ

DR

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JunGJ

PJ

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JunGJ

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(Q=420-500.Purchases_week2)

Account:Purchases

Account No. 500

DateDescriptionRef.DebitCreditBalanceMay31Balance0JunGJ

PJ

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JunGJ

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JunGJ

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(Q=420-501.PurchaseReturns_week2)

Account:Purchase Returns and Allowances

Account No. 501

DateDescriptionRef.DebitCreditBalanceMay31Balance0JunGJ

PJ

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CPJ

DR

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JunGJ

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JunGJ

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(Q=420-573.DiscountAllowed_week2)

Account:Discount Allowed

Account No. 573

DateDescriptionRef.DebitCreditBalanceMay31Balance0JunGJ

PJ

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CRJ

CPJ

DR

CR

JunGJ

PJ

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JunGJ

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