Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

You are now instructed to record transactions that occurred throughout the second week of June into the company's books. The week 2 transactions are listed

You are now instructed to record transactions that occurred throughout the second week of June into the company's books. The week 2 transactions are listed below:

Week 2

Date Transaction description 8 Purchased 15 Freestyle Snowboards from Extreme Sports Inc for $264 each, terms net 30. 8 Paid the full amount owing to Addax Sports, Cheque No. 682. Payment fell within discount period. 10 Sold 18 Bungee Kits to Mick's Sporting Goods for $592 each, Invoice No. 233. 10 Great Sports paid the full amount owing on their account. Since Great Sports has been a loyal customer from the day the business commenced, a 10% discount was given for this early repayment. 11 Paid sales staff wages of $2,171 for the week up to and including yesterday, Cheque No. 683. 13 Paid the full amount owing to Sports 'R Us, Cheque No. 684. 13 Made cash sale of 7 Tony Eagle Freestyle Skateboards for $392 each. 14 Paid the full amount owing to Hike, Cheque No. 685. 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 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.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Payroll Accounting 2019

Authors: Jeanette Landin, Paulette Schirmer

5th edition

125991707X, 978-1259917073

More Books

Students also viewed these Accounting questions

Question

3. What values would you say are your core values?

Answered: 1 week ago