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: 8 Week 2 Date Transaction description Revamp Coffee Carts returned $5,285 worth of product. Issued a Credit Memorandum for $5,285. 10 Paid the full amount owing to Dominga Wholesalers, Check No. 906. 10 Sold 2 bags of Kopi Luwak Coffee Beans to Central Coffee for $720 each, Invoice No. 502. 10 Made cash sales of $10,298 during the week. 11 Jandesh's Hot Spot paid the full amount owing on their account. Since Jandesh's Hot Spot has been a loyal customer from the day the business commenced, a 10% discount was given for this early repayment. 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 do this before you prepare the Bank Reconciliation Statement. 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: 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. . You are required 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. . 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 . You are also required to apply the journals and ledgers instructions provided in Week 1. Before pressing the Submit answers button, we recommend that you click the Show All tab and check that all relevant accounting records have been completed. Show All Special Journals General Journal Subsidiary Ledgers General Ledger (Q-401.sales JournalWeek 2) SALES JOURNAL Date Account Post Ref. Amount Invoice No. 501 Jun 8,700 110-3 2 ARC - Revamp Coffee Carts Jun Jun Jun Jun (Q-402.purchasesJournalWeek 2) PURCHASES JOURNAL Post Ref Date Amount Account Torms 210-3 Jun 4 APC - Buena Vista Coffee 5 APC - Croup Coffee net 30 2/10, 1/30 1,032 1,881 210-1 Jun v Jun Jun 1000 Jun Jun (Q-403.cashReceiptsjournalWeek 2) 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. Dato Account Post Ref. Dobit Sale Cach Discount 50,000 4,919 Credit Sales Account Other Ravenue Receivable Account 50,000 4,919 Jun 250 1 Bank Loan Payable 3 Sales Revenue Jun Jun UN Jun Jun Jun Jun Jun (Q-404.cash Payments.journalWeek 2) 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. Debit Credit Date Account Check No Post Ret. Accounts Payable Purchase Other Accounts Cash Purchase Discounts 2.240 2.240 Jun Jun Jun Jun Jun 4 Purchases 6 C - Abejundio Coffee 6 APC - East Tangiers Co-op. 903 904 905 210-2 210-4 21 2,076 1,193 2,055 1,169 24 Jun Jun Jun Jun (Q=405.generaltournalWeek2) GENERAL JOURNAL Date Account and Explanation Post Ref. Debit Credit 325122,702 PM Jun Jun Jun (Q-410-110-1 ActRect_week) SUBSIDIARY LEDGERS Account: ARC - Jandesh's Hot Spot Account No. 110-1 Ref Debit Credit Balance 2,070 DR Date Description May 31 Balance Jun Jun 0 Jun (Q-410-110-3.Acetec) week) Account: ARC - Revamp Coffee Carts Account No. 110-3 Ref: Debit Credit Date Description 31 Balance 2 Credit sale Balance 3,041 DR 11,741 DR May SJ 8,700 Jun v Jun Jun Jun (Q-410-110-6.Accts Rec_week) Account: ARC - Central Coffee Account No. 110-6 Debit Ref. Credit Dato Balance Description 31 Balance 0 May Jun Jun Jun 10410-210-5 Acts Pays week Account No. 210-5 Dato Ref. Debit Credit Balance Description 31 Balance May 2,307 CR Jun Jun Jun (Q-420-100 Cash_week) GENERAL LEDGER Account: Cash Account No. 100 Dato Description Ror. Dobit Credit Balance May 31 Balance 23.127 DR Jun v Jun Jun (Q-420-110. AcctsRecControlweek2) Account: ARC - Accounts Receivable Control Account No. 110 Date Ref: Doble Credit Balance Description 31 Balance May 12,331 DR Jun V Jun Jun (Q-420-120. Inventory_week) Account: Merchandise Inventory Account No. 120 Date Rof Debit Description 31 Balance Credit Balance 79,146 DR May Jun V Jun Jun (Q-420-210.Accts PayControl_week) Account: APC - Accounts Payable Control Account No. 210 Date Description Ref. Debit Credit Balance May 31 Balance 10,697 CR Jun Jun Jun (Q-420-400.SalesRevenue_week) Account: Sales Revenue Account No. 400 Date Description Ref Debit Credit Balance 31 Balance 0 May Jun Jun 100 v Jun (Q=420-401 SalesReturns.week) Account: Sales Returns and Allowances Account No. 401 Date Ref. Debit Credit Balance Description 31 Balance May 0 Jun Jun Jun Account: Sales Discounts Account No. 402 (Q-420-402.SalesDisc week) Date Ref Description 31 Balance Debit Credit Balance May 0 Jun v Jun v Jun Account: Purchases Account No. 500 (Q-420-500. Purchases_week2) Date Description Ref: Debit Credit Balance May 31 Balance 0 Jun Jun Jun Account: Purchase Returns and Allowances Account No. 501 Ref. Date Dobit Credit Balance Description 31 Balance May Jun Jun Jun (-420-902. PurchaseDisc week2) Account: Purchase Discounts Account No. 502 Date Ref. Debit Credit Balance Description 31 Balance May 0 Jun Jun Jun 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: 8 Week 2 Date Transaction description Revamp Coffee Carts returned $5,285 worth of product. Issued a Credit Memorandum for $5,285. 10 Paid the full amount owing to Dominga Wholesalers, Check No. 906. 10 Sold 2 bags of Kopi Luwak Coffee Beans to Central Coffee for $720 each, Invoice No. 502. 10 Made cash sales of $10,298 during the week. 11 Jandesh's Hot Spot paid the full amount owing on their account. Since Jandesh's Hot Spot has been a loyal customer from the day the business commenced, a 10% discount was given for this early repayment. 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 do this before you prepare the Bank Reconciliation Statement. 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: 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. . You are required 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. . 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 . You are also required to apply the journals and ledgers instructions provided in Week 1. Before pressing the Submit answers button, we recommend that you click the Show All tab and check that all relevant accounting records have been completed. Show All Special Journals General Journal Subsidiary Ledgers General Ledger (Q-401.sales JournalWeek 2) SALES JOURNAL Date Account Post Ref. Amount Invoice No. 501 Jun 8,700 110-3 2 ARC - Revamp Coffee Carts Jun Jun Jun Jun (Q-402.purchasesJournalWeek 2) PURCHASES JOURNAL Post Ref Date Amount Account Torms 210-3 Jun 4 APC - Buena Vista Coffee 5 APC - Croup Coffee net 30 2/10, 1/30 1,032 1,881 210-1 Jun v Jun Jun 1000 Jun Jun (Q-403.cashReceiptsjournalWeek 2) 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. Dato Account Post Ref. Dobit Sale Cach Discount 50,000 4,919 Credit Sales Account Other Ravenue Receivable Account 50,000 4,919 Jun 250 1 Bank Loan Payable 3 Sales Revenue Jun Jun UN Jun Jun Jun Jun Jun (Q-404.cash Payments.journalWeek 2) 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. Debit Credit Date Account Check No Post Ret. Accounts Payable Purchase Other Accounts Cash Purchase Discounts 2.240 2.240 Jun Jun Jun Jun Jun 4 Purchases 6 C - Abejundio Coffee 6 APC - East Tangiers Co-op. 903 904 905 210-2 210-4 21 2,076 1,193 2,055 1,169 24 Jun Jun Jun Jun (Q=405.generaltournalWeek2) GENERAL JOURNAL Date Account and Explanation Post Ref. Debit Credit 325122,702 PM Jun Jun Jun (Q-410-110-1 ActRect_week) SUBSIDIARY LEDGERS Account: ARC - Jandesh's Hot Spot Account No. 110-1 Ref Debit Credit Balance 2,070 DR Date Description May 31 Balance Jun Jun 0 Jun (Q-410-110-3.Acetec) week) Account: ARC - Revamp Coffee Carts Account No. 110-3 Ref: Debit Credit Date Description 31 Balance 2 Credit sale Balance 3,041 DR 11,741 DR May SJ 8,700 Jun v Jun Jun Jun (Q-410-110-6.Accts Rec_week) Account: ARC - Central Coffee Account No. 110-6 Debit Ref. Credit Dato Balance Description 31 Balance 0 May Jun Jun Jun 10410-210-5 Acts Pays week Account No. 210-5 Dato Ref. Debit Credit Balance Description 31 Balance May 2,307 CR Jun Jun Jun (Q-420-100 Cash_week) GENERAL LEDGER Account: Cash Account No. 100 Dato Description Ror. Dobit Credit Balance May 31 Balance 23.127 DR Jun v Jun Jun (Q-420-110. AcctsRecControlweek2) Account: ARC - Accounts Receivable Control Account No. 110 Date Ref: Doble Credit Balance Description 31 Balance May 12,331 DR Jun V Jun Jun (Q-420-120. Inventory_week) Account: Merchandise Inventory Account No. 120 Date Rof Debit Description 31 Balance Credit Balance 79,146 DR May Jun V Jun Jun (Q-420-210.Accts PayControl_week) Account: APC - Accounts Payable Control Account No. 210 Date Description Ref. Debit Credit Balance May 31 Balance 10,697 CR Jun Jun Jun (Q-420-400.SalesRevenue_week) Account: Sales Revenue Account No. 400 Date Description Ref Debit Credit Balance 31 Balance 0 May Jun Jun 100 v Jun (Q=420-401 SalesReturns.week) Account: Sales Returns and Allowances Account No. 401 Date Ref. Debit Credit Balance Description 31 Balance May 0 Jun Jun Jun Account: Sales Discounts Account No. 402 (Q-420-402.SalesDisc week) Date Ref Description 31 Balance Debit Credit Balance May 0 Jun v Jun v Jun Account: Purchases Account No. 500 (Q-420-500. Purchases_week2) Date Description Ref: Debit Credit Balance May 31 Balance 0 Jun Jun Jun Account: Purchase Returns and Allowances Account No. 501 Ref. Date Dobit Credit Balance Description 31 Balance May Jun Jun Jun (-420-902. PurchaseDisc week2) Account: Purchase Discounts Account No. 502 Date Ref. Debit Credit Balance Description 31 Balance May 0 Jun Jun Jun
