03/04/2020 Transactions - week 4

Manual Accounting Practice Set

iCandy, Australasian Edition 3

Transactions - week 4

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You are now asked to record transactions that occurred throughout the fourth week of June in the company's books. The
week 4 transactions are listed below:

Week 4
Date Transaction description
23 Paid the full amount owing to Spud's Confectionery, Cheque No. 755. This payment relates to the credit
purchase that was made in the previous week.
23 Sold 89 boxes of Sprearmint Gum to Sugar-hi for $336 each, Invoice No. 383.
25 Delivered 41 boxes of Fruit Drops to Mercury Square for $472 each, Invoice No. 384. These items were
ordered on the 20th.
25 Paid sales staff wages of $2,269 for the week up to and including yesterday, Cheque No. 756.
26 Candy Rush paid the full amount owing on their account.
26 Made cash sale of 49 boxes of Lollipops for $472 each.
26 Ordered 16 boxes of Sprearmint Gum from Restlay for $232 each. Agreed terms with Restlay are 2/10, n/30.
28 Returned 6 faulty boxes of Mints, originally purchased for $304 each, to Gillard Wholesalers. Received a Credit
Note for $1,824.

Instructions for week 4

1) Record all week 4 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.

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) p y y
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:

Enter all answers to the nearest whole dollar.

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.
When completing the inventory cards, 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.
You are also required to apply the journals and ledgers instructions and the inventory cards instructions provided
in previous weeks.

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 Inventory

(Q=601.salesJournalWeek4)

SALES JOURNAL

Invoice Post Accounts Cost of

Date Account
No. Ref. Receivable Sales
Jun 10 ARC - Candy Rush 381 110-3 8,024 4,624
Jun 18 ARC - Sugar-hi 382 110-5 5,192 2,640

Jun

Jun

Jun

Jun

(Q=602.purchasesJournalWeek4)

PURCHASES JOURNAL

Post Accounts
Date Account Terms
Ref. Payable
Jun 8 APC - East Tangiers Cooperative net 30 210-6 2,496
Jun 16 APC - Spud's Confectionery 2/10, n/30 210-1 5,800
Jun 18 APC - Gillard Wholesalers net 30 210-5 3,952

Jun

Jun

Jun

Jun

(Q=603.cashReceiptsJournalWeek4)

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
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03/04/2020 Transactions - week 4
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.

Debit Credit
Post Cost of
Date Account Ref. Cash at Discount Sales Accounts Other Sales
Bank Allowed Revenue Receivable Accounts

Jun 7 ARC - Sugar-hi 110-5 4,853 4,853

Jun 11 ARC - Candy Man 110-1 2,385 265 2,650
Jun 12 Sales Revenue X 8,448 8,448 3,840
Jun 18 ARC - Mercury Square 110-6 2,800 2,800
Jun 19 Sales Revenue X 10,320 10,320 6,232

Jun

Jun

Jun

Jun

Jun

Jun

(Q=604.cashPaymentsJournalWeek4)

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.

Debit Credit
Cheque Post
Date Account No. Ref. Accounts Wages Other Cash at Discount
Inventory
Payable Expense Accounts Bank Received

Jun 1 Prepaid Rent 745 140 9,300 9,300

Jun 4 Wages Payable 746 220 620 1,143 1,763
Jun 5 APC - East Tangiers Cooperative 747 210-6 4,499 4,499
Jun 5 Office Supplies 748 130 536 536
Jun 6 Electricity Payable 749 221 796 796
Jun 11 APC - Hershel's 750 210-2 4,000 3,960 40
Jun 11 Wages Expense 751 X 2,413 2,413
Jun 13 APC - Gillard Wholesalers 752 210-5 4,439 4,439
Jun 13 APC - Spud's Confectionery 753 210-1 3,420 3,420
Jun 18 Wages Expense 754 X 2,434 2,434

Jun

Jun

Jun

Jun

Jun

Jun

(Q=605.generalJournalWeek4)
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03/04/2020 Transactions - week 4

GENERAL JOURNAL

Post
Date Account and Explanation Debit Credit
Ref.
Jun 19 Sales Returns and Allowances 401 2,360
Jun 19 ARC - Candy Rush 110/110-3 2,360
(sales return)

Jun 19 Inventory 120 1,360

Jun 19 Cost of Sales 500 1,360
(sales return)

Jun

Jun

Jun

(Q=610-110-3.AcctsRec3_week4)

SUBSIDIARY LEDGERS
Account: ARC - Candy Rush
Account No. 110-3

Date Description Ref. Debit Credit Balance

May 31 Balance 12,859 DR
Jun 10 Credit sale SJ 8,024 20,883 DR
Jun 19 Sales return GJ 2,360 18,523 DR
Jun

Jun

Jun

(Q=610-110-5.AcctsRec5_week4)
Account: ARC - Sugar-hi
Account No. 110-5

Date Description Ref. Debit Credit Balance

May 31 Balance 4,853 DR
Jun 7 Repayment CRJ 4,853 0
Jun 18 Credit sale SJ 5,192 5,192 DR
Jun

Jun

Jun
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(Q=610-110-6.AcctsRec6_week4)
Account: ARC - Mercury Square
Account No. 110-6

Date Description Ref. Debit Credit Balance

May 31 Balance 4,102 DR
Jun 18 Repayment CRJ 2,800 1,302 DR
Jun

Jun

Jun

(Q=610-210-1.AcctsPay1_week4)
Account: APC - Spud's Confectionery
Account No. 210-1

Date Description Ref. Debit Credit Balance

May 31 Balance 3,420 CR
Jun 13 Repayment CPJ 3,420 0
Jun 16 Credit purchase PJ 5,800 5,800 CR
Jun

Jun

Jun

(Q=610-210-4.AcctsPay4_week4)
Account: APC - Restlay
Account No. 210-4

Date Description Ref. Debit Credit Balance

May 31 Balance 2,037 CR
Jun

Jun

Jun

(Q=610-210-5.AcctsPay5_week4)
Account: APC - Gillard Wholesalers
Account No. 210-5

Date Description Ref. Debit Credit Balance

May 31 Balance 4,439 CR
Jun 13 Repayment CPJ 4,439 0
Jun 18 Credit purchase PJ 3,952 3,952 CR
Jun

Jun

Jun

(Q=620-100.CashAtBank_week4)

GENERAL LEDGER
Account: Cash at Bank
Account No. 100

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03/04/2020 Transactions - week 4
Date Description Ref. Debit Credit Balance
May 31 Balance 73,246 DR
Jun

Jun

Jun

(Q=620-110.AcctsRecControl_week4)
Account: ARC - Accounts Receivable Control
Account No. 110

Date Description Ref. Debit Credit Balance

May 31 Balance 30,049 DR
Jun 19 Sales return from Candy Rush GJ 2,360 27,689 DR
Jun

Jun

Jun

(Q=620-120.Inventory_week4)
Account: Inventory
Account No. 120

Date Description Ref. Debit Credit Balance

May 31 Balance 78,776 DR
Jun 19 Sales return from Candy Rush GJ 1,360 80,136 DR
Jun

Jun

Jun

(Q=620-210.AcctsPayControl_week4)
Account: APC - Accounts Payable Control
Account No. 210

Date Description Ref. Debit Credit Balance

May 31 Balance 45,648 CR
Jun

Jun

Jun

(Q=620-400.SalesRevenue_week4)
Account: Sales Revenue
Account No. 400

Date Description Ref. Debit Credit Balance

May 31 Balance 0
Jun

Jun

Jun

(Q=620-402.DiscountRecd_week4)

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03/04/2020 Transactions - week 4
Account: Discount Received
Account No. 402

Date Description Ref. Debit Credit Balance

May 31 Balance 0
Jun

Jun

Jun

(Q=620-500.CostOfSales_week4)
Account: Cost of Sales
Account No. 500

Date Description Ref. Debit Credit Balance

May 31 Balance 0
Jun 19 Sales return from Candy Rush GJ 1,360 1,360 CR
Jun

Jun

Jun

(Q=620-516.WagesExpense_week4)
Account: Wages Expense
Account No. 516

Date Description Ref. Debit Credit Balance

May 31 Balance 0
Jun

Jun

Jun

(Q=620-573.DiscountAllowed_week4)
Account: Discount Allowed
Account No. 573

Date Description Ref. Debit Credit Balance

May 31 Balance 0
Jun

Jun

Jun

(Q=630.Inventory1_week4)

INVENTORY CARDS
Boxes Of Mints

Purchases Cost of Sales Balance

Date Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost
($) ($) ($) ($) ($) ($)
May 31 24 240 5760
22 304 6688

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Jun 12 16 240 3840 8 240 1920

22 304 6688

Jun 18 13 304 3952 8 240 1920

35 304 10640

Jun

Jun

Jun

Jun

(Q=630.Inventory3_week4)
Boxes Of Lollipops

Purchases Cost of Sales Balance

Date Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost
($) ($) ($) ($) ($) ($)
May 31 95 272 25840

Jun 10 17 272 4624 78 272 21216

Jun 19 -5 272 -1360 83 272 22576

Jun

Jun

Jun

Jun

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(Q=630.Inventory4_week4)
Boxes Of Fruit Drops

Purchases Cost of Sales Balance

Date Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost
($) ($) ($) ($) ($) ($)
May 31 33 240 7920
21 256 5376

Jun 18 11 240 2640 22 240 5280

21 256 5376

Jun

Jun

Jun

Jun

(Q=630.Inventory5_week4)
Boxes Of Sprearmint Gum

Purchases Cost of Sales Balance

Date Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost
($) ($) ($) ($) ($) ($)
May 31 65 192 12480

Jun 8 13 192 2496 78 192 14976

Jun 16 25 232 5800 78 192 14976

25 232 5800

Jun

Jun

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Jun

Jun

Manual Accounting Practice Set

iCandy, Australasian Edition 3 (VSA3q)
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