6/9/2020 Transactions - week 3

Manual Accounting Practice Set

The Adrenaline Hut, Australasian Edition 3

Feedback: Transactions - week 3

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provided here. After you have reviewed your feedback page, click Continue at the bottom of this page to move on to the
next page of your practice set.

Your progress Your grading

Your grading outcome (still in progress)

Awarded Total
Points (prior to this page) 220 248
Points (on this page) 136 136
Points (after this page) − 666
Total 356 1,050

Completed: 28% (approximately)

Remaining pages will take: up to 13.75 hours

The time frames we provide are a guide only. It may
take you more or less time to complete each step.

Using the company's records that are provided below, you are now required to record transactions that occurred throughout
the third week of June. The week 3 transactions are listed below.

Week 3
Date Transaction description
17 Purchased 20 Bungee Kits from Sport Borders for $360 each, terms 2/10, n/30.
18 Purchased 15 Pipe Dream Surfboards from Addax Sports for $384 each, terms net 30.
18 Sold 9 Downhill Snowboards to Mick's Sporting Goods for $568 each, Invoice No. 424.
18 Balls 'n All paid $2,000 in partial payment of their account.
18 Paid sales staff wages of $2,457 for the week up to and including yesterday, Cheque No. 774.
20 Made cash sale of 51 DropZone Parachutes for a list price of $512 each. A trade discount of 25% applies.
20 The Locker Room returned 3 Tony Eagle Freestyle Skateboards that were originally sold for $384 each on 10 June.
These items cost $216 each and were not faulty or damaged. Issued a Credit Note for $1,152.
21 Received a purchase order from Balls 'n All. Created a corresponding sales order to deliver 24 Downhill
Snowboards to this customer for $568 each, Invoice No. 426.

Instructions for week 3

1) Record all week 3 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.

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6/9/2020 Transactions - week 3
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:

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 at bank 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.
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=501.salesJournalWeek3)

SALES JOURNAL

Invoice Post Accounts Cost of

Date Account
No. Ref. Receivable Sales
Jun 10 ARC - The Locker Room 423 110-3 6,912 3,888

Jun 18 ARC - Mick's Sporting Goods 424 110-5 5112 2592

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SALES JOURNAL

Invoice Post Accounts Cost of

Date Account
No. Ref. Receivable Sales
Jun 10 ARC - The Locker Room 423 110-3 6,912 3,888
Jun 18 ARC - Mick's Sporting Goods 424 110-5 5,112 2,592

(Q=502.purchasesJournalWeek3)

PURCHASES JOURNAL

Post Accounts
Date Account Terms
Ref. Payable
Jun 9 APC - Sports 'R Us net 30 210-6 3,456

Jun 17 APC - Sport Borders 2/10 n/30 210-1 7200

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6/9/2020 Transactions - week 3

Jun 18 APC - Addax Sports net 30 210-5 5760

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Jun

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PURCHASES JOURNAL

Post Accounts
Date Account Terms
Ref. Payable
Jun 9 APC - Sports 'R Us net 30 210-6 3,456
Jun 17 APC - Sport Borders 2/10, n/30 210-1 7,200
Jun 18 APC - Addax Sports net 30 210-5 5,760

(Q=503.cashReceiptsJournalWeek3)

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.

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

Jun 3 ARC - Mick's Sporting Goods 110-5 2,674 2,674

Jun 12 ARC - Jump Around 110-1 2,088 232 2,320
Jun 13 Sales Revenue X 7,480 7,480 3,696

Jun 18 ARC - Balls 'n All 110-6 2000 0 0 2000 0 0

Jun 20 Sales Revenue 400 19584 0 19584 0 0 13152

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Jun

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Jun

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CASH RECEIPTS JOURNAL

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

Jun 3 ARC - Mick's Sporting Goods 110-5 2,674 2,674

Jun 12 ARC - Jump Around 110-1 2,088 232 2,320
Jun 13 Sales Revenue X 7,480 7,480 3,696
Jun 18 ARC - Balls 'n All 110-6 2,000 2,000

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Jun 20 Sales Revenue X 19,584 19,584 13,152

(Q=504.cashPaymentsJournalWeek3)

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 765 140 10,000 10,000

Jun 3 APC - Sports 'R Us 766 210-6 4,444 4,444
Jun 3 Office Supplies 767 130 421 421
Jun 4 Wages Payable 768 220 584 1,143 1,727
Jun 6 Electricity Payable 769 221 808 808
Jun 10 APC - Hike 770 210-2 4,100 4,059 41
Jun 11 Wages Expense 771 X 1,603 1,603
Jun 12 APC - Addax Sports 772 210-5 3,886 3,886
Jun 12 APC - Sport Borders 773 210-1 2,096 2,096

Jun 18 Wages Expense 774 X 0 0 2457 0 2457 0

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Jun

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CASH PAYMENTS JOURNAL

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

Jun 1 Prepaid Rent 765 140 10,000 10,000

Jun 3 APC - Sports 'R Us 766 210-6 4,444 4,444
Jun 3 Office Supplies 767 130 421 421
Jun 4 Wages Payable 768 220 584 1,143 1,727
Jun 6 Electricity Payable 769 221 808 808
Jun 10 APC - Hike 770 210-2 4,100 4,059 41
Jun 11 Wages Expense 771 X 1,603 1,603
Jun 12 APC - Addax Sports 772 210-5 3,886 3,886
Jun 12 APC - Sport Borders 773 210-1 2,096 2,096
Jun 18 Wages Expense 774 X 2,457 2,457

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6/9/2020 Transactions - week 3

(Q=505.generalJournalWeek3)

GENERAL JOURNAL

Post
Date Account and Explanation Debit Credit
Ref.

Jun 20 Sales Returns and Allowances 401 1152 0

20 ARC - The Locker Room 110/110-3 0 1152

Jun 20 Inventory 120 648 0

20 Cost of Sales 500 0 648

Jun

Feedback

GENERAL JOURNAL

Post
Date Account and Explanation Debit Credit
Ref.
Jun 20 Sales Returns and Allowances 401 1,152
Jun 20 ARC - The Locker Room 110/110-3 1,152
(sales return)

Jun 20 Inventory 120 648

Jun 20 Cost of Sales 500 648
(sales return)

(Q=510-110-3.AcctsRec3_week3)

SUBSIDIARY LEDGERS
Account: ARC - The Locker Room
Account No. 110-3

Date Description Ref. Debit Credit Balance

May 31 Balance 14,512 DR
Jun 10 Credit sale SJ 6,912 21,424 DR

Jun 20 Sales return GJ 0 1152 20272 DR

Jun

Jun

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6/9/2020 Transactions - week 3

Account: ARC - The Locker Room

Account No. 110-3

Date Description Ref. Debit Credit Balance

May 31 Balance 14,512 DR
Jun 10 Credit sale SJ 6,912 21,424 DR
Jun 20 Sales return GJ 1,152 20,272 DR

(Q=510-110-5.AcctsRec5_week3)
Account: ARC - Mick's Sporting Goods
Account No. 110-5

Date Description Ref. Debit Credit Balance

May 31 Balance 2,674 DR
Jun 3 Repayment CRJ 2,674 0

Jun 18 Credit sale SJ 5112 0 5112 DR

Jun

Jun

Feedback

Account: ARC - Mick's Sporting Goods

Account No. 110-5

Date Description Ref. Debit Credit Balance

May 31 Balance 2,674 DR
Jun 3 Repayment CRJ 2,674 0
Jun 18 Credit sale SJ 5,112 5,112 DR

(Q=510-110-6.AcctsRec6_week3)
Account: ARC - Balls 'n All
Account No. 110-6

Date Description Ref. Debit Credit Balance

May 31 Balance 4,201 DR

Jun 18 Repayment CRJ 0 2000 2201 DR

Jun

Jun

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Account: ARC - Balls 'n All

Account No. 110-6

Date Description Ref. Debit Credit Balance

May 31 Balance 4,201 DR
Jun 18 Repayment CRJ 2,000 2,201 DR

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(Q=510-210-1.AcctsPay1_week3)
Account: APC - Sport Borders
Account No. 210-1

Date Description Ref. Debit Credit Balance

May 31 Balance 2,096 CR
Jun 12 Repayment CPJ 2,096 0

Jun 17 Credit purchase PJ 0 7200 7200 CR

Jun

Jun

Feedback

Account: APC - Sport Borders

Account No. 210-1

Date Description Ref. Debit Credit Balance

May 31 Balance 2,096 CR
Jun 12 Repayment CPJ 2,096 0
Jun 17 Credit purchase PJ 7,200 7,200 CR

(Q=510-210-5.AcctsPay5_week3)
Account: APC - Addax Sports
Account No. 210-5

Date Description Ref. Debit Credit Balance

May 31 Balance 3,886 CR
Jun 12 Repayment CPJ 3,886 0

Jun 18 Credit purchase PJ 0 5760 5760 CR

Jun

Jun

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Account: APC - Addax Sports

Account No. 210-5

Date Description Ref. Debit Credit Balance

May 31 Balance 3,886 CR
Jun 12 Repayment CPJ 3,886 0
Jun 18 Credit purchase PJ 5,760 5,760 CR

(Q=520-100.CashAtBank_week3)

GENERAL LEDGER
Account: Cash at Bank
Account No. 100

Date Description Ref. Debit Credit Balance

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6/9/2020 Transactions - week 3
May 31 Balance 71,127 DR

Jun

Jun

Jun

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There are no relevant entries in the Cash at Bank ledger for this week.

(Q=520-110.AcctsRecControl_week3)
Account: ARC - Accounts Receivable Control
Account No. 110

Date Description Ref. Debit Credit Balance

May 31 Balance 31,708 DR

Jun 20 Sales return from The GJ 0 1152 30556 DR

Jun

Jun

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Account: ARC - Accounts Receivable Control

Account No. 110

Date Description Ref. Debit Credit Balance

May 31 Balance 31,708 DR
Jun 20 Sales return from The Locker Room GJ 1,152 30,556 DR

(Q=520-120.Inventory_week3)
Account: Inventory
Account No. 120

Date Description Ref. Debit Credit Balance

May 31 Balance 87,368 DR

Jun 20 Sales return from The GJ 648 0 88286 DR

Jun

Jun

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Account: Inventory
Account No. 120

Date Description Ref. Debit Credit Balance

May 31 Balance 87,368 DR
Jun 20 Sales return from The Locker Room GJ 648 88,016 DR

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(Q=520-210.AcctsPayControl_week3)
Account: APC - Accounts Payable Control
Account No. 210

Date Description Ref. Debit Credit Balance

May 31 Balance 45,904 CR

Jun

Jun

Jun

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There are no relevant entries in the Accounts Payable Control ledger for this week.

(Q=520-400.SalesRevenue_week3)
Account: Sales Revenue
Account No. 400

Date Description Ref. Debit Credit Balance

May 31 Balance 0

Jun

Jun

Jun

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There are no relevant entries in the Sales Revenue ledger for this week.

(Q=520-401.SalesReturns_week3)
Account: Sales Returns and Allowances
Account No. 401

Date Description Ref. Debit Credit Balance

May 31 Balance 0

Jun 20 Sales return from The GJ 1152 0 1152 DR

Jun

Jun

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Account: Sales Returns and Allowances

Account No. 401

Date Description Ref. Debit Credit Balance

May 31 Balance 0
Jun 20 Sales return from The Locker Room GJ 1,152 1,152 DR

(Q=520-500.CostOfSales_week3)

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Account: Cost of Sales

Account No. 500

Date Description Ref. Debit Credit Balance

May 31 Balance 0

Jun 20 Sales return from The GJ 0 648 648 CR

Jun

Jun

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Account: Cost of Sales

Account No. 500

Date Description Ref. Debit Credit Balance

May 31 Balance 0
Jun 20 Sales return from The Locker Room GJ 648 648 CR

(Q=520-516.WagesExpense_week3)
Account: Wages Expense
Account No. 516

Date Description Ref. Debit Credit Balance

May 31 Balance 0

Jun

Jun

Jun

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There are no relevant entries in the Wages Expense ledger for this week.

(Q=530.Inventory1_week3)

INVENTORY CARDS
Pipe Dream Surfboards

Purchases Cost of Sales Balance

Date Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost
($) ($) ($) ($) ($) ($)
May 31 20 336 6720
22 384 8448

Jun 13 11 336 3696 9 336 3024

22 384 8448

Jun 18 15 384 5760 0 0 0 9 336 3024

0 0 0 37 384 14208
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6/9/2020 Transactions - week 3

Jun

Jun

Jun

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Pipe Dream Surfboards

Purchases Cost of Sales Balance

Date Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost
($) ($) ($) ($) ($) ($)
May 31 20 336 6720
22 384 8448

Jun 13 11 336 3696 9 336 3024

22 384 8448

Jun 18 15 384 5760 9 336 3024

37 384 14208

(Q=530.Inventory2_week3)
DropZone Parachutes

Purchases Cost of Sales Balance

Date Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost
($) ($) ($) ($) ($) ($)
May 31 24 224 5376
64 288 18432

Jun 20 0 0 0 24 224 5376 37 288 10656

27 288 7776 0 0 0

Jun

Jun

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6/9/2020 Transactions - week 3

Jun

Feedback

DropZone Parachutes

Purchases Cost of Sales Balance

Date Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost
($) ($) ($) ($) ($) ($)
May 31 24 224 5376
64 288 18432

Jun 20 24 224 5376 37 288 10656

27 288 7776

(Q=530.Inventory3_week3)
Tony Eagle Freestyle Skateboards

Purchases Cost of Sales Balance

Date Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost
($) ($) ($) ($) ($) ($)
May 31 75 216 16200

Jun 10 18 216 3888 57 216 12312

Jun 20 0 0 0 -3 216 -648 60 216 12960

0 0 0 0 0 0

Jun

Jun

Jun

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6/9/2020 Transactions - week 3

Tony Eagle Freestyle Skateboards

Purchases Cost of Sales Balance

Date Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost
($) ($) ($) ($) ($) ($)
May 31 75 216 16200

Jun 10 18 216 3888 57 216 12312

Jun 20 -3 216 -648 60 216 12960

(Q=530.Inventory4_week3)
Downhill Snowboards

Purchases Cost of Sales Balance

Date Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost
($) ($) ($) ($) ($) ($)
May 31 27 288 7776
25 320 8000

Jun 18 0 0 0 9 288 2592 18 288 5184

0 0 0 25 320 8000

Jun

Jun

Jun

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Downhill Snowboards

Purchases Cost of Sales Balance

Date Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost
($) ($) ($) ($) ($) ($)
May 31 27 288 7776
25 320 8000

Jun 18 9 288 2592 18 288 5184

25 320 8000

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(Q=530.Inventory5_week3)
Bungee Kits

Purchases Cost of Sales Balance

Date Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost
($) ($) ($) ($) ($) ($)
May 31 57 288 16416

Jun 9 12 288 3456 69 288 19872

Jun 17 20 360 7200 0 0 0 69 288 19872

0 0 0 20 360 7200

Jun

Jun

Jun

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Bungee Kits

Purchases Cost of Sales Balance

Date Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost
($) ($) ($) ($) ($) ($)
May 31 57 288 16416

Jun 9 12 288 3456 69 288 19872

Jun 17 20 360 7200 69 288 19872

20 360 7200

Manual Accounting Practice Set

The Adrenaline Hut, Australasian Edition 3 (VSA3q)
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