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ManualAccountingPracticeSet

VinylRevival,AustralasianEdition3

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NowthatyouhavereviewedinformationaboutVinylRevival,youarereadytobeginthefirststepintheaccounting
cycle,recordingtransactions.Onthispageofthepracticeset,youareaskedtorecordtransactionsthatoccurredduring
thefirstweekofJuneintothecompany'sjournalsandposttheappropriateentriestotheledgeraccounts.Thefollowing
transactionsoccurredthroughoutthefirstweekofJune:

Week1
Date Transactiondescription
1
KBLoFipaidthefullamountowingontheiraccount.
1
IssuedChequeNo.604for$9,200topayRealtyBitesfortwomonth'sworthofrentinadvance.
4
Madepaymentof$924toPowerGenfor3monthsofelectricityuptoandincluding31May,ChequeNo.605.
4
Paidsalesstaffwagesof$2,772fortheweekuptoandincludingyesterday,ChequeNo.606.Notethat
$1,429ofthispaymentrelatestothewagesexpenseincurredduringthelastweekofMay.
4
IssuedChequeNo.607toOfficeSuppliesWarehouseforthepurchaseof$516worthofofficesupplies.
7
PaidthefullamountowingtoGlobalrecords,ChequeNo.608.
Aftercompletingthispracticesetpage,youshouldknowhowtorecordbasictransactionsinthejournalsprovidedbelow
andunderstandthepostingprocessinthemanualaccountingsystem.NotethatyouwillrecordtheremainingJune
transactionsinthefollowingsectionsofthispracticeset.
Remember,onepurposeofusingspecialjournalsistomakethepostingprocessmoreefficientbypostingthetotalof
mostcolumnsinthespecialjournalsafterallofthetransactionsfortheperiodhavebeenrecorded.However,someparts
ofajournalentryarestillrequiredtobepostedonadailybasis.Viewthecompany'saccountingpoliciesandprocedures
fordetailsofwhatistobeposteddailyormonthly.
Instructionsforweek1

1) Recordallweek1transactionsintherelevantjournals.
Notethatspecialjournalsmustbeusedwhereapplicable.Anytransactionthatcannotberecordedinaspecial
journalshouldberecordedinthegeneraljournal.
2) Postentriesrecordedinthejournalstotheappropriateledgeraccountsaccordingtothecompany'saccounting
policiesandprocedures.
Notethattherelevanttotalsofthespecialjournalswillbepostedtothegeneralledgeraccountsattheendofthe
month.YouwillenterthisafteryoupreparetheBankReconciliationStatement.
Remembertoenterallanswerstothenearestwholedollar.Whencalculatingadiscount,ifadiscountisnotawhole
number,roundthediscounttothenearestwholedollar.Then,tocalculatethecashatbankamount,subtractthe
discountfromtheoriginalamount.
Additionalinstructions
Displayingselectedaccountingrecords:
Tosavespace,notallaccountingrecords(e.g.journalsandledgers)willbedisplayedoneverypage.However,
oneachpageyoucanaccessallaccountingrecordsnecessarytoanswerthequestionsonthatpage.
Thereareseveraltabsrepresentingdifferentviewsoftheaccountingrecords.TheactivetabbydefaultisShow
All,butyoumayalsoselecttoviewjustoneparticularaccountingrecordbyselectingtheappropriatetab.
Ifyoufillinanyaccountingrecordsandchangetheviewonthepagebyselectingadifferenttab,the
informationthatyouhaveenteredwillremaininthataccountingrecordandbedisplayedwheneveryoucansee
thataccountingrecord.
Beforesubmittingyouranswers,werecommendthatyouclicktheShowAlltabandcheckthatallrelevant
accountingrecordshavebeencompleted.Youarerequiredtocompleteallrelevantaccountingrecordsbefore
pressingtheSubmitanswersbutton.Oncesubmitted,youwillnotbeabletoreturntothepagetoreenteror
alteryouranswers.
Journals:

Eachtransactionrecordedinaspecialjournalmustbeenteredinoneline.Inordertoreceivefullpoints,
youmustnotsplituptherelevanttransactionintomorethanonelineinthespecialjournal.
Forcertaintransactionsinspecialjournals,someaccountingtextbooksdonotalwaysrequireanaccount
tobechosenunderthecolumnlabeledAccount.Inthispracticesetyouarerequiredtoselectanaccount
foreachtransactioninthespecialjournals.Specifically,inallspecialjournals,underthecolumnlabeled
Account,youmustselectthecorrectaccountnameforeachtransactioninordertoreceivefullpoints.
Notethatforsometransactions,thiswillmeanthattheaccountnameselectedwillcorrespondtothe
headingofoneofthecolumnsinthatspecialjournal.
Foreachjournal,inthePostRef.columnyouwillneedtocorrectlytypetheaccountnumberofthe
accountyouarepostingto.Inparticular,inspecialjournals,someaccountingtextbooksdonotalways
requireareferencetoberecordedinthePostRef.column.Inthispracticeset,inordertoreceivefull
points,everytransactionenteredinaspecialjournalrequiresanentryinthePostRef.column.Notethatin
thespecialjournals,iftheaccountnameselectedforatransactioncorrespondstotheheadingofoneof
thecolumnsinthatspecialjournal,thepostrefistoberecordedasanX.Thisisbecausethese
transactionsarenotpostedonadailybasis.Inordertoreceivefullpoints,youmustrecordonlytheletter
XinthePostRef.columnforthesetransactions.
Notethatinspecialjournals,theOtherAccountscolumnshouldnotbeusedtorecordmovementsof
inventory.
Ifachequenumberisnotrequired,youneedtofilltheappropriateinputboxwithanX.
Theremaybeentriesinthegeneraljournalthatrequirepostingtobothacontrolaccountanda
subsidiaryledger.Inthesecases,afteryouhavepostedtobothledgers,youshouldenterthereferencefor
boththegeneralledgeraccountandthesubsidiaryledgeraccountinthePostRef.columntoindicatethat
youhavepostedtobothaccounts.Forexample,ifthereferencenumberforthecontrolaccountis110and
thereferencenumberforthesubsidiaryledgeraccountis1101,youshouldtype'110/1101'intothePost
Ref.column.
GeneraljournalentriesdoNOTrequireadescriptionofthejournalentries.
Ledgers:
Whenpostingatransactiontoaledgeraccount,undertheDescriptioncolumn,pleasetypethedescriptionofthe
transactiondirectlyintothefield.Theexactwordingdoesnotmatterforgradingpurposes.Forexample,it
doesnotmatterinanelectricitytransactionifyoutype'Paidforelectricity'or'Paidelectricitybill'.
Foreachledger,undertheRef.column,youneedtoselectthecorrectjournalfromalistinthedropdownbox
providedinordertoreceivefullpoints.
Ifthebalanceofaledgeraccountiszeroyoudonotneedtoselectadebitorcreditfromthedropdownbox.
Eachtransactionpostedtothesubsidiaryledgersmustbeenteredinoneline.Inordertoreceivefullpoints,you
mustnotsplituptherelevanttransactionintomorethanonelineinthesubsidiaryledger.
Bothjournalsandledgers:

Mostjournalsandledgerswillhaveblankrowsleftattheendofthepage.
Somejournalsandledgersmaynotrequireanyentries.
Whenpurchasesandsalesarerecordedinspecialjournals,thecorrespondingchangesininventorymustnotbe
postedtotheInventoryaccountinthegeneralledgeronadailybasis.

ShowAll SpecialJournals

GeneralJournal

SubsidiaryLedgers

GeneralLedger
(Q=301.salesJournalWeek1)

SALESJOURNAL
Date

Invoice
No.

Account

Post
Ref.

Accounts
Receivable

Costof
Sales

Jun
Jun
Jun
Jun

Feedback
Therearenorelevantentriesinthesalesjournalforthisweek.

(Q=302.purchasesJournalWeek1)

PURCHASESJOURNAL
Date

Account

Terms

Post
Ref.

Accounts
Payable

Jun
Jun
Jun
Jun

Feedback
Therearenorelevantentriesinthepurchasesjournalforthisweek.

(Q=303.cashReceiptsJournalWeek1)

CASHRECEIPTSJOURNAL
Note:Inordertoreceivefullpoints,foreachtransactionyoumustselectanaccountunderthecolumnlabelled
'Account',asindicatedundertheadditionalinstructionsabove.SincealltransactionsinthisjournalaffecttheCashat
Bankaccount,youareaskedtoenterthenameoftheappropriateaccountcreditedinthesetransactionsintothe
Accountcolumnsothatthetypeoftransactioncanbedeterminedbythenameoftheaccountenteredintothis
column.

Date

Account

Post

Debit

Credit

Costof

Ref.

Jun

ARCKBLoFi

Cashat
Bank

Discount
Allowed

2587

110-5

Sales

Sales
Accounts
Other
Revenue Receivable Accounts

2587

Jun
Jun
Jun
Jun
Jun

Feedback

CASHRECEIPTSJOURNAL
Date

Debit

Post
Ref.

Account

Jun 1 ARCKBLoFi

Cashat
Bank

1105

Credit

Discount
Allowed

2,587

Sales
Accounts
Other
Revenue Receivable Accounts

2,587

Costof
Sales

(Q=304.cashPaymentsJournalWeek1)

CASHPAYMENTSJOURNAL
Note:Inordertoreceivefullpoints,foreachtransactionyoumustselectanaccountunderthecolumnlabelled
'Account',asindicatedundertheadditionalinstructionsabove.SincealltransactionsinthisjournalaffecttheCashat
Bankaccount,youareaskedtoenterthenameoftheappropriateaccountdebitedinthesetransactionsintothe
Accountcolumnsothatthetypeoftransactioncanbedeterminedbythenameoftheaccountenteredintothis
column.

Date

Account

Cheque
No.

Post
Ref.

Debit
Accounts
Inventory
Payable

Credit

Wages
Expense

Other
Accounts

Cashat
Bank

Discount
Received

Jun

PrepaidRent

604

140

9200

9200

Jun

ElectricityPayable

605

221

924

924

Jun

WagesPayable

606

220

1343

1429

2243

Jun

OfficeSupplies

607

130

516

516

Jun

APCGlobalrecords

608

210-6

2622

2622

Jun

Feedback

CASHPAYMENTSJOURNAL
Date

Account

Cheque
No.

Post
Ref.

Debit
Accounts
Wages
Other
Inventory
Payable
Expense Accounts

Credit
Cashat
Bank

Discount
Received

Jun 1 PrepaidRent

604

140

9,200

9,200

Jun 4 WagesPayable

606

220

1,343

1,429

2,772

Jun 4 ElectricityPayable

605

221

924

924

Jun 4 OfficeSupplies

607

130

516

516

Jun 7 APCGlobalrecords

608

2106

2,622

2,622

(Q=305.generalJournalWeek1)

GENERALJOURNAL
Date

Post
Ref.

AccountandExplanation

Debit

Credit

Jun

Jun

Jun

Feedback
Therearenorelevantentriesinthegeneraljournalforthisweek.

(Q=3101105.AcctsRec5_week1)

SUBSIDIARYLEDGERS
Account:ARCKBLoFi
AccountNo.1105

Date
May

Description

Ref.

31 Balance

Jun

Debit

CRJ

Repayment

Credit

Balance

2,587DR

2587

Jun

Jun

Feedback

Account:ARCKBLoFi
AccountNo.1105

Date
May

Description
31 Balance

Ref.

Debit

Credit

Balance

2,587DR

Jun

1 Repayment

CRJ

2,587

(Q=3102101.AcctsPay1_week1)

Account:APCBlacklabel
AccountNo.2101

Date
May

Description

Ref.

31 Balance

Debit

Credit

Balance

2,844CR

Jun

Jun

Jun

Feedback
TherearenorelevantentriesintheBlacklabelledgerforthisweek.

(Q=3102106.AcctsPay6_week1)

Account:APCGlobalrecords
AccountNo.2106

Date
May

Description

Ref.

31 Balance

Jun

Debit

CPJ

Repayment

Credit

Balance

2,622CR

2622

Jun

Jun

Feedback

Account:APCGlobalrecords
AccountNo.2106

Date
May
Jun

Description

Ref.

Credit

Balance

2,622CR

CPJ

2,622

31 Balance
7 Repayment

Debit

(Q=320100.CashAtBank_week1)

GENERALLEDGER
Account:CashatBank
AccountNo.100

Date
May

Description
31 Balance

Ref.

Debit

Credit

Balance

69,057DR

Jun

Jun

Jun

Feedback
TherearenorelevantentriesintheCashatBankledgerforthisweek.

(Q=320110.AcctsRecControl_week1)

Account:ARCAccountsReceivableControl
AccountNo.110

Date
May

Description

Ref.

31 Balance

Debit

Credit

Balance

29,301DR

Jun

Jun

Jun

Feedback
TherearenorelevantentriesintheAccountsReceivableControlledgerforthisweek.

(Q=320130.StoreSupplies_week1)

Account:OfficeSupplies
AccountNo.130

Date
May

Description

Ref.

31 Balance

Jun

Debit

Cheque for office supplies

Credit

CPJ

240DR

516

Balance

756

DR

Jun

Jun

Feedback

Account:OfficeSupplies
AccountNo.130

Date

Description

May

Ref.

4 Cashpurchase

Credit

240DR

CPJ

516

756DR

(Q=320140.PrepaidRent_week1)

Account:PrepaidRent
AccountNo.140

Date
May
Jun

Description

Ref.

31 Balance
1

Balance

31 Balance

Jun

Debit

Prepaid rent for next three months CPJ

Debit

Credit

9200

Balance

9200

DR

Jun

Jun

Feedback

Account:PrepaidRent
AccountNo.140

Date

Description

May

Ref.

1 Prepaidrent

Credit

CPJ

9,200

9,200DR

(Q=320210.AcctsPayControl_week1)

Account:APCAccountsPayableControl
AccountNo.210

Date
May

Description

Balance

31 Balance

Jun

Debit

Ref.

31 Balance

Debit

Credit

Balance

41,230CR

Jun

Jun

Jun

Feedback
TherearenorelevantentriesintheAccountsPayableControlledgerforthisweek.

(Q=320220.WagesPayable_week1)

Account:WagesPayable
AccountNo.220

Date
May

Description

Ref.

31 Balance

Jun

Debit

Staff wages

Credit

CPJ

Balance

1,429CR

1429

Jun

Jun

Feedback

Account:WagesPayable
AccountNo.220

Date
May
Jun

Description
31 Balance
4 Paidstaffwages

Ref.

Debit

Credit

Balance

1,429CR

CPJ

1,429

(Q=320221.ElectricityPayable_week1)

Account:ElectricityPayable
AccountNo.221

Date
May

Description

Ref.

31 Balance

Jun

Debit

Paid Electricity Bill

Credit

CPJ

975CR

924

Balance

51

CR

Jun

Jun

Feedback

Account:ElectricityPayable
AccountNo.221

Date
May

Description

Ref.

4 Paidelectricitybill

Credit

975CR

CPJ

924

51CR

(Q=320400.SalesRevenue_week1)

Account:SalesRevenue
AccountNo.400

Date
May

Description

Balance

31 Balance

Jun

Debit

Ref.

31 Balance

Debit

Credit

Balance

Jun

Jun

Jun

Feedback
TherearenorelevantentriesintheSalesRevenueledgerforthisweek.

(Q=320402.DiscountRecd_week1)

Account:DiscountReceived
AccountNo.402

Date
May

Description
31 Balance

Ref.

Debit

Credit

Balance

Jun

Jun

Jun

Feedback
TherearenorelevantentriesintheDiscountReceivedledgerforthisweek.

(Q=320500.CostOfSales_week1)

Account:CostofSales
AccountNo.500

Date
May

Description

Ref.

31 Balance

Debit

Credit

Balance

Jun

Jun

Jun

Feedback
TherearenorelevantentriesintheCostofSalesledgerforthisweek.

(Q=320516.WagesExpense_week1)

Account:WagesExpense
AccountNo.516

Date
May

Description

Ref.

31 Balance

Debit

Credit

Balance

Jun

Jun

Jun

Feedback
TherearenorelevantentriesintheWagesExpenseledgerforthisweek.

(Q=320541.ElectricityExpense_week1)

Account:ElectricityExpense
AccountNo.541

Date
May

Description

Ref.

31 Balance

Debit

Credit

Balance

Jun

Jun

Jun

Feedback
TherearenorelevantentriesintheElectricityExpenseledgerforthisweek.

(Q=320544.SuppliesExpense_week1)

Account:OfficeSuppliesExpense
AccountNo.544

Date

Description

Ref.

Debit

Credit

Balance

May

31 Balance

Jun

Jun

Jun

Feedback
TherearenorelevantentriesintheOfficeSuppliesExpenseledgerforthisweek.

(Q=320573.DiscountAllowed_week1)

Account:DiscountAllowed
AccountNo.573

Date
May

Description
31 Balance

Ref.

Debit

Credit

Balance

Jun

Jun

Jun

Feedback
TherearenorelevantentriesintheDiscountAllowedledgerforthisweek.

ManualAccountingPracticeSet
VinylRevival,AustralasianEdition3(VSA3q)
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