Manual Accounting Practice Set

Ball-Mart, Australasian Edition 3

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Feedback: Transactions - week 2

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Your grading
Your grading outcome (still in progress)
Awarded

Total

Points (prior to this page)

96

238

Points (on this page)

205

219

Points (after this page)

824

Total

301

1,281

Information from previous pages

General instructions
Policies and procedures


All transactions

Adjusting entries information

Trial balance - May

Schedules of accounts - May

Inventory cards - May

Bank reconciliation - May

Bank statement - June

Special printing information

Journals and ledgers instructions

Inventory cards instructions

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

Sold 33 pairs of Football Boots to Great Sports for $429 each, Invoice No. 441.

11

Paid the full amount owing to Extreme Sports Inc, Cheque No. 797.

11

Paid sales staff wages of $1,528 for the week up to and including yesterday, Cheque No.
798.

12

Mick's Sporting Goods returned 3 SmartCue Snooker Sets that were originally sold for
$649 each on 5 June. These items cost $320 each (excluding 10% GST) and were not
faulty or damaged. Issued a Credit Note for $1,947.

12

Made payment of $1,375 to Enroff for 3 months of electricity up to and including 31 May,
Cheque No. 799.

14

Balls 'n All paid the full amount owing on their account. Since Balls 'n All has been a loyal
customer from the day the business commenced, a 10% discount was given for this early
repayment.

14

Made cash sale of 19 Boxes of Quidditch Bludgers for $902 each.

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.
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.
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.

In this practice set, in order to receive full points, every transaction entered in a special journal
requires an entry in the Post Ref. column. Note that in the special journals, if the account name
selected for a transaction corresponds to the heading of one of the columns in that special journal,
the post ref is to be recorded as an X. This is because these transactions are not posted on a daily
basis. In order to receive full points, you must record only the letter X in the Post Ref. column for
these transactions.

You are required to enter the GST component of a transaction as a positive number into the
journals. To record an amount in a GST account, you need to enter that amount into the appropriate
debit or credit column.

When recording a transaction into the general journal, the amount recorded in one account may
be the sum of the amounts recorded in two or more accounts. For example, a journal entry may
consist of a debit of $100 to Account A, a credit of $40 to Account B and a credit of $60 to Account C.
For these types of transactions, you must not split the transaction into more than one journal entry
i.e. (1) Dr Account A $40, Cr Account B $40 and (2) Dr Account A $60, Cr Account C $60. Instead,
you must record the $100 debit to Account A in a single line.

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 JournalsGeneral JournalSubsidiary LedgersGeneral LedgerInventory

(Q=401.salesJournalWeek2)

SALES JOURNAL
Date

Account

Jun 5 ARC - Mick's Sporting Goods

Jun

ARC - Great Sports (select)

Jun

(select)

Jun

(select)

Jun

(select)

Invoice Post
No.
Ref.

Accounts
Receivable

440 110-3

9,735

GS
T

Sales
Revenue

885

8,850

GST

Sales
Revenu
e

Cost
of
Sales
4,800

Feedback

SALES JOURNAL
Date

Account

Invoic
e
No.

Post
Ref.

Accounts
Receivabl
e

Cost of
Sales

Jun 5 ARC - Mick's Sporting Goods

440 110-3

Jun 8 ARC - Great Sports

441 110-6

9,735

885

8,850

4,800

14,157 1,287

12,870

5,970

(Q=402.purchasesJournalWeek2)

PURCHASES JOURNAL
Date

Account

Ju
APC - Addax
1
n
Sports
Ju
5 APC - Sports 'R Us
n

Ju
n

(select)

Ju
n

(select)

Ju
n

(select)

Ju
n

(select)

GS
T

Account
s
Payable

Post
Ref.

Inventor
y

net 30

2103

4,440

444

4,884

2/10, n/30

2101

2,400

240

2,640

Terms

terms...net 30net 72/10 n/30

terms...net 30net 72/10 n/30
terms...net 30net 72/10 n/30
terms...net 30net 72/10 n/30

Feedback

There are no relevant entries in the purchases journal for this week.
(Q=403.cashReceiptsJournalWeek2)

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.
The two GST columns in this journal refer to the same GST account (being the account that is used to
record the GST related to applicable cash receipts).

Date

Account

Ju
7 Sales Revenue
n
Ju
n

ARC - Balls 'n

All (select)

Ju

Sales

Pos
t
Ref
.

Debit
Cash
at
Bank

13,64
0

GS
T

Credit
Discou
nt
Allowe
d

Sales
Revenu
e

12,40
0

GST

1,24
0

Accounts
Receivab
le

Other
Account
s

Cost
of
Sale
s
5,58
0

Revenue (select)

Ju
n

(select)

Ju
n

(select)

Ju
n

(select)

Ju
n

(select)

Feedback

CASH RECEIPTS JOURNAL

Debit
Date

Account

Cost
of
Sale
s

Credit

Post
Ref.
Cash
at
Bank

Jun

7 Sales Revenue

13,64
0

Ju
n

1 ARC - Balls 'n

4 All

1101

4,653

Ju
n

1
Sales Revenue
4

17,13
8

GS
T

Discou
nt
Allowed

47

Sales
Revenu
e

GST

12,400

1,24
0

470

Accounts
Receivabl
e

Other
Account
s

5,58
0
5,170

15,580

1,55
8

7,22
0

(Q=404.cashPaymentsJournalWeek2)

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.
The two GST columns in this journal refer to the same GST account (being the account that is used to
record the GST related to applicable cash payments).

Debit
Cheq
ue
No.

Post
Ref.

Ju
1 Inventory
n

793

Ju
2 APC - J. J. Spud
n

794

Date

Account

Accou
nts
Payabl
e

210
7,700
-4

GS
T

Invent
ory

58
5,800
0

Credit
Wage
s
Expe
nse

Other
Accou
nts

Cash
at
Bank

G
ST

Disco
unt
Recei
ved

6,38
0
7,54
14
6

140

Ju
4 APC - Hike
n

795

Ju
4 Wages Payable
n

796 220

Ju
n

APC - Extreme Sports

Inc (select)

Ju
n

Water Expense (select)

Ju
n

Electricity
Payable (select)

Ju
n

(select)

Ju
n

(select)

Ju
n

(select)

210
-2

11,00
0

10,8
10
90
1,08
1,000
4

100

2,08
4

Feedback

CASH PAYMENTS JOURNAL

Debit
Date

Account

Cheq
ue
No.

Post
Ref.

Accou
nts
Payabl
e

GS
T

Invent
ory

58
0

5,800

Credit
Wage
s
Expen
se

Other
Accou
nts

Cash
at
Bank

GS
T

Discou
nt
Receiv
ed

Ju
n

1 Inventory

793

6,38
0

Ju
n

2 APC - J. J. Spud

794

210
-4

7,700

7,54
14
6

140

Ju
n

4 APC - Hike

795

210
-2

11,00
0

10,8
10
90

100

Ju
n

4 Wages Payable

796

220

Ju
n

1 APC - Extreme
1 Sports Inc

797

210
-5

Ju
n

1
Wages Expense
1

798

Ju
n

1
Electricity Payable
2

799

221

1,084

1,000

2,08
4
8,60
0

8,600

1,52
8

1,528
12
5

1,250

1,37
5

(Q=405.generalJournalWeek2)

GENERAL JOURNAL

Date

Post
Ref.

Account and Explanation

Jun

Debit

Credit

Sales Returns and Allowances (select)

GST Collections (select)
ARC - Mick's Sporting Goods (select)
(select)

Jun

Inventory (select)
Cost of Sales (select)
(select)
(select)

Jun

(select)
(select)
(select)
(select)

Feedback

GENERAL JOURNAL
Date

Account and Explanation

Post
Ref.

Debit

Credit

Jun

12 Sales Returns and Allowances

401

1,770

Jun

12 GST Collections

240

177

Jun

12

ARC - Mick's Sporting Goods

110/110-3

1,947

(sales return)

Jun

12 Inventory

120

Jun

12

500

Cost of Sales

960
960

(sales return)
(Q=410-110-1.AcctsRec1_week2)

SUBSIDIARY LEDGERS

Account: ARC - Balls 'n All

Account No. 110-1

Date

Description

Ref.

Debit

Credit

May 31 Balance

5,170 DR
GJPJSJCRJCPJ

Jun

DRCR

GJPJSJCRJCPJ

Jun

DRCR

GJPJSJCRJCPJ

Jun

Balance

DRCR

Feedback

Account: ARC - Balls 'n All

Account No. 110-1

Date

Description

Ref.

Debit

Credit

Balance

May 31 Balance

5,170 DR

Jun 14 Repayment

CRJ

5,170

(Q=410-110-3.AcctsRec3_week2)

Account: ARC - Mick's Sporting Goods

Account No. 110-3

Date

Description

Ref.

Debit

Credit

May 31 Balance
Jun

Balance
48,726 DR

5 Credit sale

SJ

9,735

58,461 DR

GJPJSJCRJCPJ

Jun

DRCR

GJPJSJCRJCPJ

Jun

DRCR

GJPJSJCRJCPJ

Jun

DRCR

Feedback

Account: ARC - Mick's Sporting Goods

Account No. 110-3

Date

Description

Ref.

Debit

Credit

Balance

May 31 Balance
Jun

48,726 DR

5 Credit sale

Jun 12 Sales return

SJ

9,735

GJ

1,947

Description

56,514 DR

(Q=410-110-6.AcctsRec6_week2)

Account: ARC - Great Sports

Account No. 110-6

Date

58,461 DR

Ref.

Debit

Credit

Balance

May 31 Balance

0
GJPJSJCRJCPJ

Jun

GJPJSJCRJCPJ

Jun

DRCR

GJPJSJCRJCPJ

Jun

DRCR

DRCR

Feedback

Account: ARC - Great Sports

Account No. 110-6

Date

Description

Ref.

Debit

Credit

Balance

May 31 Balance
Jun

8 Credit sale

SJ

14,157

14,157 DR
(Q=410-210-5.AcctsPay5_week2)

Account: APC - Extreme Sports Inc

Account No. 210-5

Date

Description

Ref.

Debit

Credit

May 31 Balance

8,600 CR
GJPJSJCRJCPJ

Jun

DRCR

GJPJSJCRJCPJ

Jun

DRCR

GJPJSJCRJCPJ

Jun

Balance

DRCR

Feedback

Account: APC - Extreme Sports Inc

Account No. 210-5

Date

Description

Ref.

Debit

Credit

Balance

May 31 Balance
Jun 11 Repayment

8,600 CR
CPJ

8,600

0
(Q=420-100.CashAtBank_week2)

GENERAL LEDGER
Account: Cash at Bank
Account No. 100

Date

Description

Ref.

May 31 Balance
Jun

Debit

Credit

Balance
72,894 DR

GJPJSJCRJCPJ

DRCR

GJPJSJCRJCPJ

Jun

GJPJSJCRJCPJ

Jun

DRCR
DRCR

Feedback

There are no relevant entries in the Cash at Bank ledger for this week.
(Q=420-110.AcctsRecControl_week2)

Account: ARC - Accounts Receivable Control

Account No. 110

Date

Description

Ref.

Debit

Credit

Balance

May 31 Balance

69,249 DR
GJPJSJCRJCPJ

Jun

GJPJSJCRJCPJ

Jun

DRCR

GJPJSJCRJCPJ

Jun

DRCR

DRCR

Feedback

Account: ARC - Accounts Receivable Control

Account No. 110

Date

Description

Ref.

Debit

Credit

May 31 Balance

69,249 DR

Jun 12 Sales return from Mick's Sporting Goods

GJ

Description

Ref.

May 31 Balance
Jun
Jun
Jun

Feedback

1,947

67,302 DR

(Q=420-120.Inventory_week2)

Account: Inventory
Account No. 120

Date

Balance

Debit

Credit

Balance
89,790 DR

GJPJSJCRJCPJ
GJPJSJCRJCPJ
GJPJSJCRJCPJ

DRCR
DRCR
DRCR

Account: Inventory
Account No. 120

Date

Description

Ref.

Debit

Credit

May 31 Balance

89,790 DR

Jun 12 Sales return from Mick's Sporting Goods

GJ

960

90,750 DR
(Q=420-135.TaxPaid_week2)

Account: GST Outlays

Account No. 135

Date

Description

Ref.

Debit

Credit

May 31 Balance

Balance
13,905 DR

GJPJSJCRJCPJ

Jun

DRCR

GJPJSJCRJCPJ

Jun

DRCR

GJPJSJCRJCPJ

Jun

Balance

DRCR

Feedback

There are no relevant entries in the GST Outlays ledger for this week.
(Q=420-221.ElectricityPayable_week2)

Account: Electricity Payable

Account No. 221

Date

Description

Ref.

Debit

Credit

May 31 Balance

1,319 CR
GJPJSJCRJCPJ

Jun

DRCR

GJPJSJCRJCPJ

Jun

DRCR

GJPJSJCRJCPJ

Jun

Balance

DRCR

Feedback

Account: Electricity Payable

Account No. 221

Date

Description

Ref.

Debit

Credit

May 31 Balance
Jun 12 Paid electricity bill

1,319 CR
CPJ

1,250

Description

69 CR
(Q=420-270.TaxCollected_week2)

Account: GST Collections

Account No. 240

Date

Balance

Ref.

Debit

Credit

Balance

May 31 Balance

16,451 CR
GJPJSJCRJCPJ

Jun

GJPJSJCRJCPJ

Jun

DRCR

GJPJSJCRJCPJ

Jun

DRCR

DRCR

Feedback

Account: GST Collections

Account No. 240

Date

Description

Ref.

Debit

Credit

May 31 Balance

16,451 CR

Jun 12 Sales return from Mick's Sporting Goods

GJ

177

16,274 CR
(Q=420-400.SalesRevenue_week2)

Account: Sales Revenue

Account No. 400

Date

Balance

Description

Ref.

Debit

Credit

Balance

May 31 Balance
GJPJSJCRJCPJ

Jun

DRCR

GJPJSJCRJCPJ

Jun

DRCR

GJPJSJCRJCPJ

Jun

DRCR

Feedback

There are no relevant entries in the Sales Revenue ledger for this week.
(Q=420-401.SalesReturns_week2)

Account: Sales Returns and Allowances

Account No. 401

Date

Description

Ref.

Debit

Credit

Balance

May 31 Balance
Jun
Jun
Jun

0
GJPJSJCRJCPJ
GJPJSJCRJCPJ
GJPJSJCRJCPJ

DRCR
DRCR
DRCR

Feedback

Account: Sales Returns and Allowances

Account No. 401

Date

Description

Ref.

Debit

Credit

Balance

May 31 Balance

Jun 12 Sales return from Mick's Sporting Goods

GJ

1,770

Account: Discount Received

Account No. 402

Date

1,770 DR
(Q=420-402.DiscountRecd_week2)

Description

Ref.

Debit

Credit

Balance

May 31 Balance

0
GJPJSJCRJCPJ

Jun

GJPJSJCRJCPJ

Jun

DRCR

GJPJSJCRJCPJ

Jun

DRCR

DRCR

Feedback

There are no relevant entries in the Discount Received ledger for this week.
(Q=420-500.CostOfSales_week2)

Account: Cost of Sales

Account No. 500

Date

Description

Ref.

Debit

Credit

Balance

May 31 Balance
GJPJSJCRJCPJ

Jun

DRCR

GJPJSJCRJCPJ

Jun

DRCR

GJPJSJCRJCPJ

Jun

DRCR

Feedback

Account: Cost of Sales

Account No. 500

Date

Description

May

3
Balance
1

Jun

1
Sales return from Mick's Sporting Goods
2

Ref.

Debit

Credit

Balance
0

GJ

960

960 CR

(Q=420-516.WagesExpense_week2)

Account: Wages Expense

Account No. 516

Date

Description

Ref.

Debit

Credit

Balance

May 31 Balance
GJPJSJCRJCPJ

Jun

DRCR

GJPJSJCRJCPJ

Jun

DRCR

GJPJSJCRJCPJ

Jun

DRCR

Feedback

There are no relevant entries in the Wages Expense ledger for this week.
(Q=420-541.ElectricityExpense_week2)

Account: Electricity Expense

Account No. 541

Date

Description

Ref.

Debit

Credit

Balance

May 31 Balance
GJPJSJCRJCPJ

Jun

DRCR

GJPJSJCRJCPJ

Jun

DRCR

GJPJSJCRJCPJ

Jun

DRCR

Feedback

There are no relevant entries in the Electricity Expense ledger for this week.
(Q=420-573.DiscountAllowed_week2)

Account: Discount Allowed

Account No. 573

Date

Description

Ref.

Debit

Credit

Balance

May 31 Balance
Jun
Jun
Jun

0
GJPJSJCRJCPJ
GJPJSJCRJCPJ
GJPJSJCRJCPJ

DRCR
DRCR
DRCR

Feedback

There are no relevant entries in the Discount Allowed ledger for this week.
(Q=430.Inventory1_week2)

INVENTORY CARDS
Boxes Of Quidditch Bludgers

Purchases
Date

May

Unit
s

Unit
Cost
($)

Cost of Sales
Total
Cost
($)

Unit
s

Unit
Cost
($)

Balance

Total
Cost
($)

31

Unit
s

Unit
Cost
($)

Total
Cost
($)

33

380

12540

24

440

10560

Jun

Jun

Jun

Jun

Feedback

Boxes Of Quidditch Bludgers

Purchases
Date

May

Jun

Unit
s

Unit
Cost
($)

Cost of Sales
Total
Cost
($)

Unit
s

Unit
Cost
($)

Balance

Total
Cost
($)

31

14

19

380

7220

Unit
s

Unit
Cost
($)

Total
Cost
($)

33

380

12540

24

440

10560

14

380

5320

24

440

10560

(Q=430.Inventory3_week2)

SmartCue Snooker Sets

Purchases
Date

Unit
s

May

31

Jun

Jun

12

Unit
Cost
($)

Cost of Sales
Total
Cost
($)

370

Unit
s

Unit
Cost
($)

Balance

Total
Cost
($)

4440

15

320

4800

Unit
s

Unit
Cost
($)

Total
Cost
($)

88

320

28160

88

320

28160

12

370

4440

73

320

23360

12

370

4440

Jun

Jun

Jun

Jun

Feedback

SmartCue Snooker Sets

Purchases
Date

Unit
s

May

31

Jun

12

Unit
Cost
($)

370

Cost of Sales
Total
Cost
($)

4440

Unit
s

Unit
Cost
($)

Total
Cost
($)

Balance
Unit
s

Unit
Cost
($)

Total
Cost
($)

88

320

28160

88

320

28160

Jun

Jun

15

12

-3

320

4800

320

-960

12

370

4440

73

320

23360

12

370

4440

76

320

24320

12

370

4440

(Q=430.Inventory4_week2)

Pairs Of Football Boots

Purchases
Date

May

Unit
s

Unit
Cost
($)

Cost of Sales
Total
Cost
($)

Unit
s

Unit
Cost
($)

Balance

Total
Cost
($)

31

Unit
s

Unit
Cost
($)

Total
Cost
($)

21

170

3570

23

200

4600

Jun

Jun

Jun

Jun

Feedback

Pairs Of Football Boots

Purchases
Date

May

Unit
s
31

Unit
Cost
($)

Cost of Sales
Total
Cost
($)

Unit
s

Unit
Cost
($)

Total
Cost
($)

Balance
Unit
s
21

Unit
Cost
($)
170

Total
Cost
($)
3570

Jun

21

170

3570

12

200

2400

Continue
Manual Accounting Practice Set
Ball-Mart, Australasian Edition 3 (VTA3q)

2009 - 2014 Perdisco / latin /. v., learn thoroughly

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23

200

4600

11

200

2200