Transactions - week 4 http://www.perdisco.com/elms/qsam/html/qsam.

aspx
1 of 13 5/4/2008 4:25 PM
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Additional information
To answer this question you may need the following information:
Background information
Trial balance
Transactions list - week 4
Schedules of accounts payable/receivable
Original information
The information in the above links comes from the 'Overview' and
'Further information' pages at the beginning of the practice set. If
you did not print them out, and you would like to refer to them,
you may review them below:
Overview
Further information
Transactions - week 4 [feedback page]
This is a feedback page. Please review this page carefully because later pages in this practice set may build on the
feedback provided here. When you are ready, click continue.
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Instructions for week 4
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.
The following are to be posted to ledger accounts daily:
All entries affecting subsidiary ledgers
All entries in the Other Accounts column of the cash
receipts and cash payments journals
All transactions entered into the general journal.
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.
Update inventory cards on a daily basis.
Please note that any answers from previous pages carried through
onto this page (either on the page or in a popup information page)
are the correct answers, not your particular answers.
Remember 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 at
bank amount, subtract the discount from the original amount.
Additional instructions
Displaying selected journals, ledgers and inventory cards:
Not all journals, ledgers and inventory cards will be displayed
on every page.
On this page you can access all journals, ledgers and
inventory cards necessary to answer this question.
There are several tabs representing different views of the
journal, ledgers and inventory cards. The active tab by
default is Show All, but you may also select to view just the
special journals, the general journal, just the subsidiary
ledgers, the general ledger accounts or the inventory cards
by selecting the appropriate tab.
If you fill in any journal, ledger accounts or inventory cards
and change the view on this page by selecting a different tab,
the information that you have entered will remain in that
journal, ledger or inventory card and be displayed whenever
you can see that journal, ledger or inventory card.
Journals:
Please note that in the journals when you select accounts,
you will select the account using a popup link. You cannot
type directly into the field.
For certain transactions in special journals, some accounting
textbooks do not always require an account to be chosen
under the column labeled Account. In this practice set you
are required to select an account for each transaction in the
special journals. Specifically, in all special journals, under the
column labeled Account, you must select the correct account
name for each transaction in order to receive full marks.
Note that for some transactions, this will mean that the
account name selected will correspond to the heading of one
of the columns in that special journal.
For each journal, in the Post Ref. column you will need to correctly type the account number of the account you are posting to.
Specialty Sports Store Practice Set
Being completed by: chapm0n
1)
2)
3)
Transactions - week 4 http://www.perdisco.com/elms/qsam/html/qsam.aspx
2 of 13 5/4/2008 4:25 PM
In particular, in special journals, some accounting textbooks do not always require a reference to be recorded in the Post Ref.
column. In this practice set, in order to receive full marks, 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 marks, you must record only the letter X in the Post Ref. column for these transactions.
Note that in special journals, the Other Accounts column should not be used to record movements of inventory.
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 the subsidiary ledger account in the Post Ref. column to
indicate that you have posted to both accounts.
General journal entries do NOT require a description of the journal entries.
Ledgers:
When posting a transaction to a ledger account, under the Description column, please type the description of the transaction directly
into the field. The exact wording does not matter for marking purposes. For example, it does not matter in an electricity
transaction if you type Paid for electricity or Paid electricity bill.
For each ledger, under the Ref. column, you need to select the correct journal from a list in the drop-down box provided, in order to
receive full marks.
If the balance of a ledger account is zero you do not need to select a debit or credit from the drop-down box.
Each transaction posted to the subsidiary ledgers must be entered in one line. In order to receive full marks, you must not split up
the relevant transaction into more than one line in the subsidiary ledger.
Both journals and ledgers:
Most journals and ledgers will have blank rows left at the end of this question.
Some journals and ledgers may not require any entries for this week.
When purchases and sales are recorded in special journals, changes in inventory must not be posted to the Inventory ledger on a
daily basis.
Inventory cards:
Each transaction recorded in the inventory cards must be entered in a pair of lines provided. In order to receive full marks, you
must not split up a transaction into more than the two lines given in the inventory card or combine two transactions into the one
pair of lines.
However, each transaction may need to be recorded in more than one line on the inventory card when the movement in inventory
includes items that have two different unit costs. You should use a separate line within the pair of lines for each different unit cost.
In particular, you should not combine the total cost of the inventory into one amount. See the inventory cards for May in the Further
information popup for an example of how inventory cards are to be completed.

Special Journals General Journal Subsidary Ledgers General Ledger Inventory
(Q=601.salesJournalWeek4)
SALES JOURNAL
Date Account Invoice
No.
Post
Ref.
Accounts
Receivable
Cost of Sales
Jun 5 ARC - Great Sports 601 110-3 5,000 3,200
Jun 10 ARC - Mick's Sporting Goods 602 110-6 7,440 4,320
Jun 20 ARC - Croquet and Cricket 603 110-5 16,830 12,860
Jun
(select)
Jun
(select)
Jun
(select)
Jun
(select)
Feedback
Solution
SALES JOURNAL
23
ARC - Mick's Sporting Goods
604 110-6 4960 3200
Show All
Transactions - week 4 http://www.perdisco.com/elms/qsam/html/qsam.aspx
3 of 13 5/4/2008 4:25 PM
Date Account Invoice
No.
Post
Ref.
Accounts
Receivable
Cost of
Sales

Jun 5 ARC - Great Sports 601 110-3 5,000 3,200
Jun 10 ARC - Mick's Sporting Goods 602 110-6 7,440 4,320
Jun 20 ARC - Croquet and Cricket 603 110-5 16,830 12,860
Jun 23 ARC - Mick's Sporting Goods 604 110-6 4,960 3,200
(Q=602.purchasesJournalWeek4)
PURCHASES JOURNAL
Date Account Terms Post
Ref.
Accounts
Payable

Jun 2 APC - J. J. Spud net 30 210-5 1,980
Jun 7 APC - Hike 2/10, n/30 210-1 3,960
Jun
(select)
2/10n/30 2/10n/30
Jun
(select)

Jun
(select)

Jun
(select)

Feedback
Solution
There are no relevant entries in the purchases journal for this week.
(Q=603.cashReceiptsJournalWeek4)
CASH RECEIPTS JOURNAL
Note: In order to receive full marks, for each transaction, you must select an account under the column labelled 'Account', as indicated under
the additional instructions above.
Date Account Post Ref.
DR CR
Cost of
Sales

Cash at
Bank
Discount
Allowed
Sales
Revenue
Accounts
Receivable
Other
Accounts

Jun 5 Sales Revenue X 9,200 9,200 5,440
Jun 9 ARC - The Locker Room 110-1 2,932 326 3,258
Jun 12 Sales Revenue X 6,300 6,300 3,600
Jun 18 ARC - Mick's Sporting Goods 110-6 3,000 3,000
Jun 19 ARC - Great Sports 110-3 8,247 8,247
Jun 19 Sales Revenue X 3,400 3,400 2,210
Jun
(select)
Jun
(select)
Jun
(select)
Jun
(select)
Jun
(select)
Jun
(select)
Feedback
24
APC - Good Sports
210-4 2640
26
Sales Revenue
X 15250 0 15250 0 0 9940
Transactions - week 4 http://www.perdisco.com/elms/qsam/html/qsam.aspx
4 of 13 5/4/2008 4:25 PM
Solution
CASH RECEIPTS JOURNAL
Date Account
Post
Ref.
DR CR
Cost of
Sales

Cash at
Bank
Discount
Allowed
Sales
Revenue
Accounts
Receivable
Other
Accounts

Jun 5 Sales Revenue X 9,200 9,200 5,440
Jun 9 ARC - The Locker Room 110-1 2,932 326 3,258
Jun 12 Sales Revenue X 6,300 6,300 3,600
Jun 18 ARC - Mick's Sporting Goods 110-6 3,000 3,000
Jun 19 ARC - Great Sports 110-3 8,247 8,247
Jun 19 Sales Revenue X 3,400 3,400 2,210
Jun 26 Sales Revenue X 15,250 15,250 9,940
(Q=604.cashPaymentsJournalWeek4)
CASH PAYMENTS JOURNAL
Note: In order to receive full marks, for each transaction, you must select an account under the column labelled 'Account', as indicated under
the additional instructions above.
Date Account
Cheque
No.
Post
Ref.
DR CR
Accounts
Payable
Inventory Wages
Expense
Other
Accounts
Cash at
Bank
Discount
Received

Jun 2 APC - Good Sports 412 210-4 3,212 3,148 64
Jun 3 Inventory 413 X 1,300 1,300
Jun 5 Wages Payable 414 220 1,669 662 2,331
Jun 6 APC - Sports 'R Us 415 210-2 2,224 2,202 22
Jun 12 Wages Expense 417 X 1,493 1,493
Jun 12 Electricity Payable 416 221 760 760
Jun 13 APC - J. J. Spud 418 210-5 1,980 1,980
Jun 19 Wages Expense 419 X 1,774 1,774
Jun
(select)
Jun
(select)
Jun
(select)
Jun
(select)
Jun
(select)
Jun
(select)
Feedback
Solution
CASH PAYMENTS JOURNAL
Date Account
Cheque
No.
Post
Ref.
DR CR
Accounts
Payable
Inventory Wages
Expense
Other
Accounts
Cash at
Bank
Discount
Received

Jun 2 APC - Good Sports 412 210-4 3,212 3,148 64
Jun 3 Inventory 413 X 1,300 1,300
Jun 5 Wages Payable 414 220 1,669 662 2,331
Jun 6 APC - Sports 'R Us 415 210-2 2,224 2,202 22
25
APC - Hike
420 210-1 6324 0 0 0 6324 0
26
APC - Sport Borders
421 210-3 7016 0 0 0 7016 0
26
Wages Expense
422 X 0 0 1291 0 1291 0
Transactions - week 4 http://www.perdisco.com/elms/qsam/html/qsam.aspx
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Jun 12 Wages Expense 417 X 1,493 1,493
Jun 12 Electricity Payable 416 221 760 760
Jun 13 APC - J. J. Spud 418 210-5 1,980 1,980
Jun 19 Wages Expense 419 X 1,774 1,774
Jun 25 APC - Hike 420 210-1 6,324 6,324
Jun 26 APC - Sport Borders 421 210-3 7,016 7,016
Jun 26 Wages Expense 422 X 1,291 1,291
(Q=605.generalJournalWeek4)
GENERAL JOURNAL
Date Account and Explanation Post
Ref.
DR CR
Jun 12 Sales Returns and Allowances 401 1,750
Jun 12 ARC - Great Sports 110-3 1,750
(sales return)

Jun 12 Inventory 120 1,120
Jun 12 Cost of Sales 500 1,120
(sales return)

Jun 14 Retained Earnings 301 5,000
Jun 14 Dividend Payable 230 5,000
(dividend declaration)

Jun 21 APC - Sport Borders 210-3 390
Jun 21 Inventory 120 390
(purchase return)

Jun
(select)
23
(select)

Jun
(select)

(select)

Jun
(select)

(select)
Feedback
Solution
GENERAL JOURNAL
Date Account and Explanation Post
Ref.
DR CR
Jun 12 Sales Returns and Allowances 401 1,750
Jun 12 ARC - Great Sports 110-3 1,750
(sales return)

Jun 12 Inventory 120 1,120
Jun 12 Cost of Sales 500 1,120
(sales return)

Jun 14 Retained Earnings 301 5,000
23
Bad Debts Expense
574 3468 0
ARC - Jump Around
110-2 0 3468
Transactions - week 4 http://www.perdisco.com/elms/qsam/html/qsam.aspx
6 of 13 5/4/2008 4:25 PM
Jun 14 Dividend Payable 230 5,000
(dividend declaration)

Jun 21 APC - Sport Borders 210-3 390
Jun 21 Inventory 120 390
(purchase return)

Jun 23 Bad Debts Expense 574 3,468
Jun 23 ARC - Jump Around 110-2 3,468
(bad debt write-off)

(Q=610-110-2.AcctsRec2_week4)
Account: ARC - Jump Around
Account No. 110-2
Date Description Ref. DR CR Balance
May 31 Balance 3,468 DR
Jun GJ GJ
Jun
Jun
Feedback
Solution
Account: ARC - Jump Around
Account No. 110-2
Date Description Ref. DR CR Balance
May 31 Balance 3,468 DR
Jun 23 Write off - Jump Around GJ 3,468 0
(Q=610-110-6.AcctsRec6_week4)
Account: ARC - Mick's Sporting Goods
Account No. 110-6
Date Description Ref. DR CR Balance
May 31 Balance 0
Jun 10 Credit sale SJ 7,440 7,440 DR
Jun 18 Repayment CRJ 3,000 4,440 DR
Jun SJ SJ DR DR
Jun
Jun
Feedback
Solution
Account: ARC - Mick's Sporting Goods
Account No. 110-6
23 BADDEBT 0 3468 0
23 sale 4960 0 9400
Transactions - week 4 http://www.perdisco.com/elms/qsam/html/qsam.aspx
7 of 13 5/4/2008 4:25 PM
Date Description Ref. DR CR Balance
May 31 Balance 0
Jun 10 Credit sale SJ 7,440 7,440 DR
Jun 18 Repayment CRJ 3,000 4,440 DR
Jun 23 Credit sale SJ 4,960 9,400 DR
(Q=610-210-1.AcctsPay1_week4)
Account: APC - Hike
Account No. 210-1
Date Description Ref. DR CR Balance
May 31 Balance 2,364 CR
Jun 7 Credit purchase PJ 3,960 6,324 CR
Jun CPJ CPJ
Jun
Jun
Feedback
Solution
Account: APC - Hike
Account No. 210-1
Date Description Ref. DR CR Balance
May 31 Balance 2,364 CR
Jun 7 Credit purchase PJ 3,960 6,324 CR
Jun 25 Repayment CPJ 6,324 0
(Q=610-210-3.AcctsPay3_week4)
Account: APC - Sport Borders
Account No. 210-3
Date Description Ref. DR CR Balance
May 31 Balance 7,406 CR
Jun 21 Purchase return GJ 390 7,016 CR
Jun CPJ CPJ
Jun
Jun
Feedback
Solution
Account: APC - Sport Borders
Account No. 210-3
Date Description Ref. DR CR Balance
May 31 Balance 7,406 CR
Jun 21 Purchase return GJ 390 7,016 CR
Jun 26 Repayment CPJ 7,016 0
25 REPAYMENT 6324 0 0
26 REPAYMEBNT 7016 0 0
Transactions - week 4 http://www.perdisco.com/elms/qsam/html/qsam.aspx
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(Q=610-210-4.AcctsPay4_week4)
Account: APC - Good Sports
Account No. 210-4
Date Description Ref. DR CR Balance
May 31 Balance 3,212 CR
Jun 2 Repayment CPJ 3,212 0
Jun PJ PJ CR CR
Jun
Jun
Feedback
Solution
There are no relevant entries in the Good Sports ledger for this week.
(Q=620-100.CashAtBank_week4)
Account: Cash at bank
Account No. 100
Date Description Ref. DR CR Balance
May 31 Balance 46,071 DR
Jun
Jun
Jun
Feedback
Solution
There are no relevant entries in the Cash at bank ledger for this week.
(Q=620-110.AcctsRecControl_week4)
Account: ARC - Accounts Receivable Control
Account No. 110
Date Description Ref. DR CR Balance
May 31 Balance 16,174 DR
Jun 12 Sales return from Great Sports GJ 1,750 14,424 DR
Jun GJ GJ DR DR
Jun
Jun
Feedback
Solution
24 ORDERGOODS 0 2640 2640
23 BADDEBT 0 3468 10956
Transactions - week 4 http://www.perdisco.com/elms/qsam/html/qsam.aspx
9 of 13 5/4/2008 4:25 PM
Account: ARC - Accounts Receivable Control
Account No. 110
Date Description Ref. DR CR Balance
May 31 Balance 16,174 DR
Jun 12 Sales return from Great Sports GJ 1,750 14,424 DR
Jun 23 Write off - Jump Around GJ 3,468 10,956 DR
(Q=620-210.AcctsPayControl_week4)
Account: APC - Accounts Payable Control
Account No. 210
Date Description Ref. DR CR Balance
May 31 Balance 15,206 CR
Jun 21 Purchase return to Sport Borders GJ 390 14,816 CR
Jun
Jun
Jun
Feedback
Solution
There are no relevant entries in the Accounts Payable Control ledger for this week.
(Q=620-301.RetainedProfits_week4)
Account: Retained Earnings
Account No. 301
Date Description Ref. DR CR Balance
May 31 Balance 65,681 CR
Jun 14 Dividend declaration GJ 5,000 60,681 CR
Jun
Jun
Jun
Feedback
Solution
There are no relevant entries in the Retained Earnings ledger for this week.
(Q=620-400.SalesRevenue_week4)
Account: Sales Revenue
Account No. 400
Date Description Ref. DR CR Balance
May 31 Balance 0
Jun
Jun
Transactions - week 4 http://www.perdisco.com/elms/qsam/html/qsam.aspx
10 of 13 5/4/2008 4:25 PM
Jun
Feedback
Solution
There are no relevant entries in the Sales Revenue ledger for this week.
(Q=620-516.WagesExpense_week4)
Account: Wages Expense
Account No. 516
Date Description Ref. DR CR Balance
May 31 Balance 0
Jun
Jun
Jun
Feedback
Solution
There are no relevant entries in the Wages Expense ledger for this week.
(Q=620-574.BadDebtsExpense_week4)
Account: Bad Debts Expense
Account No. 574
Date Description Ref. DR CR Balance
May 31 Balance 0
Jun GJ GJ DR DR
Jun
Jun
Feedback
Solution
Account: Bad Debts Expense
Account No. 574
Date Description Ref. DR CR Balance
May 31 Balance 0
Jun 23 Write off - Jump Around GJ 3,468 3,468 DR
(Q=630.Inventory3_week4)
extreme helmets
23 BADDEBT 3468 0 3468
Transactions - week 4 http://www.perdisco.com/elms/qsam/html/qsam.aspx
11 of 13 5/4/2008 4:25 PM
Date
Purchases Cost of Sales Balance
Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost
May 31 65 160 10400

Jun 2 11 180 1980 65 160 10400
11 180 1980

Jun 5 20 160 3200 45 160 7200
11 180 1980

Jun 12 -7 160 -1120 52 160 8320
11 180 1980

Jun


Jun


Jun


Jun


Feedback
Solution
extreme helmets
Date
Purchases Cost of Sales Balance
Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost
May 31 65 160 10400

Jun 2 11 180 1980 65 160 10400
11 180 1980

Jun 5 20 160 3200 45 160 7200
11 180 1980

Jun 12 -7 160 -1120 52 160 8320
11 180 1980

Jun 26 52 160 8320 2 180 360
9 180 1620

(Q=630.Inventory4_week4)
Tony Eagle mark 3 freestyle skateboards
Date
Purchases Cost of Sales Balance
Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost
May 31 16 170 2720
27 200 5400

26 0 0 0 52 160 8320 0 0 0
9 180 1620 2 180 360
Transactions - week 4 http://www.perdisco.com/elms/qsam/html/qsam.aspx
12 of 13 5/4/2008 4:25 PM
Jun 10 16 170 2720 19 200 3800
8 200 1600

Jun


Jun


Jun


Jun


Feedback
Solution
Tony Eagle mark 3 freestyle skateboards
Date
Purchases Cost of Sales Balance
Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost
May 31 16 170 2720
27 200 5400

Jun 10 16 170 2720 19 200 3800
8 200 1600

Jun 23 16 200 3200 3 200 600

(Q=630.Inventory5_week4)
bungee kits
23 0 0 0 16 200 3200 3 200 600
0 0 0 0 0 0
24 12 220 2640 0 0 0 20 220 4400
0 0 0 0 0 0
Transactions - week 4 http://www.perdisco.com/elms/qsam/html/qsam.aspx
13 of 13 5/4/2008 4:25 PM


Jun


Feedback
Solution
There are no relevant entries in the bungee kits card for this week.
Perdisco / latin /, v., to learn thoroughly
2006 Perdisco
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