5/13/2017 Transactionsweek1

ManualAccountingPracticeSet
BallMart,USGAAPEdition3

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NowthatyouhavereviewedinformationaboutBallMart,youarereadytobeginthefirststepintheaccountingcycle,
recordingtransactions.Onthispageofthepracticeset,youareaskedtorecordtransactionsthatoccurredduringthefirst
weekofJuneintothecompany'sjournalsandposttheappropriateentriestotheledgeraccounts.Thefollowing
transactionsoccurredthroughoutthefirstweekofJune:

Week1
Date Transactiondescription
1 PaidthefullamountowingtoSports'RUs,CheckNo.603.Paymentfellwithindiscountperiod.
1 Obtainedaloanof$52,000fromEastPacBankatasimpleinterestrateof6%peryear.Thefirstinterestpayment
isdueattheendofAugust2017andtheprincipaloftheloanistoberepaidonJune1,2021.
2 Purchased3setsofStingRayGolfClubsfromHikefor$252each,termsnet30.
2 Purchased21FootballJerseysfromGoodSportsfor$25each,terms2/10,n/30.
3 Sold24RugbyBallstoMick'sSportingGoodsfor$58each,InvoiceNo.201.
5 Madecashsalesof$7,121duringthefirst5daysofthemonth.
6 Purchased13pairsofSportsShoeswithcashfor$51each,CheckNo.604.
7 PaidthefullamountowingtoExtremeSportsSupplies,CheckNo.605.Paymentfellwithindiscountperiod.

Aftercompletingthispracticesetpage,youshouldknowhowtorecordbasictransactionsinthejournalsprovidedbelowand
understandthepostingprocessinthemanualaccountingsystem.NotethatyouwillrecordtheremainingJunetransactions
inthefollowingsectionsofthispracticeset.

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5/13/2017 Transactionsweek1

Remember,onepurposeofusingspecialjournalsistomakethepostingprocessmoreefficientbypostingthetotalofmost
columnsinthespecialjournalsafterallofthetransactionsfortheperiodhavebeenrecorded.However,somepartsofa
journalentryarestillrequiredtobepostedonadailybasis.Viewthecompany'saccountingpoliciesandproceduresfor
detailsofwhatistobeposteddailyormonthly.

Instructionsforweek1

1) Recordallweek1transactionsintherelevantjournals.

Notethatspecialjournalsmustbeusedwhereapplicable.Anytransactionthatcannotberecordedinaspecialjournal
shouldberecordedinthegeneraljournal.

2) Postentriesrecordedinthejournalstotheappropriateledgeraccountsaccordingtothecompany'saccounting
policiesandprocedures.

Notethattherelevanttotalsofthespecialjournalswillbepostedtothegeneralledgeraccountsattheendofthe
month.YouwilldothisbeforeyoupreparetheBankReconciliationStatement.

Remembertoenterallanswerstothenearestwholedollar.Whencalculatingadiscount,ifadiscountisnotawhole
number,roundthediscounttothenearestwholedollar.Then,tocalculatethecashamount,subtractthediscountfrom
theoriginalamount.

Additionalinstructions

Displayingselectedaccountingrecords:

Tosavespace,notallaccountingrecords(e.g.journalsandledgers)willbedisplayedoneverypage.However,on
eachpageyoucanaccessallaccountingrecordsnecessarytoanswerthequestionsonthatpage.
Thereareseveraltabsrepresentingdifferentviewsoftheaccountingrecords.TheactivetabbydefaultisShowAll,
butyoumayalsoselecttoviewjustoneparticularaccountingrecordbyselectingtheappropriatetab.
Ifyoufillinanyaccountingrecordsandchangetheviewonthepagebyselectingadifferenttab,theinformation
thatyouhaveenteredwillremaininthataccountingrecordandbedisplayedwheneveryoucanseethat
accountingrecord.
Beforesubmittingyouranswers,werecommendthatyouclicktheShowAlltabandcheckthatallrelevant
accountingrecordshavebeencompleted.Youarerequiredtocompleteallrelevantaccountingrecordsbefore
pressingtheSubmitanswersbutton.Oncesubmitted,youwillnotbeabletoreturntothepagetoreenteroralter
youranswers.

Journals:

Eachtransactionrecordedinaspecialjournalmustbeenteredinoneline.Inordertoreceivefullpoints,youmust
notsplituptherelevanttransactionintomorethanonelineinthespecialjournal.
Forcertaintransactionsinspecialjournals,someaccountingtextbooksdonotalwaysrequireanaccounttobe
chosenunderthecolumnlabeledAccount.Inthispracticesetyouarerequiredtoselectanaccountforeach
transactioninthespecialjournals.Specifically,inallspecialjournals,underthecolumnlabeledAccount,youmust
selectthecorrectaccountnameforeachtransactioninordertoreceivefullpoints.Notethatforsome
transactions,thiswillmeanthattheaccountnameselectedwillcorrespondtotheheadingofoneofthecolumnsin
thatspecialjournal.
Foreachjournal,inthePostRef.columnyouwillneedtocorrectlytypetheaccountnumberoftheaccountyouare
postingto.Inparticular,inspecialjournals,someaccountingtextbooksdonotalwaysrequireareferencetobe
recordedinthePostRef.column.Inthispracticeset,inordertoreceivefullpoints,everytransactionenteredina
specialjournalrequiresanentryinthePostRef.column.Notethatinthespecialjournals,iftheaccountname
selectedforatransactioncorrespondstotheheadingofoneofthecolumnsinthatspecialjournal,thepostrefis
toberecordedasanX.Thisisbecausethesetransactionsarenotpostedonadailybasis.Inordertoreceivefull
points,youmustrecordonlytheletterXinthePostRef.columnforthesetransactions.
Theremaybeentriesinthegeneraljournalthatrequirepostingtobothacontrolaccountandasubsidiaryledger.
Inthesecases,afteryouhavepostedtobothledgers,youshouldenterthereferenceforboththegeneralledger
accountandthesubsidiaryledgeraccountinthePostRef.columntoindicatethatyouhavepostedtoboth
accounts.Forexample,ifthereferencenumberforthecontrolaccountis110andthereferencenumberforthe
subsidiaryledgeraccountis1101,youshouldtype'110/1101'intothePostRef.column.
GeneraljournalentriesdoNOTrequireadescriptionofthejournalentries.

Ledgers:

Whenpostingatransactiontoaledgeraccount,undertheDescriptioncolumn,pleasetypethedescriptionofthe
transactiondirectlyintothefield.Theexactwordingdoesnotmatterforgradingpurposes.Forexample,itdoes
notmatterinanelectricitytransactionifyoutype'Paidforelectricity'or'Paidelectricitybill'.
Foreachledger,undertheRef.column,youneedtoselectthecorrectjournalfromalistinthedropdownbox
providedinordertoreceivefullpoints.
Ifthebalanceofaledgeraccountiszeroyoudonotneedtoselectadebitorcreditfromthedropdownbox.

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5/13/2017 Transactionsweek1

Eachtransactionpostedtothesubsidiaryledgersmustbeenteredinoneline.Inordertoreceivefullpoints,you
mustnotsplituptherelevanttransactionintomorethanonelineinthesubsidiaryledger.

Bothjournalsandledgers:

Mostjournalsandledgerswillhaveblankrowsleftattheendofthepage.
Somejournalsandledgersmaynotrequireanyentries.

ShowAll SpecialJournals GeneralJournal SubsidiaryLedgers GeneralLedger

(Q=301.salesJournalWeek1)

SALESJOURNAL

Invoice Post
Date Account Amount
No. Ref.

Jun 3 ARCMick'sSportingGoods 201 1103 1392

Jun

Jun

Jun

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SALESJOURNAL

Invoice Post
Date Account Amount
No. Ref.
Jun 3 ARCMick'sSportingGoods 201 1103 1,392

(Q=302.purchasesJournalWeek1)

PURCHASESJOURNAL

Post
Date Account Terms Amount
Ref.

Jun 2 APCHike net30 2103 756

Jun 2 APCGoodSports 2/10n/30 2101 525

Jun

Jun

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5/13/2017 Transactionsweek1

PURCHASESJOURNAL

Post
Date Account Terms Amount
Ref.
Jun 2 APCHike net30 2103 756
Jun 2 APCGoodSports 2/10,n/30 2101 525

(Q=303.cashReceiptsJournalWeek1)

CASHRECEIPTSJOURNAL
Note:Inordertoreceivefullpoints,foreachtransactionyoumustselectanaccountunderthecolumnlabeled'Account',
asindicatedundertheadditionalinstructionsabove.SincealltransactionsinthisjournalaffecttheCashaccount,youare
askedtoenterthenameoftheappropriateaccountcreditedinthesetransactionsintotheAccountcolumnsothatthe
typeoftransactioncanbedeterminedbythenameoftheaccountenteredintothiscolumn.

Debit Credit
Post
Date Account
Ref. Cash
Sales Sales Accounts Other

Discounts Revenue Receivable Accounts

Jun 1 BankLoanPayable 250 52000 0 0 0 52000

Jun 5 SalesRevenue x 7121 0 7121 0 0

Jun

Jun

Jun

Jun

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CASHRECEIPTSJOURNAL

Debit Credit
Post
Date Account
Ref. Cash
Sales Sales Accounts Other

Discounts Revenue Receivable Accounts

Jun 1 BankLoanPayable 250 52,000 52,000

Jun 5 SalesRevenue X 7,121 7,121

(Q=304.cashPaymentsJournalWeek1)

CASHPAYMENTSJOURNAL
Note:Inordertoreceivefullpoints,foreachtransactionyoumustselectanaccountunderthecolumnlabeled'Account',
asindicatedundertheadditionalinstructionsabove.SincealltransactionsinthisjournalaffecttheCashaccount,youare
askedtoenterthenameoftheappropriateaccountdebitedinthesetransactionsintotheAccountcolumnsothatthe
typeoftransactioncanbedeterminedbythenameoftheaccountenteredintothiscolumn.

Date Account Check Post Debit Credit

No. Ref.

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5/13/2017 Transactionsweek1
Accounts Purchases Other Cash Purchase
Payable Accounts Discounts

Jun 1 APCSports'RUs 603 2104 3444 0 0 3375 69

Jun 6 Purchases 604 x 0 663 0 663 0

Jun 7 APCExtremeSportsSupplies
605 2102 1078 0 0 1067 11

Jun

Jun

Jun

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CASHPAYMENTSJOURNAL

Debit Credit
Check Post
Date Account No. Ref. Accounts Other Purchase
Payable
Purchases
Accounts
Cash
Discounts

Jun 1 APCSports'RUs 603 2104 3,444 3,375 69

Jun 6 Purchases 604 X 663 663
Jun 7 APCExtremeSportsSupplies 605 2102 1,078 1,067 11

(Q=305.generalJournalWeek1)

GENERALJOURNAL

Post
Date AccountandExplanation Debit Credit
Ref.

Jun

Jun

Jun

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Therearenorelevantentriesinthegeneraljournalforthisweek.

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5/13/2017 Transactionsweek1
(Q=3101103.AcctsRec3_week1)

SUBSIDIARYLEDGERS
Account:ARCMick'sSportingGoods
AccountNo.1103

Date Description Ref. Debit Credit Balance

May 31 Balance 2,629DR

Jun 3 CreditSale SJ 1392 0 4021 DR

Jun

Jun

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Account:ARCMick'sSportingGoods
AccountNo.1103

Date Description Ref. Debit Credit Balance

May 31 Balance 2,629DR

Jun 3 Creditsale SJ 1,392 4,021DR

(Q=3102101.AcctsPay1_week1)
Account:APCGoodSports
AccountNo.2101

Date Description Ref. Debit Credit Balance

May 31 Balance 2,183CR

Jun 2 CreditPurchase PJ 0 525 2708 CR

Jun

Jun

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Account:APCGoodSports
AccountNo.2101

Date Description Ref. Debit Credit Balance

May 31 Balance 2,183CR

Jun 2 Creditpurchase PJ 525 2,708CR

(Q=3102102.AcctsPay2_week1)
Account:APCExtremeSportsSupplies
AccountNo.2102

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5/13/2017 Transactionsweek1
Date Description Ref. Debit Credit Balance
May 31 Balance 1,078CR

Jun 7 Repayment CPJ 1078 0 0 CR

Jun

Jun

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Account:APCExtremeSportsSupplies
AccountNo.2102

Date Description Ref. Debit Credit Balance

May 31 Balance 1,078CR

Jun 7 Repayment CPJ 1,078 0

(Q=3102103.AcctsPay3_week1)
Account:APCHike
AccountNo.2103

Date Description Ref. Debit Credit Balance

May 31 Balance 3,970CR

Jun 2 CreditPurchase PJ 0 756 4726 CR

Jun

Jun

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Account:APCHike
AccountNo.2103

Date Description Ref. Debit Credit Balance

May 31 Balance 3,970CR

Jun 2 Creditpurchase PJ 756 4,726CR

(Q=3102104.AcctsPay4_week1)
Account:APCSports'RUs
AccountNo.2104

Date Description Ref. Debit Credit Balance

May 31 Balance 3,444CR

Jun 1 Repayment CPJ 3444 0 0 CR

Jun

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5/13/2017 Transactionsweek1
Jun

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Account:APCSports'RUs
AccountNo.2104

Date Description Ref. Debit Credit Balance

May 31 Balance 3,444CR

Jun 1 Repayment CPJ 3,444 0

(Q=320100.Cash_week1)

GENERALLEDGER
Account:Cash
AccountNo.100

Date Description Ref. Debit Credit Balance

May 31 Balance 25,567DR

Jun

Jun

Jun

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TherearenorelevantentriesintheCashledgerforthisweek.

(Q=320110.AcctsRecControl_week1)
Account:ARCAccountsReceivableControl
AccountNo.110

Date Description Ref. Debit Credit Balance

May 31 Balance 11,355DR

Jun

Jun

Jun

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TherearenorelevantentriesintheAccountsReceivableControlledgerforthisweek.

(Q=320120.Inventory_week1)

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5/13/2017 Transactionsweek1

Account:MerchandiseInventory
AccountNo.120

Date Description Ref. Debit Credit Balance

May 31 Balance 73,729DR

Jun

Jun

Jun

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TherearenorelevantentriesintheMerchandiseInventoryledgerforthisweek.

(Q=320210.AcctsPayControl_week1)
Account:APCAccountsPayableControl
AccountNo.210

Date Description Ref. Debit Credit Balance

May 31 Balance 13,412CR

Jun

Jun

Jun

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TherearenorelevantentriesintheAccountsPayableControlledgerforthisweek.

(Q=320250.LoanPayable_week1)
Account:BankLoanPayable
AccountNo.250

Date Description Ref. Debit Credit Balance

May 31 Balance 0

Jun

Jun

Jun

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Account:BankLoanPayable
AccountNo.250

Date Description Ref. Debit Credit Balance

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May 31 Balance 0
Jun 1 LoanfromEastPacBank CRJ 52,000 52,000CR

(Q=320400.SalesRevenue_week1)
Account:SalesRevenue
AccountNo.400

Date Description Ref. Debit Credit Balance

May 31 Balance 0

Jun

Jun

Jun

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TherearenorelevantentriesintheSalesRevenueledgerforthisweek.

(Q=320402.SalesDisc_week1)
Account:SalesDiscounts
AccountNo.402

Date Description Ref. Debit Credit Balance

May 31 Balance 0

Jun

Jun

Jun

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TherearenorelevantentriesintheSalesDiscountsledgerforthisweek.

(Q=320500.Purchases_week1)
Account:Purchases
AccountNo.500

Date Description Ref. Debit Credit Balance

May 31 Balance 0

Jun

Jun

Jun

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TherearenorelevantentriesinthePurchasesledgerforthisweek.

(Q=320502.PurchaseDisc_week1)
Account:PurchaseDiscounts
AccountNo.502

Date Description Ref. Debit Credit Balance

May 31 Balance 0

Jun

Jun

Jun

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TherearenorelevantentriesinthePurchaseDiscountsledgerforthisweek.

ManualAccountingPracticeSet
BallMart,USGAAPEdition3(VCU3q)
20092014Perdisco/latin/.v.,learnthoroughly
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