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Now that you have reviewed information about Spine Tinglers, you are ready to begin the first step in the accounting cycle, recording transactions. On this page of the practice set, you are asked to record transactions that occurred during the first week of June into the company's journals and post the appropriate entries to the ledger accounts. The following transactions occurred throughout the first week of June: Week 1 Date Transaction description Obtained a loan of $47,000 from ZNZ Bank at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2020 and the principal of the loan is to be repaid on June 1, 2025. 1 2 Paid the full amount owing to Peachson, Check No. 603. Payment fell within discount period. 3 Purchased 100 copies of Barry Plotter and the Profits of Revalued Land with cash for $12 each, Check No. 604. Purchased 110 copies of Backpackers Guide to the Universe from Bookheamoth for $11 each, terms 2/10, n/30. 4 4 Paid the full amount owing to Books R Us, Check No. 605. Payment fell within discount period. 4 Sold 145 copies of Barry Plotter and the Deathly Taxes to Attic Books for $50 each, Invoice No. 501. 4 Made cash sales of $6,535 during the first 4 days of the month. 5 Purchased 95 copies of Human Ranch from Deterministic Garage for $19 each, terms net 30. After completing this practice set page, you should know how to record basic transactions in the journals provided below and understand the posting process in the manual accounting system. Note that you will record the remaining June transactions in the following sections of this practice set. Remember, one purpose of using special journals is to make the posting process more efficient by posting the total of most columns in the special journals after all of the transactions for the period have been recorded. However, some parts of a journal entry are still required to be posted on a daily basis. View the company's accounting policies and procedurest for details of what is to be posted daily or monthly. Instructions for week 1 1) Record all week 1 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 do this before you prepare the Bank Reconciliation Statement. 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 amount, subtract the discount from the original amount. Additional instructions Displaying selected accounting records: • To save space, not all accounting records (e.g. journals and ledgers) will be displayed on every page. However, on each page you can access all accounting records necessary to answer the questions on that page. · There are several tabs representing different views of the accounting records. The active tab by default is Show All, but you may also select to view just one particular accounting record by selecting the appropriate tab. - If you fill in any accounting records and change the view on the page by selecting a different tab, the information that you have entered will remain in that accounting record and be displayed whenever you can see that accounting record. · Before submitting your answers, we recommend that you click the Show All tab and check that all relevant accounting records have been completed. You are required to complete all relevant accounting records before pressing the Submit answers button. Once submitted, you will not be able to return to the page to re-enter or alter your answers. Journals: · 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. · 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 points. 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. 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 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. - 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. • 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 grading 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 points. - 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 points, 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 the page. • Some journals and ledgers may not require any entries. KOONTZ CASH RECEIPTS JOURNAL IT TI Note: In order to receive full points, for each transaction you must select an account under the column labeled 'Account', as indicated under the additional instructions above. Since all transactions in this journal affect the Cash 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. DON Debit Credit Post Date Аcсount Ref. Sales Discounts Accounts Revenue Receivable Accounts Sales Other Cash IAM DEANG XOONIZ Jun (select) IKAN KENTZ Jun (select) CROS Jun (select) Jun (select) eldon ELDON RERS HARE Jun (select) (select). 10ON NY HARCLD ROBNS Jun (Q=304.cashPaymentsJournalWeek1) MORNINS CASH PAYMENTS JOURNAL Note: In order to receive full points, for each transaction you must select an account under the column labeled 'Account', as indicated under the additional instructions above. Since all transactions in this journal affect the Cash 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. DEAND KOON Debit Credit Check No. Post Ref. Date Account Purchase Discounts Accounts Other Accounts Purchases Cash DEANR XOONIE DEANR Payable Jun (select) Jun (select) 5SOHO CROSS Jun (select) (select) Jun RRS HEARE DEAN Jun (select) Jun (select) HAROLD RO 00 GENERAL JOURNAL DICK FRANCIS E Post Date Account and Explanation Debit Credit Ref. DEAND DON Jun (select) (select) DEANQ XOONIE (select). IKAN KNTZ, Jun OROSS (select) B r EAN HNY MMude (select) ey sheldon NEY SHELDON Jun RERS HARE DEAN (select). MIIH DNEY SHELDON (Q=310-110-3.AcctsRec3_week1) NEL BEMI NORKING. SUBSIDIARY LEDGERS Account: ARC - Attic Books SEOTT cerr nm DICK FRANCIS E S Account No. 110-3 Date Description DEAND KOONTZCET Ref. Debit Credit Balance DON 3,700 DR May 31 Balance Jun DEANR NOONTE DEANS Jun Jun AN OROSS ANNY MMmbe (Q=310-210-1.AcctsPay1_week1) Account: APC - Bookheamoth Account No. 210-1 y sheldon EYSHELDON DEAN COONTZ Date Description Ref. Debit Credit Balance DEAN NOO Мay 31 Balance 2,876 CR SHELDON HABOLD RO Jun Jun DICK FRANCH Jun DEANE O (Q=310-2 DON Account: APC - Peachson Account No. 210-2 ANG Date Description Ref. Debit Credit Balance 0ZINOOX May 31 Balance 3,575 CR AN HEINI Jun Jun Jun y sheldon NEY SHELDON Account: APC - Deterministic Garage (Q=310-2 LAN Account No. 210-3 DHEY SHELDON HABOLD ROn Date Description Ref. Debit Credit Balance MORNIN May 31 Balance 3,834 CR DICK FRANCIS Jun Jun DON v Jun (Q=310-210-4.AcctsPa Account: APC - Books R Us Account No. 210-4 Date Description Ref. Debit Credit Balance May 31 Balance 1,970 CR Jun y sheldon DEAN OONTZ RARS PHARE Jun NOOTEHSE Jun SHELDON HAROLD ROS Tm T S (Q=320-100.Ca MORKING. GENERAL LEDGER DICK FRANCIS TUNE BOLY Account: Cash Account No. 100 REAN KOONTZ C DON Date Description Ref. Debit Credit Balance May 31 Balance 28,252 DR acuRAN DEAN XOONIZ DEANR Jun Jun Jun (Q=320-110.AcctsRecCont Account: ARC - Accounts Receivable Control ey sheldon NEY SHELDON RERS THEART Account No. 110 Date Description Ref. Debit Credit Balance AN NDO MHE 13,177 DRELDON May 31 Balance HANOLD RO Jun Jun DICK FRANCIS TE E INCISTOUNE T Jun Account: Sales Revenue Account No. 400 DICK FRANCIS 10TDE AUL Date Description Ref. Debit Credit Balance 31 Balance 0DON DEAND KOONTZCD May Jun RIAM DEANQ Jun Jun (Q=320-402.SalesDisc_w- Account: Sales Discounts WASKNTY ME Munbe Account No. 402 ysheldon EYSHELDON Date Description Ref. Debit Credit Balance DEAN KOONTZ RRS HARE T May 31 Balance Jun SHELDON M HABOLD RO Jun MORNING Jun SERTT T DICK FRANCIS ME (Q=320-500.Purchases_w Account: Purchases la DEANE KOONIZCAD Account No. 500 DON BANE Date Description Ref. Debit Credit Balance DEANR XOONTZ May 31 Balance Jun Jun WANNNTY M Manyher Jun ey sheldon (Q=320-502.PurchaseDisc_w Account: Purchase Discounts ey sheldon NEY SHELDON Account: Purchase Discounts Account No. 502 Date Description Ref. Debit Credit Balance SHELDON May 31 Balance Jun Jun Jun DON H > > Show All Special Journals General Journal Subsidiary Ledgers General Ledger (Q=301.salesJournalWeek1) SALES JOURNAL y sholdon NEY SHELDON TOONIZ FHART Invoice Post Date Account Атount No. Ref. DHEY SHELDON HAROLD ROSth (select) Jun STIN DEMI NORNIN Jun (select) LRRY (select) OICK FRANCIS O E B SerT T Jun Jun (select) la DON DEANE ONTE CHT (Q=302.purchasesJournalWeek1) DEAN G PURCHASES JOURNAL XOONIZ Post Date Account Terms Amount Ref. AN CROS (select) EAN ANTY MManle Jun (select) Jun ey sheldon NEY SHELDON RERS HARE (select) DEAN Jun (select) ULAN NOO Jun DNEY SHELDON " HAROLD ROn st (Q=303.cashReceiptsJournalWeek1) MORING Now that you have reviewed information about Spine Tinglers, you are ready to begin the first step in the accounting cycle, recording transactions. On this page of the practice set, you are asked to record transactions that occurred during the first week of June into the company's journals and post the appropriate entries to the ledger accounts. The following transactions occurred throughout the first week of June: Week 1 Date Transaction description Obtained a loan of $47,000 from ZNZ Bank at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2020 and the principal of the loan is to be repaid on June 1, 2025. 1 2 Paid the full amount owing to Peachson, Check No. 603. Payment fell within discount period. 3 Purchased 100 copies of Barry Plotter and the Profits of Revalued Land with cash for $12 each, Check No. 604. Purchased 110 copies of Backpackers Guide to the Universe from Bookheamoth for $11 each, terms 2/10, n/30. 4 4 Paid the full amount owing to Books R Us, Check No. 605. Payment fell within discount period. 4 Sold 145 copies of Barry Plotter and the Deathly Taxes to Attic Books for $50 each, Invoice No. 501. 4 Made cash sales of $6,535 during the first 4 days of the month. 5 Purchased 95 copies of Human Ranch from Deterministic Garage for $19 each, terms net 30. After completing this practice set page, you should know how to record basic transactions in the journals provided below and understand the posting process in the manual accounting system. Note that you will record the remaining June transactions in the following sections of this practice set. Remember, one purpose of using special journals is to make the posting process more efficient by posting the total of most columns in the special journals after all of the transactions for the period have been recorded. However, some parts of a journal entry are still required to be posted on a daily basis. View the company's accounting policies and procedurest for details of what is to be posted daily or monthly. Instructions for week 1 1) Record all week 1 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 do this before you prepare the Bank Reconciliation Statement. 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 amount, subtract the discount from the original amount. Additional instructions Displaying selected accounting records: • To save space, not all accounting records (e.g. journals and ledgers) will be displayed on every page. However, on each page you can access all accounting records necessary to answer the questions on that page. · There are several tabs representing different views of the accounting records. The active tab by default is Show All, but you may also select to view just one particular accounting record by selecting the appropriate tab. - If you fill in any accounting records and change the view on the page by selecting a different tab, the information that you have entered will remain in that accounting record and be displayed whenever you can see that accounting record. · Before submitting your answers, we recommend that you click the Show All tab and check that all relevant accounting records have been completed. You are required to complete all relevant accounting records before pressing the Submit answers button. Once submitted, you will not be able to return to the page to re-enter or alter your answers. Journals: · 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. · 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 points. 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. 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 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. - 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. • 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 grading 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 points. - 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 points, 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 the page. • Some journals and ledgers may not require any entries. KOONTZ CASH RECEIPTS JOURNAL IT TI Note: In order to receive full points, for each transaction you must select an account under the column labeled 'Account', as indicated under the additional instructions above. Since all transactions in this journal affect the Cash 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. DON Debit Credit Post Date Аcсount Ref. Sales Discounts Accounts Revenue Receivable Accounts Sales Other Cash IAM DEANG XOONIZ Jun (select) IKAN KENTZ Jun (select) CROS Jun (select) Jun (select) eldon ELDON RERS HARE Jun (select) (select). 10ON NY HARCLD ROBNS Jun (Q=304.cashPaymentsJournalWeek1) MORNINS CASH PAYMENTS JOURNAL Note: In order to receive full points, for each transaction you must select an account under the column labeled 'Account', as indicated under the additional instructions above. Since all transactions in this journal affect the Cash 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. DEAND KOON Debit Credit Check No. Post Ref. Date Account Purchase Discounts Accounts Other Accounts Purchases Cash DEANR XOONIE DEANR Payable Jun (select) Jun (select) 5SOHO CROSS Jun (select) (select) Jun RRS HEARE DEAN Jun (select) Jun (select) HAROLD RO 00 GENERAL JOURNAL DICK FRANCIS E Post Date Account and Explanation Debit Credit Ref. DEAND DON Jun (select) (select) DEANQ XOONIE (select). IKAN KNTZ, Jun OROSS (select) B r EAN HNY MMude (select) ey sheldon NEY SHELDON Jun RERS HARE DEAN (select). MIIH DNEY SHELDON (Q=310-110-3.AcctsRec3_week1) NEL BEMI NORKING. SUBSIDIARY LEDGERS Account: ARC - Attic Books SEOTT cerr nm DICK FRANCIS E S Account No. 110-3 Date Description DEAND KOONTZCET Ref. Debit Credit Balance DON 3,700 DR May 31 Balance Jun DEANR NOONTE DEANS Jun Jun AN OROSS ANNY MMmbe (Q=310-210-1.AcctsPay1_week1) Account: APC - Bookheamoth Account No. 210-1 y sheldon EYSHELDON DEAN COONTZ Date Description Ref. Debit Credit Balance DEAN NOO Мay 31 Balance 2,876 CR SHELDON HABOLD RO Jun Jun DICK FRANCH Jun DEANE O (Q=310-2 DON Account: APC - Peachson Account No. 210-2 ANG Date Description Ref. Debit Credit Balance 0ZINOOX May 31 Balance 3,575 CR AN HEINI Jun Jun Jun y sheldon NEY SHELDON Account: APC - Deterministic Garage (Q=310-2 LAN Account No. 210-3 DHEY SHELDON HABOLD ROn Date Description Ref. Debit Credit Balance MORNIN May 31 Balance 3,834 CR DICK FRANCIS Jun Jun DON v Jun (Q=310-210-4.AcctsPa Account: APC - Books R Us Account No. 210-4 Date Description Ref. Debit Credit Balance May 31 Balance 1,970 CR Jun y sheldon DEAN OONTZ RARS PHARE Jun NOOTEHSE Jun SHELDON HAROLD ROS Tm T S (Q=320-100.Ca MORKING. GENERAL LEDGER DICK FRANCIS TUNE BOLY Account: Cash Account No. 100 REAN KOONTZ C DON Date Description Ref. Debit Credit Balance May 31 Balance 28,252 DR acuRAN DEAN XOONIZ DEANR Jun Jun Jun (Q=320-110.AcctsRecCont Account: ARC - Accounts Receivable Control ey sheldon NEY SHELDON RERS THEART Account No. 110 Date Description Ref. Debit Credit Balance AN NDO MHE 13,177 DRELDON May 31 Balance HANOLD RO Jun Jun DICK FRANCIS TE E INCISTOUNE T Jun Account: Sales Revenue Account No. 400 DICK FRANCIS 10TDE AUL Date Description Ref. Debit Credit Balance 31 Balance 0DON DEAND KOONTZCD May Jun RIAM DEANQ Jun Jun (Q=320-402.SalesDisc_w- Account: Sales Discounts WASKNTY ME Munbe Account No. 402 ysheldon EYSHELDON Date Description Ref. Debit Credit Balance DEAN KOONTZ RRS HARE T May 31 Balance Jun SHELDON M HABOLD RO Jun MORNING Jun SERTT T DICK FRANCIS ME (Q=320-500.Purchases_w Account: Purchases la DEANE KOONIZCAD Account No. 500 DON BANE Date Description Ref. Debit Credit Balance DEANR XOONTZ May 31 Balance Jun Jun WANNNTY M Manyher Jun ey sheldon (Q=320-502.PurchaseDisc_w Account: Purchase Discounts ey sheldon NEY SHELDON Account: Purchase Discounts Account No. 502 Date Description Ref. Debit Credit Balance SHELDON May 31 Balance Jun Jun Jun DON H > > Show All Special Journals General Journal Subsidiary Ledgers General Ledger (Q=301.salesJournalWeek1) SALES JOURNAL y sholdon NEY SHELDON TOONIZ FHART Invoice Post Date Account Атount No. Ref. DHEY SHELDON HAROLD ROSth (select) Jun STIN DEMI NORNIN Jun (select) LRRY (select) OICK FRANCIS O E B SerT T Jun Jun (select) la DON DEANE ONTE CHT (Q=302.purchasesJournalWeek1) DEAN G PURCHASES JOURNAL XOONIZ Post Date Account Terms Amount Ref. AN CROS (select) EAN ANTY MManle Jun (select) Jun ey sheldon NEY SHELDON RERS HARE (select) DEAN Jun (select) ULAN NOO Jun DNEY SHELDON " HAROLD ROn st (Q=303.cashReceiptsJournalWeek1) MORING Now that you have reviewed information about Spine Tinglers, you are ready to begin the first step in the accounting cycle, recording transactions. On this page of the practice set, you are asked to record transactions that occurred during the first week of June into the company's journals and post the appropriate entries to the ledger accounts. The following transactions occurred throughout the first week of June: Week 1 Date Transaction description Obtained a loan of $47,000 from ZNZ Bank at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2020 and the principal of the loan is to be repaid on June 1, 2025. 1 2 Paid the full amount owing to Peachson, Check No. 603. Payment fell within discount period. 3 Purchased 100 copies of Barry Plotter and the Profits of Revalued Land with cash for $12 each, Check No. 604. Purchased 110 copies of Backpackers Guide to the Universe from Bookheamoth for $11 each, terms 2/10, n/30. 4 4 Paid the full amount owing to Books R Us, Check No. 605. Payment fell within discount period. 4 Sold 145 copies of Barry Plotter and the Deathly Taxes to Attic Books for $50 each, Invoice No. 501. 4 Made cash sales of $6,535 during the first 4 days of the month. 5 Purchased 95 copies of Human Ranch from Deterministic Garage for $19 each, terms net 30. After completing this practice set page, you should know how to record basic transactions in the journals provided below and understand the posting process in the manual accounting system. Note that you will record the remaining June transactions in the following sections of this practice set. Remember, one purpose of using special journals is to make the posting process more efficient by posting the total of most columns in the special journals after all of the transactions for the period have been recorded. However, some parts of a journal entry are still required to be posted on a daily basis. View the company's accounting policies and procedurest for details of what is to be posted daily or monthly. Instructions for week 1 1) Record all week 1 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 do this before you prepare the Bank Reconciliation Statement. 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 amount, subtract the discount from the original amount. Additional instructions Displaying selected accounting records: • To save space, not all accounting records (e.g. journals and ledgers) will be displayed on every page. However, on each page you can access all accounting records necessary to answer the questions on that page. · There are several tabs representing different views of the accounting records. The active tab by default is Show All, but you may also select to view just one particular accounting record by selecting the appropriate tab. - If you fill in any accounting records and change the view on the page by selecting a different tab, the information that you have entered will remain in that accounting record and be displayed whenever you can see that accounting record. · Before submitting your answers, we recommend that you click the Show All tab and check that all relevant accounting records have been completed. You are required to complete all relevant accounting records before pressing the Submit answers button. Once submitted, you will not be able to return to the page to re-enter or alter your answers. Journals: · 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. · 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 points. 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. 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 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. - 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. • 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 grading 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 points. - 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 points, 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 the page. • Some journals and ledgers may not require any entries. KOONTZ CASH RECEIPTS JOURNAL IT TI Note: In order to receive full points, for each transaction you must select an account under the column labeled 'Account', as indicated under the additional instructions above. Since all transactions in this journal affect the Cash 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. DON Debit Credit Post Date Аcсount Ref. Sales Discounts Accounts Revenue Receivable Accounts Sales Other Cash IAM DEANG XOONIZ Jun (select) IKAN KENTZ Jun (select) CROS Jun (select) Jun (select) eldon ELDON RERS HARE Jun (select) (select). 10ON NY HARCLD ROBNS Jun (Q=304.cashPaymentsJournalWeek1) MORNINS CASH PAYMENTS JOURNAL Note: In order to receive full points, for each transaction you must select an account under the column labeled 'Account', as indicated under the additional instructions above. Since all transactions in this journal affect the Cash 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. DEAND KOON Debit Credit Check No. Post Ref. Date Account Purchase Discounts Accounts Other Accounts Purchases Cash DEANR XOONIE DEANR Payable Jun (select) Jun (select) 5SOHO CROSS Jun (select) (select) Jun RRS HEARE DEAN Jun (select) Jun (select) HAROLD RO 00 GENERAL JOURNAL DICK FRANCIS E Post Date Account and Explanation Debit Credit Ref. DEAND DON Jun (select) (select) DEANQ XOONIE (select). IKAN KNTZ, Jun OROSS (select) B r EAN HNY MMude (select) ey sheldon NEY SHELDON Jun RERS HARE DEAN (select). MIIH DNEY SHELDON (Q=310-110-3.AcctsRec3_week1) NEL BEMI NORKING. SUBSIDIARY LEDGERS Account: ARC - Attic Books SEOTT cerr nm DICK FRANCIS E S Account No. 110-3 Date Description DEAND KOONTZCET Ref. Debit Credit Balance DON 3,700 DR May 31 Balance Jun DEANR NOONTE DEANS Jun Jun AN OROSS ANNY MMmbe (Q=310-210-1.AcctsPay1_week1) Account: APC - Bookheamoth Account No. 210-1 y sheldon EYSHELDON DEAN COONTZ Date Description Ref. Debit Credit Balance DEAN NOO Мay 31 Balance 2,876 CR SHELDON HABOLD RO Jun Jun DICK FRANCH Jun DEANE O (Q=310-2 DON Account: APC - Peachson Account No. 210-2 ANG Date Description Ref. Debit Credit Balance 0ZINOOX May 31 Balance 3,575 CR AN HEINI Jun Jun Jun y sheldon NEY SHELDON Account: APC - Deterministic Garage (Q=310-2 LAN Account No. 210-3 DHEY SHELDON HABOLD ROn Date Description Ref. Debit Credit Balance MORNIN May 31 Balance 3,834 CR DICK FRANCIS Jun Jun DON v Jun (Q=310-210-4.AcctsPa Account: APC - Books R Us Account No. 210-4 Date Description Ref. Debit Credit Balance May 31 Balance 1,970 CR Jun y sheldon DEAN OONTZ RARS PHARE Jun NOOTEHSE Jun SHELDON HAROLD ROS Tm T S (Q=320-100.Ca MORKING. GENERAL LEDGER DICK FRANCIS TUNE BOLY Account: Cash Account No. 100 REAN KOONTZ C DON Date Description Ref. Debit Credit Balance May 31 Balance 28,252 DR acuRAN DEAN XOONIZ DEANR Jun Jun Jun (Q=320-110.AcctsRecCont Account: ARC - Accounts Receivable Control ey sheldon NEY SHELDON RERS THEART Account No. 110 Date Description Ref. Debit Credit Balance AN NDO MHE 13,177 DRELDON May 31 Balance HANOLD RO Jun Jun DICK FRANCIS TE E INCISTOUNE T Jun Account: Sales Revenue Account No. 400 DICK FRANCIS 10TDE AUL Date Description Ref. Debit Credit Balance 31 Balance 0DON DEAND KOONTZCD May Jun RIAM DEANQ Jun Jun (Q=320-402.SalesDisc_w- Account: Sales Discounts WASKNTY ME Munbe Account No. 402 ysheldon EYSHELDON Date Description Ref. Debit Credit Balance DEAN KOONTZ RRS HARE T May 31 Balance Jun SHELDON M HABOLD RO Jun MORNING Jun SERTT T DICK FRANCIS ME (Q=320-500.Purchases_w Account: Purchases la DEANE KOONIZCAD Account No. 500 DON BANE Date Description Ref. Debit Credit Balance DEANR XOONTZ May 31 Balance Jun Jun WANNNTY M Manyher Jun ey sheldon (Q=320-502.PurchaseDisc_w Account: Purchase Discounts ey sheldon NEY SHELDON Account: Purchase Discounts Account No. 502 Date Description Ref. Debit Credit Balance SHELDON May 31 Balance Jun Jun Jun DON H > > Show All Special Journals General Journal Subsidiary Ledgers General Ledger (Q=301.salesJournalWeek1) SALES JOURNAL y sholdon NEY SHELDON TOONIZ FHART Invoice Post Date Account Атount No. Ref. DHEY SHELDON HAROLD ROSth (select) Jun STIN DEMI NORNIN Jun (select) LRRY (select) OICK FRANCIS O E B SerT T Jun Jun (select) la DON DEANE ONTE CHT (Q=302.purchasesJournalWeek1) DEAN G PURCHASES JOURNAL XOONIZ Post Date Account Terms Amount Ref. AN CROS (select) EAN ANTY MManle Jun (select) Jun ey sheldon NEY SHELDON RERS HARE (select) DEAN Jun (select) ULAN NOO Jun DNEY SHELDON " HAROLD ROn st (Q=303.cashReceiptsJournalWeek1) MORING Now that you have reviewed information about Spine Tinglers, you are ready to begin the first step in the accounting cycle, recording transactions. On this page of the practice set, you are asked to record transactions that occurred during the first week of June into the company's journals and post the appropriate entries to the ledger accounts. The following transactions occurred throughout the first week of June: Week 1 Date Transaction description Obtained a loan of $47,000 from ZNZ Bank at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2020 and the principal of the loan is to be repaid on June 1, 2025. 1 2 Paid the full amount owing to Peachson, Check No. 603. Payment fell within discount period. 3 Purchased 100 copies of Barry Plotter and the Profits of Revalued Land with cash for $12 each, Check No. 604. Purchased 110 copies of Backpackers Guide to the Universe from Bookheamoth for $11 each, terms 2/10, n/30. 4 4 Paid the full amount owing to Books R Us, Check No. 605. Payment fell within discount period. 4 Sold 145 copies of Barry Plotter and the Deathly Taxes to Attic Books for $50 each, Invoice No. 501. 4 Made cash sales of $6,535 during the first 4 days of the month. 5 Purchased 95 copies of Human Ranch from Deterministic Garage for $19 each, terms net 30. After completing this practice set page, you should know how to record basic transactions in the journals provided below and understand the posting process in the manual accounting system. Note that you will record the remaining June transactions in the following sections of this practice set. Remember, one purpose of using special journals is to make the posting process more efficient by posting the total of most columns in the special journals after all of the transactions for the period have been recorded. However, some parts of a journal entry are still required to be posted on a daily basis. View the company's accounting policies and procedurest for details of what is to be posted daily or monthly. Instructions for week 1 1) Record all week 1 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 do this before you prepare the Bank Reconciliation Statement. 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 amount, subtract the discount from the original amount. Additional instructions Displaying selected accounting records: • To save space, not all accounting records (e.g. journals and ledgers) will be displayed on every page. However, on each page you can access all accounting records necessary to answer the questions on that page. · There are several tabs representing different views of the accounting records. The active tab by default is Show All, but you may also select to view just one particular accounting record by selecting the appropriate tab. - If you fill in any accounting records and change the view on the page by selecting a different tab, the information that you have entered will remain in that accounting record and be displayed whenever you can see that accounting record. · Before submitting your answers, we recommend that you click the Show All tab and check that all relevant accounting records have been completed. You are required to complete all relevant accounting records before pressing the Submit answers button. Once submitted, you will not be able to return to the page to re-enter or alter your answers. Journals: · 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. · 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 points. 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. 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 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. - 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. • 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 grading 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 points. - 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 points, 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 the page. • Some journals and ledgers may not require any entries. KOONTZ CASH RECEIPTS JOURNAL IT TI Note: In order to receive full points, for each transaction you must select an account under the column labeled 'Account', as indicated under the additional instructions above. Since all transactions in this journal affect the Cash 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. DON Debit Credit Post Date Аcсount Ref. Sales Discounts Accounts Revenue Receivable Accounts Sales Other Cash IAM DEANG XOONIZ Jun (select) IKAN KENTZ Jun (select) CROS Jun (select) Jun (select) eldon ELDON RERS HARE Jun (select) (select). 10ON NY HARCLD ROBNS Jun (Q=304.cashPaymentsJournalWeek1) MORNINS CASH PAYMENTS JOURNAL Note: In order to receive full points, for each transaction you must select an account under the column labeled 'Account', as indicated under the additional instructions above. Since all transactions in this journal affect the Cash 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. DEAND KOON Debit Credit Check No. Post Ref. Date Account Purchase Discounts Accounts Other Accounts Purchases Cash DEANR XOONIE DEANR Payable Jun (select) Jun (select) 5SOHO CROSS Jun (select) (select) Jun RRS HEARE DEAN Jun (select) Jun (select) HAROLD RO 00 GENERAL JOURNAL DICK FRANCIS E Post Date Account and Explanation Debit Credit Ref. DEAND DON Jun (select) (select) DEANQ XOONIE (select). IKAN KNTZ, Jun OROSS (select) B r EAN HNY MMude (select) ey sheldon NEY SHELDON Jun RERS HARE DEAN (select). MIIH DNEY SHELDON (Q=310-110-3.AcctsRec3_week1) NEL BEMI NORKING. SUBSIDIARY LEDGERS Account: ARC - Attic Books SEOTT cerr nm DICK FRANCIS E S Account No. 110-3 Date Description DEAND KOONTZCET Ref. Debit Credit Balance DON 3,700 DR May 31 Balance Jun DEANR NOONTE DEANS Jun Jun AN OROSS ANNY MMmbe (Q=310-210-1.AcctsPay1_week1) Account: APC - Bookheamoth Account No. 210-1 y sheldon EYSHELDON DEAN COONTZ Date Description Ref. Debit Credit Balance DEAN NOO Мay 31 Balance 2,876 CR SHELDON HABOLD RO Jun Jun DICK FRANCH Jun DEANE O (Q=310-2 DON Account: APC - Peachson Account No. 210-2 ANG Date Description Ref. Debit Credit Balance 0ZINOOX May 31 Balance 3,575 CR AN HEINI Jun Jun Jun y sheldon NEY SHELDON Account: APC - Deterministic Garage (Q=310-2 LAN Account No. 210-3 DHEY SHELDON HABOLD ROn Date Description Ref. Debit Credit Balance MORNIN May 31 Balance 3,834 CR DICK FRANCIS Jun Jun DON v Jun (Q=310-210-4.AcctsPa Account: APC - Books R Us Account No. 210-4 Date Description Ref. Debit Credit Balance May 31 Balance 1,970 CR Jun y sheldon DEAN OONTZ RARS PHARE Jun NOOTEHSE Jun SHELDON HAROLD ROS Tm T S (Q=320-100.Ca MORKING. GENERAL LEDGER DICK FRANCIS TUNE BOLY Account: Cash Account No. 100 REAN KOONTZ C DON Date Description Ref. Debit Credit Balance May 31 Balance 28,252 DR acuRAN DEAN XOONIZ DEANR Jun Jun Jun (Q=320-110.AcctsRecCont Account: ARC - Accounts Receivable Control ey sheldon NEY SHELDON RERS THEART Account No. 110 Date Description Ref. Debit Credit Balance AN NDO MHE 13,177 DRELDON May 31 Balance HANOLD RO Jun Jun DICK FRANCIS TE E INCISTOUNE T Jun Account: Sales Revenue Account No. 400 DICK FRANCIS 10TDE AUL Date Description Ref. Debit Credit Balance 31 Balance 0DON DEAND KOONTZCD May Jun RIAM DEANQ Jun Jun (Q=320-402.SalesDisc_w- Account: Sales Discounts WASKNTY ME Munbe Account No. 402 ysheldon EYSHELDON Date Description Ref. Debit Credit Balance DEAN KOONTZ RRS HARE T May 31 Balance Jun SHELDON M HABOLD RO Jun MORNING Jun SERTT T DICK FRANCIS ME (Q=320-500.Purchases_w Account: Purchases la DEANE KOONIZCAD Account No. 500 DON BANE Date Description Ref. Debit Credit Balance DEANR XOONTZ May 31 Balance Jun Jun WANNNTY M Manyher Jun ey sheldon (Q=320-502.PurchaseDisc_w Account: Purchase Discounts ey sheldon NEY SHELDON Account: Purchase Discounts Account No. 502 Date Description Ref. Debit Credit Balance SHELDON May 31 Balance Jun Jun Jun DON H > > Show All Special Journals General Journal Subsidiary Ledgers General Ledger (Q=301.salesJournalWeek1) SALES JOURNAL y sholdon NEY SHELDON TOONIZ FHART Invoice Post Date Account Атount No. Ref. DHEY SHELDON HAROLD ROSth (select) Jun STIN DEMI NORNIN Jun (select) LRRY (select) OICK FRANCIS O E B SerT T Jun Jun (select) la DON DEANE ONTE CHT (Q=302.purchasesJournalWeek1) DEAN G PURCHASES JOURNAL XOONIZ Post Date Account Terms Amount Ref. AN CROS (select) EAN ANTY MManle Jun (select) Jun ey sheldon NEY SHELDON RERS HARE (select) DEAN Jun (select) ULAN NOO Jun DNEY SHELDON " HAROLD ROn st (Q=303.cashReceiptsJournalWeek1) MORING Now that you have reviewed information about Spine Tinglers, you are ready to begin the first step in the accounting cycle, recording transactions. On this page of the practice set, you are asked to record transactions that occurred during the first week of June into the company's journals and post the appropriate entries to the ledger accounts. The following transactions occurred throughout the first week of June: Week 1 Date Transaction description Obtained a loan of $47,000 from ZNZ Bank at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2020 and the principal of the loan is to be repaid on June 1, 2025. 1 2 Paid the full amount owing to Peachson, Check No. 603. Payment fell within discount period. 3 Purchased 100 copies of Barry Plotter and the Profits of Revalued Land with cash for $12 each, Check No. 604. Purchased 110 copies of Backpackers Guide to the Universe from Bookheamoth for $11 each, terms 2/10, n/30. 4 4 Paid the full amount owing to Books R Us, Check No. 605. Payment fell within discount period. 4 Sold 145 copies of Barry Plotter and the Deathly Taxes to Attic Books for $50 each, Invoice No. 501. 4 Made cash sales of $6,535 during the first 4 days of the month. 5 Purchased 95 copies of Human Ranch from Deterministic Garage for $19 each, terms net 30. After completing this practice set page, you should know how to record basic transactions in the journals provided below and understand the posting process in the manual accounting system. Note that you will record the remaining June transactions in the following sections of this practice set. Remember, one purpose of using special journals is to make the posting process more efficient by posting the total of most columns in the special journals after all of the transactions for the period have been recorded. However, some parts of a journal entry are still required to be posted on a daily basis. View the company's accounting policies and procedurest for details of what is to be posted daily or monthly. Instructions for week 1 1) Record all week 1 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 do this before you prepare the Bank Reconciliation Statement. 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 amount, subtract the discount from the original amount. Additional instructions Displaying selected accounting records: • To save space, not all accounting records (e.g. journals and ledgers) will be displayed on every page. However, on each page you can access all accounting records necessary to answer the questions on that page. · There are several tabs representing different views of the accounting records. The active tab by default is Show All, but you may also select to view just one particular accounting record by selecting the appropriate tab. - If you fill in any accounting records and change the view on the page by selecting a different tab, the information that you have entered will remain in that accounting record and be displayed whenever you can see that accounting record. · Before submitting your answers, we recommend that you click the Show All tab and check that all relevant accounting records have been completed. You are required to complete all relevant accounting records before pressing the Submit answers button. Once submitted, you will not be able to return to the page to re-enter or alter your answers. Journals: · 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. · 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 points. 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. 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 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. - 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. • 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 grading 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 points. - 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 points, 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 the page. • Some journals and ledgers may not require any entries. KOONTZ CASH RECEIPTS JOURNAL IT TI Note: In order to receive full points, for each transaction you must select an account under the column labeled 'Account', as indicated under the additional instructions above. Since all transactions in this journal affect the Cash 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. DON Debit Credit Post Date Аcсount Ref. Sales Discounts Accounts Revenue Receivable Accounts Sales Other Cash IAM DEANG XOONIZ Jun (select) IKAN KENTZ Jun (select) CROS Jun (select) Jun (select) eldon ELDON RERS HARE Jun (select) (select). 10ON NY HARCLD ROBNS Jun (Q=304.cashPaymentsJournalWeek1) MORNINS CASH PAYMENTS JOURNAL Note: In order to receive full points, for each transaction you must select an account under the column labeled 'Account', as indicated under the additional instructions above. Since all transactions in this journal affect the Cash 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. DEAND KOON Debit Credit Check No. Post Ref. Date Account Purchase Discounts Accounts Other Accounts Purchases Cash DEANR XOONIE DEANR Payable Jun (select) Jun (select) 5SOHO CROSS Jun (select) (select) Jun RRS HEARE DEAN Jun (select) Jun (select) HAROLD RO 00 GENERAL JOURNAL DICK FRANCIS E Post Date Account and Explanation Debit Credit Ref. DEAND DON Jun (select) (select) DEANQ XOONIE (select). IKAN KNTZ, Jun OROSS (select) B r EAN HNY MMude (select) ey sheldon NEY SHELDON Jun RERS HARE DEAN (select). MIIH DNEY SHELDON (Q=310-110-3.AcctsRec3_week1) NEL BEMI NORKING. SUBSIDIARY LEDGERS Account: ARC - Attic Books SEOTT cerr nm DICK FRANCIS E S Account No. 110-3 Date Description DEAND KOONTZCET Ref. Debit Credit Balance DON 3,700 DR May 31 Balance Jun DEANR NOONTE DEANS Jun Jun AN OROSS ANNY MMmbe (Q=310-210-1.AcctsPay1_week1) Account: APC - Bookheamoth Account No. 210-1 y sheldon EYSHELDON DEAN COONTZ Date Description Ref. Debit Credit Balance DEAN NOO Мay 31 Balance 2,876 CR SHELDON HABOLD RO Jun Jun DICK FRANCH Jun DEANE O (Q=310-2 DON Account: APC - Peachson Account No. 210-2 ANG Date Description Ref. Debit Credit Balance 0ZINOOX May 31 Balance 3,575 CR AN HEINI Jun Jun Jun y sheldon NEY SHELDON Account: APC - Deterministic Garage (Q=310-2 LAN Account No. 210-3 DHEY SHELDON HABOLD ROn Date Description Ref. Debit Credit Balance MORNIN May 31 Balance 3,834 CR DICK FRANCIS Jun Jun DON v Jun (Q=310-210-4.AcctsPa Account: APC - Books R Us Account No. 210-4 Date Description Ref. Debit Credit Balance May 31 Balance 1,970 CR Jun y sheldon DEAN OONTZ RARS PHARE Jun NOOTEHSE Jun SHELDON HAROLD ROS Tm T S (Q=320-100.Ca MORKING. GENERAL LEDGER DICK FRANCIS TUNE BOLY Account: Cash Account No. 100 REAN KOONTZ C DON Date Description Ref. Debit Credit Balance May 31 Balance 28,252 DR acuRAN DEAN XOONIZ DEANR Jun Jun Jun (Q=320-110.AcctsRecCont Account: ARC - Accounts Receivable Control ey sheldon NEY SHELDON RERS THEART Account No. 110 Date Description Ref. Debit Credit Balance AN NDO MHE 13,177 DRELDON May 31 Balance HANOLD RO Jun Jun DICK FRANCIS TE E INCISTOUNE T Jun Account: Sales Revenue Account No. 400 DICK FRANCIS 10TDE AUL Date Description Ref. Debit Credit Balance 31 Balance 0DON DEAND KOONTZCD May Jun RIAM DEANQ Jun Jun (Q=320-402.SalesDisc_w- Account: Sales Discounts WASKNTY ME Munbe Account No. 402 ysheldon EYSHELDON Date Description Ref. Debit Credit Balance DEAN KOONTZ RRS HARE T May 31 Balance Jun SHELDON M HABOLD RO Jun MORNING Jun SERTT T DICK FRANCIS ME (Q=320-500.Purchases_w Account: Purchases la DEANE KOONIZCAD Account No. 500 DON BANE Date Description Ref. Debit Credit Balance DEANR XOONTZ May 31 Balance Jun Jun WANNNTY M Manyher Jun ey sheldon (Q=320-502.PurchaseDisc_w Account: Purchase Discounts ey sheldon NEY SHELDON Account: Purchase Discounts Account No. 502 Date Description Ref. Debit Credit Balance SHELDON May 31 Balance Jun Jun Jun DON H > > Show All Special Journals General Journal Subsidiary Ledgers General Ledger (Q=301.salesJournalWeek1) SALES JOURNAL y sholdon NEY SHELDON TOONIZ FHART Invoice Post Date Account Атount No. Ref. DHEY SHELDON HAROLD ROSth (select) Jun STIN DEMI NORNIN Jun (select) LRRY (select) OICK FRANCIS O E B SerT T Jun Jun (select) la DON DEANE ONTE CHT (Q=302.purchasesJournalWeek1) DEAN G PURCHASES JOURNAL XOONIZ Post Date Account Terms Amount Ref. AN CROS (select) EAN ANTY MManle Jun (select) Jun ey sheldon NEY SHELDON RERS HARE (select) DEAN Jun (select) ULAN NOO Jun DNEY SHELDON " HAROLD ROn st (Q=303.cashReceiptsJournalWeek1) MORING Now that you have reviewed information about Spine Tinglers, you are ready to begin the first step in the accounting cycle, recording transactions. On this page of the practice set, you are asked to record transactions that occurred during the first week of June into the company's journals and post the appropriate entries to the ledger accounts. The following transactions occurred throughout the first week of June: Week 1 Date Transaction description Obtained a loan of $47,000 from ZNZ Bank at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2020 and the principal of the loan is to be repaid on June 1, 2025. 1 2 Paid the full amount owing to Peachson, Check No. 603. Payment fell within discount period. 3 Purchased 100 copies of Barry Plotter and the Profits of Revalued Land with cash for $12 each, Check No. 604. Purchased 110 copies of Backpackers Guide to the Universe from Bookheamoth for $11 each, terms 2/10, n/30. 4 4 Paid the full amount owing to Books R Us, Check No. 605. Payment fell within discount period. 4 Sold 145 copies of Barry Plotter and the Deathly Taxes to Attic Books for $50 each, Invoice No. 501. 4 Made cash sales of $6,535 during the first 4 days of the month. 5 Purchased 95 copies of Human Ranch from Deterministic Garage for $19 each, terms net 30. After completing this practice set page, you should know how to record basic transactions in the journals provided below and understand the posting process in the manual accounting system. Note that you will record the remaining June transactions in the following sections of this practice set. Remember, one purpose of using special journals is to make the posting process more efficient by posting the total of most columns in the special journals after all of the transactions for the period have been recorded. However, some parts of a journal entry are still required to be posted on a daily basis. View the company's accounting policies and procedurest for details of what is to be posted daily or monthly. Instructions for week 1 1) Record all week 1 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 do this before you prepare the Bank Reconciliation Statement. 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 amount, subtract the discount from the original amount. Additional instructions Displaying selected accounting records: • To save space, not all accounting records (e.g. journals and ledgers) will be displayed on every page. However, on each page you can access all accounting records necessary to answer the questions on that page. · There are several tabs representing different views of the accounting records. The active tab by default is Show All, but you may also select to view just one particular accounting record by selecting the appropriate tab. - If you fill in any accounting records and change the view on the page by selecting a different tab, the information that you have entered will remain in that accounting record and be displayed whenever you can see that accounting record. · Before submitting your answers, we recommend that you click the Show All tab and check that all relevant accounting records have been completed. You are required to complete all relevant accounting records before pressing the Submit answers button. Once submitted, you will not be able to return to the page to re-enter or alter your answers. Journals: · 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. · 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 points. 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. 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 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. - 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. • 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 grading 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 points. - 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 points, 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 the page. • Some journals and ledgers may not require any entries. KOONTZ CASH RECEIPTS JOURNAL IT TI Note: In order to receive full points, for each transaction you must select an account under the column labeled 'Account', as indicated under the additional instructions above. Since all transactions in this journal affect the Cash 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. DON Debit Credit Post Date Аcсount Ref. Sales Discounts Accounts Revenue Receivable Accounts Sales Other Cash IAM DEANG XOONIZ Jun (select) IKAN KENTZ Jun (select) CROS Jun (select) Jun (select) eldon ELDON RERS HARE Jun (select) (select). 10ON NY HARCLD ROBNS Jun (Q=304.cashPaymentsJournalWeek1) MORNINS CASH PAYMENTS JOURNAL Note: In order to receive full points, for each transaction you must select an account under the column labeled 'Account', as indicated under the additional instructions above. Since all transactions in this journal affect the Cash 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. DEAND KOON Debit Credit Check No. Post Ref. Date Account Purchase Discounts Accounts Other Accounts Purchases Cash DEANR XOONIE DEANR Payable Jun (select) Jun (select) 5SOHO CROSS Jun (select) (select) Jun RRS HEARE DEAN Jun (select) Jun (select) HAROLD RO 00 GENERAL JOURNAL DICK FRANCIS E Post Date Account and Explanation Debit Credit Ref. DEAND DON Jun (select) (select) DEANQ XOONIE (select). IKAN KNTZ, Jun OROSS (select) B r EAN HNY MMude (select) ey sheldon NEY SHELDON Jun RERS HARE DEAN (select). MIIH DNEY SHELDON (Q=310-110-3.AcctsRec3_week1) NEL BEMI NORKING. SUBSIDIARY LEDGERS Account: ARC - Attic Books SEOTT cerr nm DICK FRANCIS E S Account No. 110-3 Date Description DEAND KOONTZCET Ref. Debit Credit Balance DON 3,700 DR May 31 Balance Jun DEANR NOONTE DEANS Jun Jun AN OROSS ANNY MMmbe (Q=310-210-1.AcctsPay1_week1) Account: APC - Bookheamoth Account No. 210-1 y sheldon EYSHELDON DEAN COONTZ Date Description Ref. Debit Credit Balance DEAN NOO Мay 31 Balance 2,876 CR SHELDON HABOLD RO Jun Jun DICK FRANCH Jun DEANE O (Q=310-2 DON Account: APC - Peachson Account No. 210-2 ANG Date Description Ref. Debit Credit Balance 0ZINOOX May 31 Balance 3,575 CR AN HEINI Jun Jun Jun y sheldon NEY SHELDON Account: APC - Deterministic Garage (Q=310-2 LAN Account No. 210-3 DHEY SHELDON HABOLD ROn Date Description Ref. Debit Credit Balance MORNIN May 31 Balance 3,834 CR DICK FRANCIS Jun Jun DON v Jun (Q=310-210-4.AcctsPa Account: APC - Books R Us Account No. 210-4 Date Description Ref. Debit Credit Balance May 31 Balance 1,970 CR Jun y sheldon DEAN OONTZ RARS PHARE Jun NOOTEHSE Jun SHELDON HAROLD ROS Tm T S (Q=320-100.Ca MORKING. GENERAL LEDGER DICK FRANCIS TUNE BOLY Account: Cash Account No. 100 REAN KOONTZ C DON Date Description Ref. Debit Credit Balance May 31 Balance 28,252 DR acuRAN DEAN XOONIZ DEANR Jun Jun Jun (Q=320-110.AcctsRecCont Account: ARC - Accounts Receivable Control ey sheldon NEY SHELDON RERS THEART Account No. 110 Date Description Ref. Debit Credit Balance AN NDO MHE 13,177 DRELDON May 31 Balance HANOLD RO Jun Jun DICK FRANCIS TE E INCISTOUNE T Jun Account: Sales Revenue Account No. 400 DICK FRANCIS 10TDE AUL Date Description Ref. Debit Credit Balance 31 Balance 0DON DEAND KOONTZCD May Jun RIAM DEANQ Jun Jun (Q=320-402.SalesDisc_w- Account: Sales Discounts WASKNTY ME Munbe Account No. 402 ysheldon EYSHELDON Date Description Ref. Debit Credit Balance DEAN KOONTZ RRS HARE T May 31 Balance Jun SHELDON M HABOLD RO Jun MORNING Jun SERTT T DICK FRANCIS ME (Q=320-500.Purchases_w Account: Purchases la DEANE KOONIZCAD Account No. 500 DON BANE Date Description Ref. Debit Credit Balance DEANR XOONTZ May 31 Balance Jun Jun WANNNTY M Manyher Jun ey sheldon (Q=320-502.PurchaseDisc_w Account: Purchase Discounts ey sheldon NEY SHELDON Account: Purchase Discounts Account No. 502 Date Description Ref. Debit Credit Balance SHELDON May 31 Balance Jun Jun Jun DON H > > Show All Special Journals General Journal Subsidiary Ledgers General Ledger (Q=301.salesJournalWeek1) SALES JOURNAL y sholdon NEY SHELDON TOONIZ FHART Invoice Post Date Account Атount No. Ref. DHEY SHELDON HAROLD ROSth (select) Jun STIN DEMI NORNIN Jun (select) LRRY (select) OICK FRANCIS O E B SerT T Jun Jun (select) la DON DEANE ONTE CHT (Q=302.purchasesJournalWeek1) DEAN G PURCHASES JOURNAL XOONIZ Post Date Account Terms Amount Ref. AN CROS (select) EAN ANTY MManle Jun (select) Jun ey sheldon NEY SHELDON RERS HARE (select) DEAN Jun (select) ULAN NOO Jun DNEY SHELDON " HAROLD ROn st (Q=303.cashReceiptsJournalWeek1) MORING Now that you have reviewed information about Spine Tinglers, you are ready to begin the first step in the accounting cycle, recording transactions. On this page of the practice set, you are asked to record transactions that occurred during the first week of June into the company's journals and post the appropriate entries to the ledger accounts. The following transactions occurred throughout the first week of June: Week 1 Date Transaction description Obtained a loan of $47,000 from ZNZ Bank at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2020 and the principal of the loan is to be repaid on June 1, 2025. 1 2 Paid the full amount owing to Peachson, Check No. 603. Payment fell within discount period. 3 Purchased 100 copies of Barry Plotter and the Profits of Revalued Land with cash for $12 each, Check No. 604. Purchased 110 copies of Backpackers Guide to the Universe from Bookheamoth for $11 each, terms 2/10, n/30. 4 4 Paid the full amount owing to Books R Us, Check No. 605. Payment fell within discount period. 4 Sold 145 copies of Barry Plotter and the Deathly Taxes to Attic Books for $50 each, Invoice No. 501. 4 Made cash sales of $6,535 during the first 4 days of the month. 5 Purchased 95 copies of Human Ranch from Deterministic Garage for $19 each, terms net 30. After completing this practice set page, you should know how to record basic transactions in the journals provided below and understand the posting process in the manual accounting system. Note that you will record the remaining June transactions in the following sections of this practice set. Remember, one purpose of using special journals is to make the posting process more efficient by posting the total of most columns in the special journals after all of the transactions for the period have been recorded. However, some parts of a journal entry are still required to be posted on a daily basis. View the company's accounting policies and procedurest for details of what is to be posted daily or monthly. Instructions for week 1 1) Record all week 1 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 do this before you prepare the Bank Reconciliation Statement. 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 amount, subtract the discount from the original amount. Additional instructions Displaying selected accounting records: • To save space, not all accounting records (e.g. journals and ledgers) will be displayed on every page. However, on each page you can access all accounting records necessary to answer the questions on that page. · There are several tabs representing different views of the accounting records. The active tab by default is Show All, but you may also select to view just one particular accounting record by selecting the appropriate tab. - If you fill in any accounting records and change the view on the page by selecting a different tab, the information that you have entered will remain in that accounting record and be displayed whenever you can see that accounting record. · Before submitting your answers, we recommend that you click the Show All tab and check that all relevant accounting records have been completed. You are required to complete all relevant accounting records before pressing the Submit answers button. Once submitted, you will not be able to return to the page to re-enter or alter your answers. Journals: · 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. · 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 points. 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. 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 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. - 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. • 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 grading 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 points. - 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 points, 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 the page. • Some journals and ledgers may not require any entries. KOONTZ CASH RECEIPTS JOURNAL IT TI Note: In order to receive full points, for each transaction you must select an account under the column labeled 'Account', as indicated under the additional instructions above. Since all transactions in this journal affect the Cash 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. DON Debit Credit Post Date Аcсount Ref. Sales Discounts Accounts Revenue Receivable Accounts Sales Other Cash IAM DEANG XOONIZ Jun (select) IKAN KENTZ Jun (select) CROS Jun (select) Jun (select) eldon ELDON RERS HARE Jun (select) (select). 10ON NY HARCLD ROBNS Jun (Q=304.cashPaymentsJournalWeek1) MORNINS CASH PAYMENTS JOURNAL Note: In order to receive full points, for each transaction you must select an account under the column labeled 'Account', as indicated under the additional instructions above. Since all transactions in this journal affect the Cash 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. DEAND KOON Debit Credit Check No. Post Ref. Date Account Purchase Discounts Accounts Other Accounts Purchases Cash DEANR XOONIE DEANR Payable Jun (select) Jun (select) 5SOHO CROSS Jun (select) (select) Jun RRS HEARE DEAN Jun (select) Jun (select) HAROLD RO 00 GENERAL JOURNAL DICK FRANCIS E Post Date Account and Explanation Debit Credit Ref. DEAND DON Jun (select) (select) DEANQ XOONIE (select). IKAN KNTZ, Jun OROSS (select) B r EAN HNY MMude (select) ey sheldon NEY SHELDON Jun RERS HARE DEAN (select). MIIH DNEY SHELDON (Q=310-110-3.AcctsRec3_week1) NEL BEMI NORKING. SUBSIDIARY LEDGERS Account: ARC - Attic Books SEOTT cerr nm DICK FRANCIS E S Account No. 110-3 Date Description DEAND KOONTZCET Ref. Debit Credit Balance DON 3,700 DR May 31 Balance Jun DEANR NOONTE DEANS Jun Jun AN OROSS ANNY MMmbe (Q=310-210-1.AcctsPay1_week1) Account: APC - Bookheamoth Account No. 210-1 y sheldon EYSHELDON DEAN COONTZ Date Description Ref. Debit Credit Balance DEAN NOO Мay 31 Balance 2,876 CR SHELDON HABOLD RO Jun Jun DICK FRANCH Jun DEANE O (Q=310-2 DON Account: APC - Peachson Account No. 210-2 ANG Date Description Ref. Debit Credit Balance 0ZINOOX May 31 Balance 3,575 CR AN HEINI Jun Jun Jun y sheldon NEY SHELDON Account: APC - Deterministic Garage (Q=310-2 LAN Account No. 210-3 DHEY SHELDON HABOLD ROn Date Description Ref. Debit Credit Balance MORNIN May 31 Balance 3,834 CR DICK FRANCIS Jun Jun DON v Jun (Q=310-210-4.AcctsPa Account: APC - Books R Us Account No. 210-4 Date Description Ref. Debit Credit Balance May 31 Balance 1,970 CR Jun y sheldon DEAN OONTZ RARS PHARE Jun NOOTEHSE Jun SHELDON HAROLD ROS Tm T S (Q=320-100.Ca MORKING. GENERAL LEDGER DICK FRANCIS TUNE BOLY Account: Cash Account No. 100 REAN KOONTZ C DON Date Description Ref. Debit Credit Balance May 31 Balance 28,252 DR acuRAN DEAN XOONIZ DEANR Jun Jun Jun (Q=320-110.AcctsRecCont Account: ARC - Accounts Receivable Control ey sheldon NEY SHELDON RERS THEART Account No. 110 Date Description Ref. Debit Credit Balance AN NDO MHE 13,177 DRELDON May 31 Balance HANOLD RO Jun Jun DICK FRANCIS TE E INCISTOUNE T Jun Account: Sales Revenue Account No. 400 DICK FRANCIS 10TDE AUL Date Description Ref. Debit Credit Balance 31 Balance 0DON DEAND KOONTZCD May Jun RIAM DEANQ Jun Jun (Q=320-402.SalesDisc_w- Account: Sales Discounts WASKNTY ME Munbe Account No. 402 ysheldon EYSHELDON Date Description Ref. Debit Credit Balance DEAN KOONTZ RRS HARE T May 31 Balance Jun SHELDON M HABOLD RO Jun MORNING Jun SERTT T DICK FRANCIS ME (Q=320-500.Purchases_w Account: Purchases la DEANE KOONIZCAD Account No. 500 DON BANE Date Description Ref. Debit Credit Balance DEANR XOONTZ May 31 Balance Jun Jun WANNNTY M Manyher Jun ey sheldon (Q=320-502.PurchaseDisc_w Account: Purchase Discounts ey sheldon NEY SHELDON Account: Purchase Discounts Account No. 502 Date Description Ref. Debit Credit Balance SHELDON May 31 Balance Jun Jun Jun DON H > > Show All Special Journals General Journal Subsidiary Ledgers General Ledger (Q=301.salesJournalWeek1) SALES JOURNAL y sholdon NEY SHELDON TOONIZ FHART Invoice Post Date Account Атount No. Ref. DHEY SHELDON HAROLD ROSth (select) Jun STIN DEMI NORNIN Jun (select) LRRY (select) OICK FRANCIS O E B SerT T Jun Jun (select) la DON DEANE ONTE CHT (Q=302.purchasesJournalWeek1) DEAN G PURCHASES JOURNAL XOONIZ Post Date Account Terms Amount Ref. AN CROS (select) EAN ANTY MManle Jun (select) Jun ey sheldon NEY SHELDON RERS HARE (select) DEAN Jun (select) ULAN NOO Jun DNEY SHELDON " HAROLD ROn st (Q=303.cashReceiptsJournalWeek1) MORING Now that you have reviewed information about Spine Tinglers, you are ready to begin the first step in the accounting cycle, recording transactions. On this page of the practice set, you are asked to record transactions that occurred during the first week of June into the company's journals and post the appropriate entries to the ledger accounts. The following transactions occurred throughout the first week of June: Week 1 Date Transaction description Obtained a loan of $47,000 from ZNZ Bank at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2020 and the principal of the loan is to be repaid on June 1, 2025. 1 2 Paid the full amount owing to Peachson, Check No. 603. Payment fell within discount period. 3 Purchased 100 copies of Barry Plotter and the Profits of Revalued Land with cash for $12 each, Check No. 604. Purchased 110 copies of Backpackers Guide to the Universe from Bookheamoth for $11 each, terms 2/10, n/30. 4 4 Paid the full amount owing to Books R Us, Check No. 605. Payment fell within discount period. 4 Sold 145 copies of Barry Plotter and the Deathly Taxes to Attic Books for $50 each, Invoice No. 501. 4 Made cash sales of $6,535 during the first 4 days of the month. 5 Purchased 95 copies of Human Ranch from Deterministic Garage for $19 each, terms net 30. After completing this practice set page, you should know how to record basic transactions in the journals provided below and understand the posting process in the manual accounting system. Note that you will record the remaining June transactions in the following sections of this practice set. Remember, one purpose of using special journals is to make the posting process more efficient by posting the total of most columns in the special journals after all of the transactions for the period have been recorded. However, some parts of a journal entry are still required to be posted on a daily basis. View the company's accounting policies and procedurest for details of what is to be posted daily or monthly. Instructions for week 1 1) Record all week 1 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 do this before you prepare the Bank Reconciliation Statement. 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 amount, subtract the discount from the original amount. Additional instructions Displaying selected accounting records: • To save space, not all accounting records (e.g. journals and ledgers) will be displayed on every page. However, on each page you can access all accounting records necessary to answer the questions on that page. · There are several tabs representing different views of the accounting records. The active tab by default is Show All, but you may also select to view just one particular accounting record by selecting the appropriate tab. - If you fill in any accounting records and change the view on the page by selecting a different tab, the information that you have entered will remain in that accounting record and be displayed whenever you can see that accounting record. · Before submitting your answers, we recommend that you click the Show All tab and check that all relevant accounting records have been completed. You are required to complete all relevant accounting records before pressing the Submit answers button. Once submitted, you will not be able to return to the page to re-enter or alter your answers. Journals: · 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. · 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 points. 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. 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 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. - 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. • 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 grading 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 points. - 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 points, 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 the page. • Some journals and ledgers may not require any entries. KOONTZ CASH RECEIPTS JOURNAL IT TI Note: In order to receive full points, for each transaction you must select an account under the column labeled 'Account', as indicated under the additional instructions above. Since all transactions in this journal affect the Cash 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. DON Debit Credit Post Date Аcсount Ref. Sales Discounts Accounts Revenue Receivable Accounts Sales Other Cash IAM DEANG XOONIZ Jun (select) IKAN KENTZ Jun (select) CROS Jun (select) Jun (select) eldon ELDON RERS HARE Jun (select) (select). 10ON NY HARCLD ROBNS Jun (Q=304.cashPaymentsJournalWeek1) MORNINS CASH PAYMENTS JOURNAL Note: In order to receive full points, for each transaction you must select an account under the column labeled 'Account', as indicated under the additional instructions above. Since all transactions in this journal affect the Cash 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. DEAND KOON Debit Credit Check No. Post Ref. Date Account Purchase Discounts Accounts Other Accounts Purchases Cash DEANR XOONIE DEANR Payable Jun (select) Jun (select) 5SOHO CROSS Jun (select) (select) Jun RRS HEARE DEAN Jun (select) Jun (select) HAROLD RO 00 GENERAL JOURNAL DICK FRANCIS E Post Date Account and Explanation Debit Credit Ref. DEAND DON Jun (select) (select) DEANQ XOONIE (select). IKAN KNTZ, Jun OROSS (select) B r EAN HNY MMude (select) ey sheldon NEY SHELDON Jun RERS HARE DEAN (select). MIIH DNEY SHELDON (Q=310-110-3.AcctsRec3_week1) NEL BEMI NORKING. SUBSIDIARY LEDGERS Account: ARC - Attic Books SEOTT cerr nm DICK FRANCIS E S Account No. 110-3 Date Description DEAND KOONTZCET Ref. Debit Credit Balance DON 3,700 DR May 31 Balance Jun DEANR NOONTE DEANS Jun Jun AN OROSS ANNY MMmbe (Q=310-210-1.AcctsPay1_week1) Account: APC - Bookheamoth Account No. 210-1 y sheldon EYSHELDON DEAN COONTZ Date Description Ref. Debit Credit Balance DEAN NOO Мay 31 Balance 2,876 CR SHELDON HABOLD RO Jun Jun DICK FRANCH Jun DEANE O (Q=310-2 DON Account: APC - Peachson Account No. 210-2 ANG Date Description Ref. Debit Credit Balance 0ZINOOX May 31 Balance 3,575 CR AN HEINI Jun Jun Jun y sheldon NEY SHELDON Account: APC - Deterministic Garage (Q=310-2 LAN Account No. 210-3 DHEY SHELDON HABOLD ROn Date Description Ref. Debit Credit Balance MORNIN May 31 Balance 3,834 CR DICK FRANCIS Jun Jun DON v Jun (Q=310-210-4.AcctsPa Account: APC - Books R Us Account No. 210-4 Date Description Ref. Debit Credit Balance May 31 Balance 1,970 CR Jun y sheldon DEAN OONTZ RARS PHARE Jun NOOTEHSE Jun SHELDON HAROLD ROS Tm T S (Q=320-100.Ca MORKING. GENERAL LEDGER DICK FRANCIS TUNE BOLY Account: Cash Account No. 100 REAN KOONTZ C DON Date Description Ref. Debit Credit Balance May 31 Balance 28,252 DR acuRAN DEAN XOONIZ DEANR Jun Jun Jun (Q=320-110.AcctsRecCont Account: ARC - Accounts Receivable Control ey sheldon NEY SHELDON RERS THEART Account No. 110 Date Description Ref. Debit Credit Balance AN NDO MHE 13,177 DRELDON May 31 Balance HANOLD RO Jun Jun DICK FRANCIS TE E INCISTOUNE T Jun Account: Sales Revenue Account No. 400 DICK FRANCIS 10TDE AUL Date Description Ref. Debit Credit Balance 31 Balance 0DON DEAND KOONTZCD May Jun RIAM DEANQ Jun Jun (Q=320-402.SalesDisc_w- Account: Sales Discounts WASKNTY ME Munbe Account No. 402 ysheldon EYSHELDON Date Description Ref. Debit Credit Balance DEAN KOONTZ RRS HARE T May 31 Balance Jun SHELDON M HABOLD RO Jun MORNING Jun SERTT T DICK FRANCIS ME (Q=320-500.Purchases_w Account: Purchases la DEANE KOONIZCAD Account No. 500 DON BANE Date Description Ref. Debit Credit Balance DEANR XOONTZ May 31 Balance Jun Jun WANNNTY M Manyher Jun ey sheldon (Q=320-502.PurchaseDisc_w Account: Purchase Discounts ey sheldon NEY SHELDON Account: Purchase Discounts Account No. 502 Date Description Ref. Debit Credit Balance SHELDON May 31 Balance Jun Jun Jun DON H > > Show All Special Journals General Journal Subsidiary Ledgers General Ledger (Q=301.salesJournalWeek1) SALES JOURNAL y sholdon NEY SHELDON TOONIZ FHART Invoice Post Date Account Атount No. Ref. DHEY SHELDON HAROLD ROSth (select) Jun STIN DEMI NORNIN Jun (select) LRRY (select) OICK FRANCIS O E B SerT T Jun Jun (select) la DON DEANE ONTE CHT (Q=302.purchasesJournalWeek1) DEAN G PURCHASES JOURNAL XOONIZ Post Date Account Terms Amount Ref. AN CROS (select) EAN ANTY MManle Jun (select) Jun ey sheldon NEY SHELDON RERS HARE (select) DEAN Jun (select) ULAN NOO Jun DNEY SHELDON " HAROLD ROn st (Q=303.cashReceiptsJournalWeek1) MORING Now that you have reviewed information about Spine Tinglers, you are ready to begin the first step in the accounting cycle, recording transactions. On this page of the practice set, you are asked to record transactions that occurred during the first week of June into the company's journals and post the appropriate entries to the ledger accounts. The following transactions occurred throughout the first week of June: Week 1 Date Transaction description Obtained a loan of $47,000 from ZNZ Bank at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2020 and the principal of the loan is to be repaid on June 1, 2025. 1 2 Paid the full amount owing to Peachson, Check No. 603. Payment fell within discount period. 3 Purchased 100 copies of Barry Plotter and the Profits of Revalued Land with cash for $12 each, Check No. 604. Purchased 110 copies of Backpackers Guide to the Universe from Bookheamoth for $11 each, terms 2/10, n/30. 4 4 Paid the full amount owing to Books R Us, Check No. 605. Payment fell within discount period. 4 Sold 145 copies of Barry Plotter and the Deathly Taxes to Attic Books for $50 each, Invoice No. 501. 4 Made cash sales of $6,535 during the first 4 days of the month. 5 Purchased 95 copies of Human Ranch from Deterministic Garage for $19 each, terms net 30. After completing this practice set page, you should know how to record basic transactions in the journals provided below and understand the posting process in the manual accounting system. Note that you will record the remaining June transactions in the following sections of this practice set. Remember, one purpose of using special journals is to make the posting process more efficient by posting the total of most columns in the special journals after all of the transactions for the period have been recorded. However, some parts of a journal entry are still required to be posted on a daily basis. View the company's accounting policies and procedurest for details of what is to be posted daily or monthly. Instructions for week 1 1) Record all week 1 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 do this before you prepare the Bank Reconciliation Statement. 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 amount, subtract the discount from the original amount. Additional instructions Displaying selected accounting records: • To save space, not all accounting records (e.g. journals and ledgers) will be displayed on every page. However, on each page you can access all accounting records necessary to answer the questions on that page. · There are several tabs representing different views of the accounting records. The active tab by default is Show All, but you may also select to view just one particular accounting record by selecting the appropriate tab. - If you fill in any accounting records and change the view on the page by selecting a different tab, the information that you have entered will remain in that accounting record and be displayed whenever you can see that accounting record. · Before submitting your answers, we recommend that you click the Show All tab and check that all relevant accounting records have been completed. You are required to complete all relevant accounting records before pressing the Submit answers button. Once submitted, you will not be able to return to the page to re-enter or alter your answers. Journals: · 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. · 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 points. 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. 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 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. - 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. • 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 grading 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 points. - 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 points, 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 the page. • Some journals and ledgers may not require any entries. KOONTZ CASH RECEIPTS JOURNAL IT TI Note: In order to receive full points, for each transaction you must select an account under the column labeled 'Account', as indicated under the additional instructions above. Since all transactions in this journal affect the Cash 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. DON Debit Credit Post Date Аcсount Ref. Sales Discounts Accounts Revenue Receivable Accounts Sales Other Cash IAM DEANG XOONIZ Jun (select) IKAN KENTZ Jun (select) CROS Jun (select) Jun (select) eldon ELDON RERS HARE Jun (select) (select). 10ON NY HARCLD ROBNS Jun (Q=304.cashPaymentsJournalWeek1) MORNINS CASH PAYMENTS JOURNAL Note: In order to receive full points, for each transaction you must select an account under the column labeled 'Account', as indicated under the additional instructions above. Since all transactions in this journal affect the Cash 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. DEAND KOON Debit Credit Check No. Post Ref. Date Account Purchase Discounts Accounts Other Accounts Purchases Cash DEANR XOONIE DEANR Payable Jun (select) Jun (select) 5SOHO CROSS Jun (select) (select) Jun RRS HEARE DEAN Jun (select) Jun (select) HAROLD RO 00 GENERAL JOURNAL DICK FRANCIS E Post Date Account and Explanation Debit Credit Ref. DEAND DON Jun (select) (select) DEANQ XOONIE (select). IKAN KNTZ, Jun OROSS (select) B r EAN HNY MMude (select) ey sheldon NEY SHELDON Jun RERS HARE DEAN (select). MIIH DNEY SHELDON (Q=310-110-3.AcctsRec3_week1) NEL BEMI NORKING. SUBSIDIARY LEDGERS Account: ARC - Attic Books SEOTT cerr nm DICK FRANCIS E S Account No. 110-3 Date Description DEAND KOONTZCET Ref. Debit Credit Balance DON 3,700 DR May 31 Balance Jun DEANR NOONTE DEANS Jun Jun AN OROSS ANNY MMmbe (Q=310-210-1.AcctsPay1_week1) Account: APC - Bookheamoth Account No. 210-1 y sheldon EYSHELDON DEAN COONTZ Date Description Ref. Debit Credit Balance DEAN NOO Мay 31 Balance 2,876 CR SHELDON HABOLD RO Jun Jun DICK FRANCH Jun DEANE O (Q=310-2 DON Account: APC - Peachson Account No. 210-2 ANG Date Description Ref. Debit Credit Balance 0ZINOOX May 31 Balance 3,575 CR AN HEINI Jun Jun Jun y sheldon NEY SHELDON Account: APC - Deterministic Garage (Q=310-2 LAN Account No. 210-3 DHEY SHELDON HABOLD ROn Date Description Ref. Debit Credit Balance MORNIN May 31 Balance 3,834 CR DICK FRANCIS Jun Jun DON v Jun (Q=310-210-4.AcctsPa Account: APC - Books R Us Account No. 210-4 Date Description Ref. Debit Credit Balance May 31 Balance 1,970 CR Jun y sheldon DEAN OONTZ RARS PHARE Jun NOOTEHSE Jun SHELDON HAROLD ROS Tm T S (Q=320-100.Ca MORKING. GENERAL LEDGER DICK FRANCIS TUNE BOLY Account: Cash Account No. 100 REAN KOONTZ C DON Date Description Ref. Debit Credit Balance May 31 Balance 28,252 DR acuRAN DEAN XOONIZ DEANR Jun Jun Jun (Q=320-110.AcctsRecCont Account: ARC - Accounts Receivable Control ey sheldon NEY SHELDON RERS THEART Account No. 110 Date Description Ref. Debit Credit Balance AN NDO MHE 13,177 DRELDON May 31 Balance HANOLD RO Jun Jun DICK FRANCIS TE E INCISTOUNE T Jun Account: Sales Revenue Account No. 400 DICK FRANCIS 10TDE AUL Date Description Ref. Debit Credit Balance 31 Balance 0DON DEAND KOONTZCD May Jun RIAM DEANQ Jun Jun (Q=320-402.SalesDisc_w- Account: Sales Discounts WASKNTY ME Munbe Account No. 402 ysheldon EYSHELDON Date Description Ref. Debit Credit Balance DEAN KOONTZ RRS HARE T May 31 Balance Jun SHELDON M HABOLD RO Jun MORNING Jun SERTT T DICK FRANCIS ME (Q=320-500.Purchases_w Account: Purchases la DEANE KOONIZCAD Account No. 500 DON BANE Date Description Ref. Debit Credit Balance DEANR XOONTZ May 31 Balance Jun Jun WANNNTY M Manyher Jun ey sheldon (Q=320-502.PurchaseDisc_w Account: Purchase Discounts ey sheldon NEY SHELDON Account: Purchase Discounts Account No. 502 Date Description Ref. Debit Credit Balance SHELDON May 31 Balance Jun Jun Jun DON H > > Show All Special Journals General Journal Subsidiary Ledgers General Ledger (Q=301.salesJournalWeek1) SALES JOURNAL y sholdon NEY SHELDON TOONIZ FHART Invoice Post Date Account Атount No. Ref. DHEY SHELDON HAROLD ROSth (select) Jun STIN DEMI NORNIN Jun (select) LRRY (select) OICK FRANCIS O E B SerT T Jun Jun (select) la DON DEANE ONTE CHT (Q=302.purchasesJournalWeek1) DEAN G PURCHASES JOURNAL XOONIZ Post Date Account Terms Amount Ref. AN CROS (select) EAN ANTY MManle Jun (select) Jun ey sheldon NEY SHELDON RERS HARE (select) DEAN Jun (select) ULAN NOO Jun DNEY SHELDON " HAROLD ROn st (Q=303.cashReceiptsJournalWeek1) MORING Now that you have reviewed information about Spine Tinglers, you are ready to begin the first step in the accounting cycle, recording transactions. On this page of the practice set, you are asked to record transactions that occurred during the first week of June into the company's journals and post the appropriate entries to the ledger accounts. The following transactions occurred throughout the first week of June: Week 1 Date Transaction description Obtained a loan of $47,000 from ZNZ Bank at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2020 and the principal of the loan is to be repaid on June 1, 2025. 1 2 Paid the full amount owing to Peachson, Check No. 603. Payment fell within discount period. 3 Purchased 100 copies of Barry Plotter and the Profits of Revalued Land with cash for $12 each, Check No. 604. Purchased 110 copies of Backpackers Guide to the Universe from Bookheamoth for $11 each, terms 2/10, n/30. 4 4 Paid the full amount owing to Books R Us, Check No. 605. Payment fell within discount period. 4 Sold 145 copies of Barry Plotter and the Deathly Taxes to Attic Books for $50 each, Invoice No. 501. 4 Made cash sales of $6,535 during the first 4 days of the month. 5 Purchased 95 copies of Human Ranch from Deterministic Garage for $19 each, terms net 30. After completing this practice set page, you should know how to record basic transactions in the journals provided below and understand the posting process in the manual accounting system. Note that you will record the remaining June transactions in the following sections of this practice set. Remember, one purpose of using special journals is to make the posting process more efficient by posting the total of most columns in the special journals after all of the transactions for the period have been recorded. However, some parts of a journal entry are still required to be posted on a daily basis. View the company's accounting policies and procedurest for details of what is to be posted daily or monthly. Instructions for week 1 1) Record all week 1 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 do this before you prepare the Bank Reconciliation Statement. 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 amount, subtract the discount from the original amount. Additional instructions Displaying selected accounting records: • To save space, not all accounting records (e.g. journals and ledgers) will be displayed on every page. However, on each page you can access all accounting records necessary to answer the questions on that page. · There are several tabs representing different views of the accounting records. The active tab by default is Show All, but you may also select to view just one particular accounting record by selecting the appropriate tab. - If you fill in any accounting records and change the view on the page by selecting a different tab, the information that you have entered will remain in that accounting record and be displayed whenever you can see that accounting record. · Before submitting your answers, we recommend that you click the Show All tab and check that all relevant accounting records have been completed. You are required to complete all relevant accounting records before pressing the Submit answers button. Once submitted, you will not be able to return to the page to re-enter or alter your answers. Journals: · 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. · 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 points. 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. 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 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. - 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. • 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 grading 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 points. - 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 points, 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 the page. • Some journals and ledgers may not require any entries. KOONTZ CASH RECEIPTS JOURNAL IT TI Note: In order to receive full points, for each transaction you must select an account under the column labeled 'Account', as indicated under the additional instructions above. Since all transactions in this journal affect the Cash 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. DON Debit Credit Post Date Аcсount Ref. Sales Discounts Accounts Revenue Receivable Accounts Sales Other Cash IAM DEANG XOONIZ Jun (select) IKAN KENTZ Jun (select) CROS Jun (select) Jun (select) eldon ELDON RERS HARE Jun (select) (select). 10ON NY HARCLD ROBNS Jun (Q=304.cashPaymentsJournalWeek1) MORNINS CASH PAYMENTS JOURNAL Note: In order to receive full points, for each transaction you must select an account under the column labeled 'Account', as indicated under the additional instructions above. Since all transactions in this journal affect the Cash 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. DEAND KOON Debit Credit Check No. Post Ref. Date Account Purchase Discounts Accounts Other Accounts Purchases Cash DEANR XOONIE DEANR Payable Jun (select) Jun (select) 5SOHO CROSS Jun (select) (select) Jun RRS HEARE DEAN Jun (select) Jun (select) HAROLD RO 00 GENERAL JOURNAL DICK FRANCIS E Post Date Account and Explanation Debit Credit Ref. DEAND DON Jun (select) (select) DEANQ XOONIE (select). IKAN KNTZ, Jun OROSS (select) B r EAN HNY MMude (select) ey sheldon NEY SHELDON Jun RERS HARE DEAN (select). MIIH DNEY SHELDON (Q=310-110-3.AcctsRec3_week1) NEL BEMI NORKING. SUBSIDIARY LEDGERS Account: ARC - Attic Books SEOTT cerr nm DICK FRANCIS E S Account No. 110-3 Date Description DEAND KOONTZCET Ref. Debit Credit Balance DON 3,700 DR May 31 Balance Jun DEANR NOONTE DEANS Jun Jun AN OROSS ANNY MMmbe (Q=310-210-1.AcctsPay1_week1) Account: APC - Bookheamoth Account No. 210-1 y sheldon EYSHELDON DEAN COONTZ Date Description Ref. Debit Credit Balance DEAN NOO Мay 31 Balance 2,876 CR SHELDON HABOLD RO Jun Jun DICK FRANCH Jun DEANE O (Q=310-2 DON Account: APC - Peachson Account No. 210-2 ANG Date Description Ref. Debit Credit Balance 0ZINOOX May 31 Balance 3,575 CR AN HEINI Jun Jun Jun y sheldon NEY SHELDON Account: APC - Deterministic Garage (Q=310-2 LAN Account No. 210-3 DHEY SHELDON HABOLD ROn Date Description Ref. Debit Credit Balance MORNIN May 31 Balance 3,834 CR DICK FRANCIS Jun Jun DON v Jun (Q=310-210-4.AcctsPa Account: APC - Books R Us Account No. 210-4 Date Description Ref. Debit Credit Balance May 31 Balance 1,970 CR Jun y sheldon DEAN OONTZ RARS PHARE Jun NOOTEHSE Jun SHELDON HAROLD ROS Tm T S (Q=320-100.Ca MORKING. GENERAL LEDGER DICK FRANCIS TUNE BOLY Account: Cash Account No. 100 REAN KOONTZ C DON Date Description Ref. Debit Credit Balance May 31 Balance 28,252 DR acuRAN DEAN XOONIZ DEANR Jun Jun Jun (Q=320-110.AcctsRecCont Account: ARC - Accounts Receivable Control ey sheldon NEY SHELDON RERS THEART Account No. 110 Date Description Ref. Debit Credit Balance AN NDO MHE 13,177 DRELDON May 31 Balance HANOLD RO Jun Jun DICK FRANCIS TE E INCISTOUNE T Jun Account: Sales Revenue Account No. 400 DICK FRANCIS 10TDE AUL Date Description Ref. Debit Credit Balance 31 Balance 0DON DEAND KOONTZCD May Jun RIAM DEANQ Jun Jun (Q=320-402.SalesDisc_w- Account: Sales Discounts WASKNTY ME Munbe Account No. 402 ysheldon EYSHELDON Date Description Ref. Debit Credit Balance DEAN KOONTZ RRS HARE T May 31 Balance Jun SHELDON M HABOLD RO Jun MORNING Jun SERTT T DICK FRANCIS ME (Q=320-500.Purchases_w Account: Purchases la DEANE KOONIZCAD Account No. 500 DON BANE Date Description Ref. Debit Credit Balance DEANR XOONTZ May 31 Balance Jun Jun WANNNTY M Manyher Jun ey sheldon (Q=320-502.PurchaseDisc_w Account: Purchase Discounts ey sheldon NEY SHELDON Account: Purchase Discounts Account No. 502 Date Description Ref. Debit Credit Balance SHELDON May 31 Balance Jun Jun Jun DON H > > Show All Special Journals General Journal Subsidiary Ledgers General Ledger (Q=301.salesJournalWeek1) SALES JOURNAL y sholdon NEY SHELDON TOONIZ FHART Invoice Post Date Account Атount No. Ref. DHEY SHELDON HAROLD ROSth (select) Jun STIN DEMI NORNIN Jun (select) LRRY (select) OICK FRANCIS O E B SerT T Jun Jun (select) la DON DEANE ONTE CHT (Q=302.purchasesJournalWeek1) DEAN G PURCHASES JOURNAL XOONIZ Post Date Account Terms Amount Ref. AN CROS (select) EAN ANTY MManle Jun (select) Jun ey sheldon NEY SHELDON RERS HARE (select) DEAN Jun (select) ULAN NOO Jun DNEY SHELDON " HAROLD ROn st (Q=303.cashReceiptsJournalWeek1) MORING Now that you have reviewed information about Spine Tinglers, you are ready to begin the first step in the accounting cycle, recording transactions. On this page of the practice set, you are asked to record transactions that occurred during the first week of June into the company's journals and post the appropriate entries to the ledger accounts. The following transactions occurred throughout the first week of June: Week 1 Date Transaction description Obtained a loan of $47,000 from ZNZ Bank at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2020 and the principal of the loan is to be repaid on June 1, 2025. 1 2 Paid the full amount owing to Peachson, Check No. 603. Payment fell within discount period. 3 Purchased 100 copies of Barry Plotter and the Profits of Revalued Land with cash for $12 each, Check No. 604. Purchased 110 copies of Backpackers Guide to the Universe from Bookheamoth for $11 each, terms 2/10, n/30. 4 4 Paid the full amount owing to Books R Us, Check No. 605. Payment fell within discount period. 4 Sold 145 copies of Barry Plotter and the Deathly Taxes to Attic Books for $50 each, Invoice No. 501. 4 Made cash sales of $6,535 during the first 4 days of the month. 5 Purchased 95 copies of Human Ranch from Deterministic Garage for $19 each, terms net 30. After completing this practice set page, you should know how to record basic transactions in the journals provided below and understand the posting process in the manual accounting system. Note that you will record the remaining June transactions in the following sections of this practice set. Remember, one purpose of using special journals is to make the posting process more efficient by posting the total of most columns in the special journals after all of the transactions for the period have been recorded. However, some parts of a journal entry are still required to be posted on a daily basis. View the company's accounting policies and procedurest for details of what is to be posted daily or monthly. Instructions for week 1 1) Record all week 1 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 do this before you prepare the Bank Reconciliation Statement. 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 amount, subtract the discount from the original amount. Additional instructions Displaying selected accounting records: • To save space, not all accounting records (e.g. journals and ledgers) will be displayed on every page. However, on each page you can access all accounting records necessary to answer the questions on that page. · There are several tabs representing different views of the accounting records. The active tab by default is Show All, but you may also select to view just one particular accounting record by selecting the appropriate tab. - If you fill in any accounting records and change the view on the page by selecting a different tab, the information that you have entered will remain in that accounting record and be displayed whenever you can see that accounting record. · Before submitting your answers, we recommend that you click the Show All tab and check that all relevant accounting records have been completed. You are required to complete all relevant accounting records before pressing the Submit answers button. Once submitted, you will not be able to return to the page to re-enter or alter your answers. Journals: · 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. · 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 points. 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. 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 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. - 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. • 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 grading 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 points. - 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 points, 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 the page. • Some journals and ledgers may not require any entries. KOONTZ CASH RECEIPTS JOURNAL IT TI Note: In order to receive full points, for each transaction you must select an account under the column labeled 'Account', as indicated under the additional instructions above. Since all transactions in this journal affect the Cash 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. DON Debit Credit Post Date Аcсount Ref. Sales Discounts Accounts Revenue Receivable Accounts Sales Other Cash IAM DEANG XOONIZ Jun (select) IKAN KENTZ Jun (select) CROS Jun (select) Jun (select) eldon ELDON RERS HARE Jun (select) (select). 10ON NY HARCLD ROBNS Jun (Q=304.cashPaymentsJournalWeek1) MORNINS CASH PAYMENTS JOURNAL Note: In order to receive full points, for each transaction you must select an account under the column labeled 'Account', as indicated under the additional instructions above. Since all transactions in this journal affect the Cash 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. DEAND KOON Debit Credit Check No. Post Ref. Date Account Purchase Discounts Accounts Other Accounts Purchases Cash DEANR XOONIE DEANR Payable Jun (select) Jun (select) 5SOHO CROSS Jun (select) (select) Jun RRS HEARE DEAN Jun (select) Jun (select) HAROLD RO 00 GENERAL JOURNAL DICK FRANCIS E Post Date Account and Explanation Debit Credit Ref. DEAND DON Jun (select) (select) DEANQ XOONIE (select). IKAN KNTZ, Jun OROSS (select) B r EAN HNY MMude (select) ey sheldon NEY SHELDON Jun RERS HARE DEAN (select). MIIH DNEY SHELDON (Q=310-110-3.AcctsRec3_week1) NEL BEMI NORKING. SUBSIDIARY LEDGERS Account: ARC - Attic Books SEOTT cerr nm DICK FRANCIS E S Account No. 110-3 Date Description DEAND KOONTZCET Ref. Debit Credit Balance DON 3,700 DR May 31 Balance Jun DEANR NOONTE DEANS Jun Jun AN OROSS ANNY MMmbe (Q=310-210-1.AcctsPay1_week1) Account: APC - Bookheamoth Account No. 210-1 y sheldon EYSHELDON DEAN COONTZ Date Description Ref. Debit Credit Balance DEAN NOO Мay 31 Balance 2,876 CR SHELDON HABOLD RO Jun Jun DICK FRANCH Jun DEANE O (Q=310-2 DON Account: APC - Peachson Account No. 210-2 ANG Date Description Ref. Debit Credit Balance 0ZINOOX May 31 Balance 3,575 CR AN HEINI Jun Jun Jun y sheldon NEY SHELDON Account: APC - Deterministic Garage (Q=310-2 LAN Account No. 210-3 DHEY SHELDON HABOLD ROn Date Description Ref. Debit Credit Balance MORNIN May 31 Balance 3,834 CR DICK FRANCIS Jun Jun DON v Jun (Q=310-210-4.AcctsPa Account: APC - Books R Us Account No. 210-4 Date Description Ref. Debit Credit Balance May 31 Balance 1,970 CR Jun y sheldon DEAN OONTZ RARS PHARE Jun NOOTEHSE Jun SHELDON HAROLD ROS Tm T S (Q=320-100.Ca MORKING. GENERAL LEDGER DICK FRANCIS TUNE BOLY Account: Cash Account No. 100 REAN KOONTZ C DON Date Description Ref. Debit Credit Balance May 31 Balance 28,252 DR acuRAN DEAN XOONIZ DEANR Jun Jun Jun (Q=320-110.AcctsRecCont Account: ARC - Accounts Receivable Control ey sheldon NEY SHELDON RERS THEART Account No. 110 Date Description Ref. Debit Credit Balance AN NDO MHE 13,177 DRELDON May 31 Balance HANOLD RO Jun Jun DICK FRANCIS TE E INCISTOUNE T Jun Account: Sales Revenue Account No. 400 DICK FRANCIS 10TDE AUL Date Description Ref. Debit Credit Balance 31 Balance 0DON DEAND KOONTZCD May Jun RIAM DEANQ Jun Jun (Q=320-402.SalesDisc_w- Account: Sales Discounts WASKNTY ME Munbe Account No. 402 ysheldon EYSHELDON Date Description Ref. Debit Credit Balance DEAN KOONTZ RRS HARE T May 31 Balance Jun SHELDON M HABOLD RO Jun MORNING Jun SERTT T DICK FRANCIS ME (Q=320-500.Purchases_w Account: Purchases la DEANE KOONIZCAD Account No. 500 DON BANE Date Description Ref. Debit Credit Balance DEANR XOONTZ May 31 Balance Jun Jun WANNNTY M Manyher Jun ey sheldon (Q=320-502.PurchaseDisc_w Account: Purchase Discounts ey sheldon NEY SHELDON Account: Purchase Discounts Account No. 502 Date Description Ref. Debit Credit Balance SHELDON May 31 Balance Jun Jun Jun DON H > > Show All Special Journals General Journal Subsidiary Ledgers General Ledger (Q=301.salesJournalWeek1) SALES JOURNAL y sholdon NEY SHELDON TOONIZ FHART Invoice Post Date Account Атount No. Ref. DHEY SHELDON HAROLD ROSth (select) Jun STIN DEMI NORNIN Jun (select) LRRY (select) OICK FRANCIS O E B SerT T Jun Jun (select) la DON DEANE ONTE CHT (Q=302.purchasesJournalWeek1) DEAN G PURCHASES JOURNAL XOONIZ Post Date Account Terms Amount Ref. AN CROS (select) EAN ANTY MManle Jun (select) Jun ey sheldon NEY SHELDON RERS HARE (select) DEAN Jun (select) ULAN NOO Jun DNEY SHELDON " HAROLD ROn st (Q=303.cashReceiptsJournalWeek1) MORING Now that you have reviewed information about Spine Tinglers, you are ready to begin the first step in the accounting cycle, recording transactions. On this page of the practice set, you are asked to record transactions that occurred during the first week of June into the company's journals and post the appropriate entries to the ledger accounts. The following transactions occurred throughout the first week of June: Week 1 Date Transaction description Obtained a loan of $47,000 from ZNZ Bank at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2020 and the principal of the loan is to be repaid on June 1, 2025. 1 2 Paid the full amount owing to Peachson, Check No. 603. Payment fell within discount period. 3 Purchased 100 copies of Barry Plotter and the Profits of Revalued Land with cash for $12 each, Check No. 604. Purchased 110 copies of Backpackers Guide to the Universe from Bookheamoth for $11 each, terms 2/10, n/30. 4 4 Paid the full amount owing to Books R Us, Check No. 605. Payment fell within discount period. 4 Sold 145 copies of Barry Plotter and the Deathly Taxes to Attic Books for $50 each, Invoice No. 501. 4 Made cash sales of $6,535 during the first 4 days of the month. 5 Purchased 95 copies of Human Ranch from Deterministic Garage for $19 each, terms net 30. After completing this practice set page, you should know how to record basic transactions in the journals provided below and understand the posting process in the manual accounting system. Note that you will record the remaining June transactions in the following sections of this practice set. Remember, one purpose of using special journals is to make the posting process more efficient by posting the total of most columns in the special journals after all of the transactions for the period have been recorded. However, some parts of a journal entry are still required to be posted on a daily basis. View the company's accounting policies and procedurest for details of what is to be posted daily or monthly. Instructions for week 1 1) Record all week 1 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 do this before you prepare the Bank Reconciliation Statement. 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 amount, subtract the discount from the original amount. Additional instructions Displaying selected accounting records: • To save space, not all accounting records (e.g. journals and ledgers) will be displayed on every page. However, on each page you can access all accounting records necessary to answer the questions on that page. · There are several tabs representing different views of the accounting records. The active tab by default is Show All, but you may also select to view just one particular accounting record by selecting the appropriate tab. - If you fill in any accounting records and change the view on the page by selecting a different tab, the information that you have entered will remain in that accounting record and be displayed whenever you can see that accounting record. · Before submitting your answers, we recommend that you click the Show All tab and check that all relevant accounting records have been completed. You are required to complete all relevant accounting records before pressing the Submit answers button. Once submitted, you will not be able to return to the page to re-enter or alter your answers. Journals: · 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. · 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 points. 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. 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 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. - 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. • 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 grading 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 points. - 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 points, 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 the page. • Some journals and ledgers may not require any entries. KOONTZ CASH RECEIPTS JOURNAL IT TI Note: In order to receive full points, for each transaction you must select an account under the column labeled 'Account', as indicated under the additional instructions above. Since all transactions in this journal affect the Cash 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. DON Debit Credit Post Date Аcсount Ref. Sales Discounts Accounts Revenue Receivable Accounts Sales Other Cash IAM DEANG XOONIZ Jun (select) IKAN KENTZ Jun (select) CROS Jun (select) Jun (select) eldon ELDON RERS HARE Jun (select) (select). 10ON NY HARCLD ROBNS Jun (Q=304.cashPaymentsJournalWeek1) MORNINS CASH PAYMENTS JOURNAL Note: In order to receive full points, for each transaction you must select an account under the column labeled 'Account', as indicated under the additional instructions above. Since all transactions in this journal affect the Cash 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. DEAND KOON Debit Credit Check No. Post Ref. Date Account Purchase Discounts Accounts Other Accounts Purchases Cash DEANR XOONIE DEANR Payable Jun (select) Jun (select) 5SOHO CROSS Jun (select) (select) Jun RRS HEARE DEAN Jun (select) Jun (select) HAROLD RO 00 GENERAL JOURNAL DICK FRANCIS E Post Date Account and Explanation Debit Credit Ref. DEAND DON Jun (select) (select) DEANQ XOONIE (select). IKAN KNTZ, Jun OROSS (select) B r EAN HNY MMude (select) ey sheldon NEY SHELDON Jun RERS HARE DEAN (select). MIIH DNEY SHELDON (Q=310-110-3.AcctsRec3_week1) NEL BEMI NORKING. SUBSIDIARY LEDGERS Account: ARC - Attic Books SEOTT cerr nm DICK FRANCIS E S Account No. 110-3 Date Description DEAND KOONTZCET Ref. Debit Credit Balance DON 3,700 DR May 31 Balance Jun DEANR NOONTE DEANS Jun Jun AN OROSS ANNY MMmbe (Q=310-210-1.AcctsPay1_week1) Account: APC - Bookheamoth Account No. 210-1 y sheldon EYSHELDON DEAN COONTZ Date Description Ref. Debit Credit Balance DEAN NOO Мay 31 Balance 2,876 CR SHELDON HABOLD RO Jun Jun DICK FRANCH Jun DEANE O (Q=310-2 DON Account: APC - Peachson Account No. 210-2 ANG Date Description Ref. Debit Credit Balance 0ZINOOX May 31 Balance 3,575 CR AN HEINI Jun Jun Jun y sheldon NEY SHELDON Account: APC - Deterministic Garage (Q=310-2 LAN Account No. 210-3 DHEY SHELDON HABOLD ROn Date Description Ref. Debit Credit Balance MORNIN May 31 Balance 3,834 CR DICK FRANCIS Jun Jun DON v Jun (Q=310-210-4.AcctsPa Account: APC - Books R Us Account No. 210-4 Date Description Ref. Debit Credit Balance May 31 Balance 1,970 CR Jun y sheldon DEAN OONTZ RARS PHARE Jun NOOTEHSE Jun SHELDON HAROLD ROS Tm T S (Q=320-100.Ca MORKING. GENERAL LEDGER DICK FRANCIS TUNE BOLY Account: Cash Account No. 100 REAN KOONTZ C DON Date Description Ref. Debit Credit Balance May 31 Balance 28,252 DR acuRAN DEAN XOONIZ DEANR Jun Jun Jun (Q=320-110.AcctsRecCont Account: ARC - Accounts Receivable Control ey sheldon NEY SHELDON RERS THEART Account No. 110 Date Description Ref. Debit Credit Balance AN NDO MHE 13,177 DRELDON May 31 Balance HANOLD RO Jun Jun DICK FRANCIS TE E INCISTOUNE T Jun Account: Sales Revenue Account No. 400 DICK FRANCIS 10TDE AUL Date Description Ref. Debit Credit Balance 31 Balance 0DON DEAND KOONTZCD May Jun RIAM DEANQ Jun Jun (Q=320-402.SalesDisc_w- Account: Sales Discounts WASKNTY ME Munbe Account No. 402 ysheldon EYSHELDON Date Description Ref. Debit Credit Balance DEAN KOONTZ RRS HARE T May 31 Balance Jun SHELDON M HABOLD RO Jun MORNING Jun SERTT T DICK FRANCIS ME (Q=320-500.Purchases_w Account: Purchases la DEANE KOONIZCAD Account No. 500 DON BANE Date Description Ref. Debit Credit Balance DEANR XOONTZ May 31 Balance Jun Jun WANNNTY M Manyher Jun ey sheldon (Q=320-502.PurchaseDisc_w Account: Purchase Discounts ey sheldon NEY SHELDON Account: Purchase Discounts Account No. 502 Date Description Ref. Debit Credit Balance SHELDON May 31 Balance Jun Jun Jun DON H > > Show All Special Journals General Journal Subsidiary Ledgers General Ledger (Q=301.salesJournalWeek1) SALES JOURNAL y sholdon NEY SHELDON TOONIZ FHART Invoice Post Date Account Атount No. Ref. DHEY SHELDON HAROLD ROSth (select) Jun STIN DEMI NORNIN Jun (select) LRRY (select) OICK FRANCIS O E B SerT T Jun Jun (select) la DON DEANE ONTE CHT (Q=302.purchasesJournalWeek1) DEAN G PURCHASES JOURNAL XOONIZ Post Date Account Terms Amount Ref. AN CROS (select) EAN ANTY MManle Jun (select) Jun ey sheldon NEY SHELDON RERS HARE (select) DEAN Jun (select) ULAN NOO Jun DNEY SHELDON " HAROLD ROn st (Q=303.cashReceiptsJournalWeek1) MORING
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