This is all of the information I have:
Now that you have reviewed information about Cover 2 Cover, 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 | |
1 | Purchased 25 boxes of copies of Barry Plotter and the Order of the Stock with cash for $160 each, Check No. 784. | |
1 | Obtained a loan of $40,000 from EastPac Bank at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2019 and the principal of the loan is to be repaid on June 1, 2024. | |
2 | Purchased 11 boxes of copies of Barry Plotter and the Chart of Accounts from Polar Bear Books for $360 each, terms net 30. | |
2 | Purchased 15 boxes of copies of Barry Plotter and the Half-paid Debt from Deterministic Garage for $300 each, terms 2/10, n/30 | |
2 | Paid the full amount owing to Albatross, Check No. 785. Payment fell outside discount period. | |
3 | Paid the full amount owing to Books R Us, Check No. 786. Payment fell outside discount period. | |
4 | Paid sales staff wages of $3,504 for the week up to and including yesterday, Check No. 787. Note that $2,000 of this payment relates to the wages expense incurred during the last week of May. | |
5 | Sold 19 boxes of copies of Barry Plotter and the Chart of Accounts to Cough-up bookstore for $540 each, plus 5% sales tax, Invoice No. 458. | |
5 | Made cash sale of 70 boxes of copies of Barry Plotter and the Order of the Stock for $400 each plus 5% sales tax. |
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 procedures 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 enter this before you prepare the Bank Reconciliation Statement.
3)Update inventory cards on a daily basis.
Remember to enter all answers to the nearest whole dollar. When calculating a discount, if a discount is not a whole number, round the discount to the nearest whole dollar. Then, to calculate the cash at bank amount, subtract the discount from the original amount.
Additional instructions
Displaying selected accounting records:
Journals:
Ledgers:
Both journals and ledgers:
Inventory cards:
This is all of the information I have: Now that you have reviewed information about Cover...
This is all of the information I have: Now that you have reviewed information about Cover 2 Cover, 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...
Now that you have reviewed information about Bradbury, 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 1 Issued Check No. 638 for $9,000 to pay...
Highly Confused right now on how to go about this problem, help please? Date Transaction description Obtained a loan of $52,000 from BitiBank 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, 2024. Purchased 100 copies of Barry Plotter and the Chart of Accounts from Noir Novels for $11 each, terms 2/10, n/30 Sold 80...
Transactions - week 3 Jsing the company's records that are provided below, you are now required to ecord transactions that occurred throughout the third week of June. The veek 3 transactions are listed below Week 3 Date Transaction description 15 Paid sales staff wages of S5,275 for the two weeks up to and including yesterday, Check No. 607 16 Sold 130 copies of Barry Plotter and the Chart of Accounts to Cliffs Notes for $41 each, Invoice No. 203 16...
Transactions - week 4 You are now asked to record transactions that occurred during the fourth week of June in the company's books, The week 4 transactions are listed below: Week 4 Date Transaction description 24 Made cash sales of $10,010 during the week. Paid the full amount owing to Booked Inn, Check No. 608. 25 25 Ordered 45 copies of Accidental Accountant from Quickdraw Peak for 516 each, agreed terms with Quickdraw Peak are 2/10, n/30 28 Paid the...
2) What is an AIS? a) A system is a set of two or more interrelated components that interact to achieve a goal. b) Systems are almost always composed of smaller subsystems, each performing a specific function supportive of the larger system. 3) AIS components a) Not just hardware and software, also includes i) People ii) Procedures iii) Data 4) Processing in accounting systems a) Capture transaction inputs. b) Record transaction data in journals c) Record the debits and credits...
Revenue and cash receipts journals; accounts receivable subsidiary and general ledgers Transactions related to revenue and cash receipts completed by Crowne Business Services Co. during the period April 2-30 are as follows: Apr. 2. Issued Invoice No. 793 to Ohr Co., $4,680. Apr. 5. Received cash from Mendez Co. for the balance owed on its account. Apr. 6. Issued Invoice No. 794 to Pinecrest Co., $1,990. Apr. 13. Issued Invoice No. 795 to Shilo Co., $3,450. Post revenue and collections...
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an accounting information system. 4. What is a special journal? 5. What is the purpose of a subsidiary ledger? 6. What is a control account? 7. List the four special journals often used in a manual accounting information system. What types of transactions are recorded in each of the special journals? 8. Explain the posting process of the sales journal. 9. Provide some examples of transactions that would be recorded in the Other Accounts CR column of the cash receipts...
Revenue and cash receipts journals; accounts receivable subsidiary and general ledgers Transactions related to revenue and cash receipts completed by Crowne Business Services Co. during the period April 2–30 are as follows: Apr. 2. Issued Invoice No. 793 to Ohr Co., $6,960. Apr. 5. Received cash from Mendez Co. for the balance owed on its account. Apr. 6. Issued Invoice No. 794 to Pinecrest Co., $2,510. Apr. 13. Issued Invoice No. 795 to Shilo Co., $3,740. Post revenue and collections...