Transactions - week 1 - Manual Accounting Practice Set...

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Manual Accounting Practice Set
Ball-Mart, Australasian Edition 3
Feedback: Transactions - week 1
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Now that you have reviewed information about Ball-Mart, 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 Mick's Sporting Goods paid the full amount owing on their account.
1 Issued Cheque No. 785 for $9,500 to pay Amy Wong Real Estate for two month's worth of rent in advance.
3 Made payment of $917 to PowerGen for 3 months of electricity up to and including 31 May, Cheque No. 786.
4 Paid sales staff wages of $2,060 for the week up to and including yesterday, Cheque No. 787. Note that
$1,143 of this payment relates to the wages expense incurred during the last week of May.
4 Issued Cheque No. 788 to Office Supplies Warehouse for the purchase of $307 worth of office supplies.
7 Paid the full amount owing to Hike, Cheque No. 789.
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
Record all week 1 transactions in the relevant journals. 1)

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.
Post entries recorded in the journals to the appropriate ledger accounts according to the company's accounting
policies and procedures .