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Transactions - week 1 - Transactions week 1 1:28 PM Manual...

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10/21/13 1:28 PM Transactions - week 1 Page 1 of 17 http://www.perdisco.com/elms/qsam/html/qsam.aspx Your progress Completed: 14% (approximately) Remaining pages will take: up to 18 hours The time frames we provide are a guide only. It may take you more or less time to complete each step. Your grading Your grading outcome (still in progress) Awarded Total Points (prior to this page) 0 0 Points (on this page) 246 246 Points ( after this page) 831 Total 246 1,077 Manual Accounting Practice Set Technology Boutique, US GAAP Edition 3 Feedback: Transactions - week 1 This is a feedback page. Please review this page carefully because later pages in this practice set build on the feedback provided here. After you have reviewed your feedback page, click Continue at the bottom of this page to move on to the next page of your practice set. Now that you have reviewed information about Hi-Fi Way, 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 Obtained a loan of $58,000 from BitiBank at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2013 and the principal of the loan is to be repaid on June 1, 2018. 2 Purchased 18 BlueBerry Phones from JCN Electrical for $400 each, terms net 30. 4 Sold 13 BlueBerry Phones to Turbo Tech for $640 each, plus 5% sales tax, Invoice No. 248. 4 Purchased 28 BG90 Plasma Televisions with cash for $880 each, Check No. 883. 5 Purchased 14 Mieca Camera Lenses from Moon Megasystems for $520 each, terms 2/10, n/30
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10/21/13 1:28 PM Transactions - week 1 Page 2 of 17 http://www.perdisco.com/elms/qsam/html/qsam.aspx 5 Made cash sale of 13 BG90 Plasma Televisions for $1,680 each plus 5% sales tax. 6 Paid the full amount owing to Mega Tech, Check No. 884. Payment fell outside discount period. 6 Paid sales staff wages of $13,108 for the week up to and including yesterday, Check No. 885. Note that $6,500 of this payment relates to the wages expense incurred during the last week of May. 7 Paid the full amount owing to Pony, Check No. 886. Payment fell outside discount period. 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.
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