Transactions - week 2

Transactions - week 2 - Transactions week 2 2:40 PM Manual...

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10/21/13 2:40 PM Transactions - week 2 Page 1 of 15 Your progress Completed: 24% (approximately) Remaining pages will take: up to 16 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) 246 246 Points (on this page) 101 101 Points ( after this page) 730 Total 347 1,077 Manual Accounting Practice Set Technology Boutique, US GAAP Edition 3 Feedback: Transactions - week 2 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. You are now instructed to record transactions that occurred throughout the second week of June into the company's books. The week 2 transactions are listed below: Week 2 Date Transaction description 8 Sold 20 NR759 3D-HD Recorders to Hypertronics for $1,420 each, plus 5% sales tax, Invoice No. 249. 9 Made payment of $1,256 to State Power for 3 months of electricity up to and including May 31, Check No. 887. 12 Paid the full amount owing to Pear Technology, Check No. 888. 12 Made cash sale of 4 Swish Phones for $520 each plus 5% sales tax. 13 Pikea paid the full amount owing on their account. 13 Paid sales staff wages of $12,758 for the week up to and including yesterday, Check No. 889.
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10/21/13 2:40 PM Transactions - week 2 Page 2 of 15 ARC - Hypertronics Instructions for week 2 Record all week 2 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. 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. Update inventory cards on a daily basis. Back-On-Track functionality Please note that any answers from previous pages carried through onto this page (either on the page or in a popup information page) have been reset, if necessary, to the correct answers. Your particular answers from previous pages are no longer shown. Remember: 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. Enter all answers to the nearest whole dollar . 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
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