Transactiions week 1 - Transactions week 1 Page 1 of 8...

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Your progress Completed: 1% (approximately) This page will take: up to 1.5 hours Remaining pages will take: up to 17.25 hours The time frames we provide are a guide only. It may take you more or less time to complete each page. Your grading Your grading outcome (still in progress) Awarded Total Points (prior to this page) 0 0 Points ( on this page) 132 Points ( after this page) 918 Total 0 1,050 Manual Accounting Practice Set Running Latte, Australasian Edition 3 Transactions - week 1 Now that you have reviewed information about Running Latte, 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 Cheque No. 644 for $8,700 to pay Amy Wong Real Estate for two month's worth of rent in advance. 3 Issued Cheque No. 645 to Office Supplies Warehouse for the purchase of $309 worth of office supplies. 4 Paid the full amount owing to Dominga Wholesalers, Cheque No. 646. 4 Paid sales staff wages of $1,804 for the week up to and including yesterday, Cheque No. 647. Note that $1,143 of this payment relates to the wages expense incurred during the last week of May. 5 KavaJava paid the full amount owing on their account. 6 Made payment of $747 to Integer Energy for 3 months of electricity up to and including 31 May, Cheque No. 648. 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. Page 1 of 8 Transactions - week 1 9/04/2011
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. 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 after you prepare the Bank Reconciliation Statement.

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