General Ledger and Jun Feedback

Topics: General ledger, Accounts receivable, Generally Accepted Accounting Principles Pages: 30 (3079 words) Published: May 13, 2012
Transactions - week 1

Specialty Sports Store Practice Set Being completed by: chapm0n

Transactions - week 1 [feedback page]

This is a feedback page. Please review this page carefully because later pages in this practice set may build on the feedback provided here. When you are ready, click continue. Saving your position. If you want to save this practice set where you are up to and come back to it at a later time, click the bookmark button on this page to save your position and be returned to your home page. To re-enter the practice set at this page at a later time, simply click the link that you originally clicked to access this practice set. 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) The following are to be posted to ledger accounts daily: All entries affecting subsidiary ledgers All entries in the Other Accounts column of the cash receipts and cash payments journals All transactions entered into the general journal. 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. 3) Update inventory cards on a daily basis. Please note that any answers from previous pages carried through onto this page (either on the page or in a popup information page) are the correct answers, not your particular answers. 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 journals, ledgers and inventory cards: Not all journals, ledgers and inventory cards will be displayed on every page. On this page you can access all journals, ledgers and inventory cards necessary to answer this question. There are several tabs representing different views of the journal, ledgers and inventory cards. The active tab by default is Show All, but you may also select to view just the special journals, the general journal, just the subsidiary ledgers, the general ledger accounts or the inventory cards by selecting the appropriate tab. If you fill in any journal, ledger accounts or inventory cards and change the view on this page by selecting a different tab, the information that you have entered will remain in that journal, ledger or inventory card and be displayed whenever you can see that journal, ledger or inventory card. Journals:

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Additional information
To answer this question you may need the following information: Background information Trial balance Transactions list - week 1 Schedules of accounts payable/receivable

Original information
The information in the above links comes from the 'Overview' and 'Further information' pages at the beginning of the practice set. If you did not print them out, and you would like to refer to them, you may review them below:

Please note that in the journals when you select accounts, Overview you will select the account using a popup link. You cannot type directly into the field. Further information For certain transactions in special journals, some accounting textbooks do not always require an account to be chosen under the column labeled Account. In this practice set you are required to select an account for each transaction in the special journals. Specifically, in all special journals, under the column labeled Account, you must select the correct account name for each transaction in order to receive full marks. Note that for some transactions, this will mean that the account name selected will correspond to the heading of one of the columns...
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