Record all transactions in the relevant journals

Assignment Help Accounting Basics

Reference no: EM132304105

Assignment in Perdisco -

Background - Assume it is currently 1 June 2019. You are working for the temporary accounting employment agency known as Acctempo. Today you have been asked to work at Renegade Sports, a small general sports store that operates in inner city Adelaide and is owned by Neville Chamberlain. Your task here is to complete the accounting cycle for Renegade Sports for the month of June 2019. To assist you in this task, Neville tells you to read the company's accounting policies and procedures. Note that you will be required to follow these policies and procedures when completing the accounts for Renegade Sports.

Question - Transactions - week 1

Now that you have reviewed information about Renegade Sports, 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:

Date - Transaction description

1 Issued Cheque No. 777 for $9,100 to pay Blue Blazer Realty for two month's worth of rent in advance.

3 The Locker Room paid the full amount owing on their account.

4 Paid the full amount owing to J. J. Spud, Cheque No. 778.

4 Paid sales staff wages of $2,320 for the week up to and including yesterday, Cheque No. 779. Note that $1,143 of this payment relates to the wages expense incurred during the last week of May.

4 Issued Cheque No. 780 to Office Supplies Warehouse for the purchase of $582 worth of office supplies.

6 Made payment of $720 to Integer Energy for 3 months of electricity up to and including 31 May, Cheque No. 781.

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 -

1) Record all 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) 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.

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.

In this assignment, must complete one-month accounting cycle, included a total of 14 sections (Table 1 - attached).

Attachment:- Assignment Files.rar

Reference no: EM132304105

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Reviews

len2304105

5/12/2019 11:14:05 PM

Note that in special journals, the Other Accounts column should not be used to record movements of inventory. If a cheque number is not required, you need to fill the appropriate input box with an X. There may be entries in the general journal that require posting to both a control account and a subsidiary ledger. In these cases, after you have posted to both ledgers, you should enter the reference for both the general ledger account and the subsidiary ledger account in the Post Ref. column to indicate that you have posted to both accounts. For example, if the reference number for the control account is 110 and the reference number for the subsidiary ledger account is 110-1, you should type '110/110-1' into the Post Ref. column. General journal entries do NOT require a description of the journal entries.

len2304105

5/12/2019 11:13:58 PM

Journals: 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. 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 points. Note that for some transactions, this will mean that the account name selected will correspond to the heading of one of the columns in that special journal.

len2304105

5/12/2019 11:13:52 PM

Displaying selected accounting records: To save space, not all accounting records (e.g. journals and ledgers) will be displayed on every page. However, on each page you can access all accounting records necessary to answer the questions on that page. There are several tabs representing different views of the accounting records. The active tab by default is Show All, but you may also select to view just one particular accounting record by selecting the appropriate tab. If you fill in any accounting records and change the view on the page by selecting a different tab, the information that you have entered will remain in that accounting record and be displayed whenever you can see that accounting record. Before submitting your answers, we recommend that you click the Show All tab and check that all relevant accounting records have been completed. You are required to complete all relevant accounting records before pressing the Submit answers button. Once submitted, you will not be able to return to the page to re-enter or alter your answers.

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