Perdisco Assessment Week 1 Accounting Principles Accm Assignment

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Manual Accounting Practice Set
Spine Tinglers, Australasian 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 Spine Tinglers, 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 Purchased 15 boxes of copies of Barry Plotter and the Profits of Revalued Land from Polar Bear Books for $440 each,
terms net 30.
1 Paid the full amount owing to Stompson, Cheque No. 832. Payment fell within discount period.
3 Purchased 23 boxes of copies of Practice Set for Dummies with cash for $165 each, Cheque No. 833.
4 Paid the full amount owing to Booked Inn, Cheque No. 834. Payment fell within discount period.
4 Sold 14 boxes of copies of Barry Plotter and the Profits of Revalued Land to Boundaries for $660 each, Invoice No. 464.
4 Paid sales staff wages of $4,421 for the week up to and including yesterday, Cheque No. 835. Note that $2,000 of this
payment relates to the wages expense incurred during the last week of May.
6 Made cash sale of 49 boxes of copies of Practice Set for Dummies for $330 each.
7 Purchased 11 boxes of copies of Human Ranch from Deterministic Garage for $341 each, terms 2/10, n/30
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 for week 1
Record all week 1 transactions in the relevant journals.
Note that special journals must be used where applicable. Any transaction that...

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