Question

In: Accounting

***This is the only information I am given. **** Week 2 Date Transaction description 9 Purchased...

***This is the only information I am given. ****

Week 2

Date

Transaction description

9

Purchased 14 Specialist Tennis Raquets from Addax Sports for $232 each, terms net 30.

10

Mick's Sporting Goods paid the full amount owing on their account. Since Mick's Sporting Goods has been a loyal customer from the day the business commenced, a 10% discount was given for this early repayment.

11

Paid the full amount owing to Sports 'R Us, Check No. 873. Payment fell outside discount period.

11

Paid the full amount owing to Hike, Check No. 874.

11

Sold 18 pairs of Football Boots to The Locker Room for $336 each, Invoice No. 383.

11

Paid sales staff wages of $2,388 for the week up to and including yesterday, Check No. 875.

13

Paid the full amount owing to Sport Borders, Check No. 876.

13

Made cash sale of 25 sets of Sting Ray Golf Clubs for $648 each.

CASH RECEIPTS JOURNAL

Note: In order to receive full points, for each transaction you must select an account under the column labeled 'Account', as indicated under the additional instructions above. Since all transactions in this journal affect the Cash account, you are asked to enter the name of the appropriate account credited in these transactions into the Account column so that the type of transaction can be determined by the name of the account entered into this column.

Date

Account

Post Ref.

Debit

Credit

Cost of Goods Sold

Cash

Sales Discounts

Sales Revenue

Accounts Receivable

Other Accounts

Jun

1

Bank Loan Payable

250

48,000

48,000

Jun

5

ARC - Jump Around

110-5

4,308

4,308

Jun

(select)

Jun

(select)

Jun

(select)

Jun

(select)

Jun

(select)

Jun

(select)

(Q=404.cashPaymentsJournalWeek2)

CASH PAYMENTS JOURNAL

Note: In order to receive full points, for each transaction you must select an account under the column labeled 'Account', as indicated under the additional instructions above. Since all transactions in this journal affect the Cash account, you are asked to enter the name of the appropriate account debited in these transactions into the Account column so that the type of transaction can be determined by the name of the account entered into this column.

Date

Account

Check
No.

Post
Ref.

Debit

Credit

Accounts Payable

Merchandise Inventory

Wages
Expense

Other Accounts

Cash

Jun

1

Prepaid Rent

868

140

8,200

8,200

Jun

2

APC - Addax Sports

869

210-6

3,395

3,395

Jun

2

Office Supplies

870

130

580

580

Jun

4

Electricity Payable

871

221

840

840

Jun

4

Wages Payable

872

220

744

1,135

1,879

Jun

(select)

Jun

(select)

Jun

(select)

Jun

(select)

Jun

(select)

Jun

(select)

Solutions

Expert Solution

Cash Receipts Journal

Date

Account

Post Ref.

Debit

Credit

Cost of Goods Sold

Cash

Sales Discounts

Sales Revenue

Accounts Receivable

Other Accounts

Jun

1

Bank Loan Payable

250

48,000

48,000

Jun

5

ARC - Jump Around

110-5

4,308

4,308

Jun

10

Mick’s Sporting

-

x-10%

10%

Jun

11

Locker room

383

6048

Jun

13

Sting ray golf club

-

16200

Note:

  1. As the amount paid to the party’s was unknown. I assumed the amount paid to the party’s was “X” and the amount received from Mick’s sporting was also unknown, I assumed it also as “X”.

Cash Payments Journal

Date

Account

Check
No.

Post
Ref.

Debit

Credit

Accounts Payable

Merchandise Inventory

Wages
Expense

Other Accounts

Cash

Jun

1

Prepaid Rent

868

140

8,200

8,200

Jun

2

APC - Addax Sports

869

210-6

3,395

3,395

Jun

2

Office Supplies

870

130

580

580

Jun

4

Electricity Payable

871

221

840

840

Jun

4

Wages Payable

872

220

744

1,135

1,879

Jun

9

Addax Sports

-

-

3248

Jun

11

Sports ‘R US

873

-

X

Jun

11

Hike

874

-

X

Jun

11

Staff wages

875

-

2388

Jun

13

Sport Border

876

-

X


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