Question

Week 4
Date	Transaction description
22	Sold 90 Specialist Tennis Raquets to Jump Around for $408 each, Invoice No. 385.
25	The Locker Room paid the full amount owing on their account.
25	Paid sales staff wages of $2,037 for the week up to and including yesterday, Check No. 878.
25	Ordered 16 Specialist Tennis Raquets from Extreme Sports Inc for $280 each. Agreed terms with Extreme Sports Inc are 2/10, n/30.
27	Delivered 40 Quidditch Snitches to Balls 'n All for $752 each, Invoice No. 386. These items were ordered on the 19th.
27	Made cash sale of 60 pairs of Football Boots for $336 each.
28	Paid the full amount owing to Hike, Check No. 879. Payment fell outside discount period.
28	Returned 8 faulty sets of Sting Ray Golf Clubs, originally purchased for $376 each, to Sport Borders. Received a Credit Note for $3,008. Week 5 29 Received 16 Specialist Tennis Raquets for $280 each, which were ordered on the 25th. Agreed terms with Extreme Sports Inc are 2/10, n/30. 29 Made cash sale of 31 sets of Sting Ray Golf Clubs for $648 each. 30 Croquet and Cricket paid the full amount owing on their account. 30 Purchased 18 MJO Basketball Sets with cash for a list price of $320 each. A trade discount of 25% applies, Check No. 880. 30 Paid monthly salary of $4,600 to Sebastian Curie, Check No. 881

(Q=610-110-3.AcctsRec3_week4)

GENERAL LEDGER

Account: Cash
Account No. 100

Date		Description	Ref.	Debit	Credit	Balance
May	31	Balance				74,032 DR
Jun
Jun
Jun

(Q=620-110.AcctsRecControl_week4)

Account: ARC - Accounts Receivable Control
Account No. 110

Date		Description	Ref.	Debit	Credit	Balance
May	31	Balance				33,880 DR
Jun	20	Sales return from The Locker Room	GJ		2,688	31,192 DR
Jun
Jun
Jun

(Q=620-120.Inventory_week4)

Account: Merchandise Inventory
Account No. 120

Date		Description	Ref.	Debit	Credit	Balance
May	31	Balance				93,336 DR
Jun	20	Sales return from The Locker Room	GJ	1,536		94,872 DR
Jun
Jun
Jun

(Q=620-210.AcctsPayControl_week4)

Account: APC - Accounts Payable Control
Account No. 210

Date		Description	Ref.	Debit	Credit	Balance
May	31	Balance				44,436 CR
Jun
Jun
Jun

(Q=620-400.SalesRevenue_week4)

Account: Sales Revenue
Account No. 400

Date		Description	Ref.	Debit	Credit	Balance
May	31	Balance				0
Jun
Jun
Jun

(Q=620-402.SalesDisc_week4)

Account: Sales Discounts
Account No. 402

Date		Description	Ref.	Debit	Credit	Balance
May	31	Balance				0
Jun
Jun
Jun

(Q=620-500.CostOfSales_week4)

Account: Cost of Goods Sold
Account No. 500

Date		Description	Ref.	Debit	Credit	Balance
May	31	Balance				0
Jun	20	Sales return from The Locker Room	GJ		1,536	1,536 CR
Jun
Jun
Jun

(Q=620-516.WagesExpense_week4)

Account: Wages Expense
Account No. 516

Date		Description	Ref.	Debit	Credit	Balance
May	31	Balance				0
Jun
Jun
Jun

Answer 1

	JOURNAL ENTRY
	Date	Account Title	Debit	Credit
	22	Accounts receivable	$408
		Sales Revenue		$408
	25	Cost of goods sold	$1,536
		Cash		$1,536
	25	Wages expense	$2,037
		Cash		$2,037
	25	No Entry Required			(No entry required for ordering Tennis Raquets)
	27	Accounts receivable	$        30,080		(40*752)
		Sales Revenue		$           30,080
	27	Cash	$        20,160		(336*60)
		Sales Revenue		$           20,160
	28	Accounts Payable	$44,436
		Cash		$44,436
	28	Accounts payable	$          3,008
		Merchandise Inventory		$             3,008	(8*376)
	29	Merchandise Inventory	$          4,480		(16*280)
		Accounts payable		$             4,480
	29	Cash	$        20,088		(648*31)
		Sales revenue		$           20,088
	30	Cash	$31,192
		Accounts Receivable		$31,192
	30	Merchandise inventory	$          4,320		(18*320)*(1-0.25)
		Cash		$             4,320
	30	Wages expense	$4,600
		Cash		$4,600
GENERAL LEDGER
Account: Cash
Account No. 100
Date		Description	Ref.	Debit	Credit	Balance
May	31	Balance				74,032 DR
Jun	25	Cost of goods sold			$1,536	$72,496	DR
Jun	25	Wage expense	878		$2,037	$70,459	DR
Jun	27	Sales Revenue		$20,160		$90,619	DR
Jun	28	Accounts Payable	879		$44,436	$46,183	DR
Jun	29	Sales Revenue		$           20,088		$66,271	DR
Jun	30	Accounts Receivable		$31,192		$97,463	DR
Jun	30	Merchandise inventory			$             4,320	$93,143	DR
Jun	30	Wage expense			$4,600	$88,543	DR
				$71,440	$56,929	$88,543	DR
Account: ARC - Accounts Receivable Control
Account No. 110
Date		Description	Ref.	Debit	Credit	Balance
May	31	Balance				33,880 DR
Jun	20	Sales return from The Locker Room	GJ		2,688	31,192 DR
Jun	22	Sales Revenue	385	$408		$31,600	DR
Jun	27	Sales Revenue	386	$30,080		$61,680	DR
Jun	30	Cash			$31,192	$30,488	DR
Account: Merchandise Inventory
Account No. 120
Date		Description	Ref.	Debit	Credit	Balance
May	31	Balance				93,336 DR
Jun	20	Sales return from The Locker Room	GJ	1,536		94,872 DR
Jun	28	Accounts payable			$ 3,008	$       91,864	DR
Jun	29	Accounts payable		$ 4,480		$       96,344	DR
Jun	30	Cash	880	$ 4,320		$    100,664	DR
Account: APC - Accounts Payable Control
Account No. 210
Date		Description	Ref.	Debit	Credit	Balance
May	31	Balance				44,436 CR
Jun	28	Cash	879	$44,436		$0
Jun	28	Merchandise inventory		$ 3,008		$3,008	DR
Jun	29	Merchandise inventory			$ 4,480	$         1,472	CR
Account: Sales Revenue
Account No. 400
Date		Description	Ref.	Debit	Credit	Balance
May	31	Balance				0
Jun	22	Accounts receivable	385		$408	$408	CR
Jun	27	Accounts receivable	386		$30,080	$30,488	CR
Jun	27	Cash			$20,160	$50,648
Jun	29	Cash			$           20,088	$70,736	CR
Account: Wages Expense
Account No. 516
Date		Description	Ref.	Debit	Credit	Balance
May	31	Balance				0
Jun	25	Cash	878	$2,037		$2,037	DR
Jun	30	Cash	881	$4,600		$6,637	DR
Jun