Week 4 Date Transaction description 22 Sold 90 Specialist Tennis Raquets to Jump
ID: 2522217 • Letter: W
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
(Q=603.cashReceiptsJournalWeek4)
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
10
ARC - Mick's Sporting Goods
110-1
3,222
358
3,580
Jun
13
Sales Revenue
X
16,200
16,200
7,200
Jun
20
ARC - Balls 'n All
110-6
3,700
3,700
Jun
20
Sales Revenue
X
10,368
10,368
6,168
Jun
(select)
Jun
(select)
Jun
(select)
Jun
(select)
Jun
(select)
Jun
(select)
(Q=604.cashPaymentsJournalWeek4)
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
11
APC - Sports 'R Us
873
210-2
3,820
3,820
Jun
11
APC - Hike
874
210-1
2,227
2,227
Jun
11
Wages Expense
875
X
2,388
2,388
Jun
13
APC - Sport Borders
876
210-5
3,636
3,636
Jun
18
Wages Expense
877
X
1,530
1,530
Jun
(select)
Jun
(select)
Jun
(select)
Jun
(select)
Jun
(select)
Jun
(select)
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
Explanation / Answer
Date
CASH RECEIPTS JOURNALDate
Account Post Ref. Debit Credit Cost of Goods Sold Cash Sales Discounts Sales Revenue Accounts Receivable Other Accounts Working Jun 1 Bank Loan Payable 250 48,000 48,000 Jun 5 ARC - Jump Around 110-5 4,308 4,308 Jun 10 ARC - Mick's Sporting Goods 110-1 3,222 358 3,580 Jun 13 Sales Revenue X 16,200 16,200 7,200 Jun 20 ARC - Balls 'n All 110-6 3,700 3,700 Jun 20 Sales Revenue X 10,368 10,368 6,168 Jun 22 Jumb Around 385 36720 36720 Jun 27 Balls 'n All 386 30080 30080 752*40 Jun 27 Sales Revenue X 20160 20160 60*336 Jun 28 APC - Sport Borders 210-5 3005 8*376 3005Related Questions
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