Week 4 Date Transaction description 22 Sold 90 Specialist Tennis Raquets to Jump
ID: 2522920 • 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.
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
SALES JOURNAL
Date
Account
Invoice
No.
Post
Ref.
Accounts Receivable
Cost of Goods Sold
Jun
11
ARC - The Locker Room
383
110-3
6,048
3,456
Jun
17
ARC - Jump Around
384
110-5
2,256
1,080
Jun
(select)
Jun
(select)
Jun
(select)
Jun
(select)
(Q=602.purchasesJournalWeek4)
PURCHASES JOURNAL
Date
Account
Terms
Post
Ref.
Accounts Payable
Jun
9
APC - Addax Sports
net 30
210-6
3,248
Jun
15
APC - Sport Borders
net 30
210-5
4,888
Jun
17
APC - Hike
2/10, n/30
210-1
3,080
Jun
(select)
Jun
(select)
Jun
(select)
Jun
(select)
(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.
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
Explanation / Answer
Sales journal
invoice no.
Purchase journal
Cash receipts journal
Cash payment journal
Note: journal entries for both the weeks have been recorded. Though in absence of information regarding method used for sale LIFO/FIFO , COGS have been omitted to be calculated.
Keep Chegging!! :) :) :)
Date accountinvoice no.
Account receivable Jun 22 jump around 385 36720 Jun 27 balls and all 386 30080Related Questions
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