***This is the only information I am given. **** Week 2 Date Transaction descrip
ID: 2521447 • Letter: #
Question
***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)
***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.
Explanation / Answer
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:
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
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
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