Week 4 Date Transaction description 22 Sold 90 Specialist Tennis Raquets to Jump
ID: 2522195 • 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=601.salesJournalWeek4)
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)
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
1. Sales journal
2. Purchase journal
3. Cash receipts journal
* For the rest of the transactions there is no effect in receipts journal. They are cash payments.
Happy Learning :)
Date Account Invoice No. Account receivables Jun 22 jUMP around 385 36720 Jun 27 Ball n all 386 30080Related Questions
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