Week 3 Date Transaction description 15 Paid sales staff wages of S5,587 for the two weeks up to and including yesterday, Check No. 607 16 Dan Soul paid $600 in partial payment of their account. 17 Made cash sales of $9,883 during the week. 18 Sold 25 The Pixie Chicks CDs to Dan Serr for $20 each, Invoice No. 203 18 KB Lo-Fi paid the full amount owing on their account. 19 Returned $1,327 worth of faulty product to Toadstool records. Received a Credit Memorandum for $1,327 21 Received a purchase order from Dan Soul. Created a corresponding sales order to deliver 90 The Vibes CDs to this customer for $34 each, Invoice No. 204 Instructions for week 3 1) Record all week 3 transactions in the relevant journals. Note that special journals must be used where applicable. Any transaction that cannot be recorded in a special journal should be recorded in the general journal 2) Post entries recorded in the journals to the appropriate ledger accounts according to the company’s accounting policies and procedures Note that the relevant totals of the special journals will be posted to the general ledger accounts at the end of the month. You will do this before you prepare the Bank Reconciliation Statement. Back-On-Track functionality Please note that any answers from previous pages carried through onto this page (either on the page or in a popup information page) have been reset, if necessary, to the correct answers. Your particular answers from previous pages are no longer shown Remember: – You are required to enter all answers to the nearest whole dollar. When calculating a discount, if a discount is not a whole number, round the discount to the nearest whole dollar. Then, to calculate the cash amount, subtract the discount from the original amount. – There may be entries in the general journal that require posting to both a control account and a subsidiary ledger. In these cases, after you have posted to both ledgers, you should enter the reference for both the general ledger account and the subsidiary ledger account in the Post Ref. column to indicate that you have posted to both accounts. For example, if the reference number for the control account is 110 and the reference number for the subsidiary ledger account is 110-1, you should type ‘110/110-1’ into the Post Ref. column . You are also required to apply the journals and ledgers instructions provided in Week 1 Before pressing the Submit answers button, we recommend that you click the Show All tab and check that all relevant accounting records have been completed
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