1. Various transactions occurred during the first week of June, including purchases, sales, cash receipts, and cash payments. 2. The transactions were recorded in the appropriate special journals (purchases, sales, cash receipts, and cash payments journals). 3. The journal entries were then posted to the relevant ledger accounts, including accounts receivable, accounts payable, purchases, sales, cash, and loan payable accounts.

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Manual Accounting Practice Set
Glorious Pants, US GAAP Edition 3
Feedback: Transactions - week 1
This is a feedback page. Please review this page carefully because later pages in this practice set build on the feedback
provided here. After you have reviewed your feedback page, click Continue at the bottom of this page to move on to the
next page of your practice set.
Now that you have reviewed information about Glorious Pants, you are ready to begin the first step in the accounting cycle,
recording transactions. On this page of the practice set, you are asked to record transactions that occurred during the first
week of June into the company's journals and post the appropriate entries to the ledger accounts. The following
transactions occurred throughout the first week of June:
Week 1
Date Transaction description
1 Purchased Gourmet Cubed Sugar from Croup Coffee for $362, terms net 30.
1 Obtained a loan of $56,000 from BitiBank at a simple interest rate of 6% per year. The first interest payment is
due at the end of August 2020 and the principal of the loan is to be repaid on June 1, 2023.
3 Paid the full amount owing to Klam Wholesalers, Check No. 603. Payment fell within discount period.
3 Made cash sales of $4,788 during the first 3 days of the month.
4 Sold Chocolate Sprinkles to SloZone for $369, Invoice No. 201.
4 Purchased 8 bags of Light Roast Robusta Coffee Beans with cash for $239 each, Check No. 604.
5 Purchased Chocolate Sprinkles from East Tangiers Co-op. for $462, terms 2/10, n/30.
5 Paid the full amount owing to Dominga Wholesalers, Check No. 605. Payment fell within discount period.
After completing this practice set page, you should know how to record basic transactions in the journals provided below
and understand the posting process in the manual accounting system. Note that you will record the remaining June
transactions in the following sections of this practice set.
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Remember, one purpose of using special journals is to make the posting process more efficient by posting the total of most
columns in the special journals after all of the transactions for the period have been recorded. However, some parts of a
journal entry are still required to be posted on a daily basis. View the company's accounting policies and procedures for
details of what is to be posted daily or monthly.
Instructions for week 1
Record all week 1 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.
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.
Remember 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.
Additional instructions
Displaying selected accounting records:
To save space, not all accounting records (e.g. journals and ledgers) will be displayed on every page. However, on
each page you can access all accounting records necessary to answer the questions on that page.
There are several tabs representing different views of the accounting records. The active tab by default is Show All,
but you may also select to view just one particular accounting record by selecting the appropriate tab.
If you fill in any accounting records and change the view on the page by selecting a different tab, the information
that you have entered will remain in that accounting record and be displayed whenever you can see that
accounting record.
Before submitting your answers, we recommend that you click the Show All tab and check that all relevant
accounting records have been completed. You are required to complete all relevant accounting records before
pressing the Submit answers button. Once submitted, you will not be able to return to the page to re-enter or alter
your answers.
Journals:
Each transaction recorded in a special journal must be entered in one line. In order to receive full points, you must
not split up the relevant transaction into more than one line in the special journal.
For certain transactions in special journals, some accounting textbooks do not always require an account to be
chosen under the column labeled Account. In this practice set you are required to select an account for each
transaction in the special journals. Specifically, in all special journals, under the column labeled Account, you must
select the correct account name for each transaction in order to receive full points. Note that for some
transactions, this will mean that the account name selected will correspond to the heading of one of the columns in
that special journal.
For each journal, in the Post Ref. column you will need to correctly type the account number of the account you are
posting to. In particular, in special journals, some accounting textbooks do not always require a reference to be
recorded in the Post Ref. column. In this practice set, in order to receive full points, every transaction entered in a
special journal requires an entry in the Post Ref. column. Note that in the special journals, if the account name
selected for a transaction corresponds to the heading of one of the columns in that special journal, the post ref is
to be recorded as an X. This is because these transactions are not posted on a daily basis. In order to receive full
points, you must record only the letter X in the Post Ref. column for these transactions.
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.
General journal entries do NOT require a description of the journal entries.
Ledgers:
When posting a transaction to a ledger account, under the Description column, please type the description of the
transaction directly into the field. The exact wording does not matter for grading purposes. For example, it does
not matter in an electricity transaction if you type 'Paid for electricity' or 'Paid electricity bill'.
For each ledger, under the Ref. column, you need to select the correct journal from a list in the drop-down box
provided in order to receive full points.
If the balance of a ledger account is zero you do not need to select a debit or credit from the drop-down box.
1)
2)

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ARC - SloZone
APC - Croup Coffee
APC - East Tangiers Co-op.
Each transaction posted to the subsidiary ledgers must be entered in one line. In order to receive full points, you
must not split up the relevant transaction into more than one line in the subsidiary ledger.
Both journals and ledgers:
Most journals and ledgers will have blank rows left at the end of the page.
Some journals and ledgers may not require any entries.
Special Journals General Journal Subsidiary Ledgers General Ledger
(Q=301.salesJournalWeek1)
SALES JOURNAL
Date Account
Invoice
No.
Post
Ref.
Amount
Jun 4 201 110-3 369
Jun
Jun
Jun
Feedback
SALES JOURNAL
Date Account
Invoice
No.
Post
Ref.
Amount
Jun 4 ARC - SloZone 201 110-3 369
(Q=302.purchasesJournalWeek1)
PURCHASES JOURNAL
Date Account Terms
Post
Ref.
Amount
Jun 1 net 30 210-3 362
Jun 5 2/10 n/30 210-21 462
Jun
Jun
Feedback
Show All

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Bank Loan Payable
Sales Revenue
PURCHASES JOURNAL
Date Account Terms
Post
Ref.
Amount
Jun 1 APC - Croup Coffee net 30 210-3 362
Jun 5 APC - East Tangiers Co-op. 2/10, n/30 210-1 462
(Q=303.cashReceiptsJournalWeek1)
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
Cash
Sales
Discounts
Sales
Revenue
Accounts
Receivable
Other
Accounts
Jun 1 250 56000 0 0 0 56000
Jun 3 X 4788 0 4788 0 0
Jun
Jun
Jun
Jun
Feedback
CASH RECEIPTS JOURNAL
Date Account
Post
Ref.
Debit Credit
Cash
Sales
Discounts
Sales
Revenue
Accounts
Receivable
Other
Accounts
Jun 1 Bank Loan Payable 250 56,000 56,000
Jun 3 Sales Revenue X 4,788 4,788
(Q=304.cashPaymentsJournalWeek1)
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

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APC - Dominga Wholes
APC - Klam Wholesaler
Purchases
Accounts
Payable
Purchases Other
Accounts
Cash Purchase
Discounts
Jun 5 605 210-4 3288 0 0 3222 66
Jun 3 603 210-2 3065 0 0 3034 31
Jun 4 604 X 0 1912 0 1912 0
Jun
Jun
Jun
Feedback
CASH PAYMENTS JOURNAL
Date Account Check
No.
Post
Ref.
Debit Credit
Accounts
Payable
Purchases
Other
Accounts
Cash
Purchase
Discounts
Jun 3 APC - Klam Wholesalers 603 210-2 3,065 3,034 31
Jun 4 Purchases 604 X 1,912 1,912
Jun 5 APC - Dominga Wholesalers 605 210-4 3,288 3,222 66
(Q=305.generalJournalWeek1)
GENERAL JOURNAL
Date Account and Explanation
Post
Ref.
Debit Credit
Jun
Jun
Jun
Feedback
There are no relevant entries in the general journal for this week.

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(Q=310-110-3.AcctsRec3_week1)
SUBSIDIARY LEDGERS
Account: ARC - SloZone
Account No. 110-3
Date Description Ref. Debit Credit Balance
May 31 Balance 1,198 DR
Jun 4 Credit sale SJ 369 0 1567 DR
Jun
Jun
Feedback
Account: ARC - SloZone
Account No. 110-3
Date Description Ref. Debit Credit Balance
May 31 Balance 1,198 DR
Jun 4 Credit sale SJ 369 1,567 DR
(Q=310-210-1.AcctsPay1_week1)
Account: APC - East Tangiers Co-op.
Account No. 210-1
Date Description Ref. Debit Credit Balance
May 31 Balance 1,202 CR
Jun 5 q PJ 0 462 1664 CR
Jun
Jun
Feedback
Account: APC - East Tangiers Co-op.
Account No. 210-1
Date Description Ref. Debit Credit Balance
May 31 Balance 1,202 CR
Jun 5 Credit purchase PJ 462 1,664 CR
(Q=310-210-2.AcctsPay2_week1)
Account: APC - Klam Wholesalers
Account No. 210-2

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Date Description Ref. Debit Credit Balance
May 31 Balance 3,065 CR
Jun 3 q CPJ 3065 0 0
Jun
Jun
Feedback
Account: APC - Klam Wholesalers
Account No. 210-2
Date Description Ref. Debit Credit Balance
May 31 Balance 3,065 CR
Jun 3 Repayment CPJ 3,065 0
(Q=310-210-3.AcctsPay3_week1)
Account: APC - Croup Coffee
Account No. 210-3
Date Description Ref. Debit Credit Balance
May 31 Balance 3,047 CR
Jun 1 q PJ 0 362 3409 CR
Jun
Jun
Feedback
Account: APC - Croup Coffee
Account No. 210-3
Date Description Ref. Debit Credit Balance
May 31 Balance 3,047 CR
Jun 1 Credit purchase PJ 362 3,409 CR
(Q=310-210-4.AcctsPay4_week1)
Account: APC - Dominga Wholesalers
Account No. 210-4
Date Description Ref. Debit Credit Balance
May 31 Balance 3,288 CR
Jun 5 q CPJ 3288 0 0
Jun

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Jun
Feedback
Account: APC - Dominga Wholesalers
Account No. 210-4
Date Description Ref. Debit Credit Balance
May 31 Balance 3,288 CR
Jun 5 Repayment CPJ 3,288 0
(Q=320-100.Cash_week1)
GENERAL LEDGER
Account: Cash
Account No. 100
Date Description Ref. Debit Credit Balance
May 31 Balance 27,374 DR
Jun
Jun
Jun
Feedback
There are no relevant entries in the Cash ledger for this week.
(Q=320-110.AcctsRecControl_week1)
Account: ARC - Accounts Receivable Control
Account No. 110
Date Description Ref. Debit Credit Balance
May 31 Balance 8,174 DR
Jun
Jun
Jun
Feedback
There are no relevant entries in the Accounts Receivable Control ledger for this week.
(Q=320-120.Inventory_week1)

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Account: Merchandise Inventory
Account No. 120
Date Description Ref. Debit Credit Balance
May 31 Balance 75,369 DR
Jun
Jun
Jun
Feedback
There are no relevant entries in the Merchandise Inventory ledger for this week.
(Q=320-210.AcctsPayControl_week1)
Account: APC - Accounts Payable Control
Account No. 210
Date Description Ref. Debit Credit Balance
May 31 Balance 14,198 CR
Jun
Jun
Jun
Feedback
There are no relevant entries in the Accounts Payable Control ledger for this week.
(Q=320-250.LoanPayable_week1)
Account: Bank Loan Payable
Account No. 250
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 1 q CRJ 0 56000 56000 CR
Jun
Jun
Feedback
Account: Bank Loan Payable
Account No. 250
Date Description Ref. Debit Credit Balance

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May 31 Balance 0
Jun 1 Loan from BitiBank CRJ 56,000 56,000 CR
(Q=320-400.SalesRevenue_week1)
Account: Sales Revenue
Account No. 400
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun
Jun
Jun
Feedback
There are no relevant entries in the Sales Revenue ledger for this week.
(Q=320-402.SalesDisc_week1)
Account: Sales Discounts
Account No. 402
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun
Jun
Jun
Feedback
There are no relevant entries in the Sales Discounts ledger for this week.
(Q=320-500.Purchases_week1)
Account: Purchases
Account No. 500
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun
Jun
Jun
Feedback

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There are no relevant entries in the Purchases ledger for this week.
(Q=320-502.PurchaseDisc_week1)
Account: Purchase Discounts
Account No. 502
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun
Jun
Jun
Feedback
There are no relevant entries in the Purchase Discounts ledger for this week.
Manual Accounting Practice Set
Glorious Pants, US GAAP Edition 3 (VBU3q)
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