Post entries recorded in the journals to ledger accounts

Assignment Help Financial Accounting

Reference no: EM132646997

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 Issued Cheque No. 679 for $9,400 to pay Blue Blazer Realty for two month's worth of rent in advance.

2 Paid the full amount owing to Jordo Gourmet Coffee, Cheque No. 680.

3 Paid sales staff wages of $2,018 for the week up to and including yesterday, Cheque No. 681. Note that $1,143 of this payment relates to the wages expense incurred during the last week of May.

4 Issued Cheque No. 682 to Office Supplies Warehouse for the purchase of $574 worth of office supplies.

5 Made payment of $852 to State Power for 3 months of electricity up to and including 31 May, Cheque No. 683.

6 Con's Coffee paid the full amount owing on their account.

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.

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

Question 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.

Question 2) Post entries recorded in the journals to the appropriate ledger accounts according to the company's accounting policies and procedures.

Reference no: EM132646997

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