Australia I really need help here, please.

May 11, 2014
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Hello, I'm currently taking an accounting course.. But I am really struggling and pretty much failing.
There is this online practice set I need to do, and what I am asking if. If someone can answer these transactions for me. There is more to it, but I just want to answer these ones and that is it. And from then on I will use the information you have given me and continue it myself. I'm only doing accounting for now, and that is it. So I'm not asking for you to do the entire thing. I'll also post what I think the answer is.

The transactions are:

Date Transaction description
15 Purchased 20 DK800 Desktop Computers from Pony for $680 each, terms 2/10, n/30.

15 Sold 6 MePod Multimedia Players to Radio Hut for $736 each, Invoice No. 364.

16 Handys Electronics paid $2,500 in partial payment of their account.

17 Purchased 11 Swish Phones from Big Telco for $368 each, terms net 30.

18 Paid sales staff wages of $13,083 for the week up to and including yesterday, Cheque No. 789.

20 Made cash sale of 30 MX620 Notebook Computers for a list price of $1,720 each. A trade discount of 20% applies.

20 Received a purchase order from Handys Electronics. Created a corresponding sales order to deliver 25 MePod Multimedia Players to this customer for $736 each, Invoice No. 366.

21 Jerry Technology returned 8 BG90 Plasma Televisions that were originally sold for $1,568 each on 10 June. These items cost $920 each and were not faulty or damaged. Issued a Credit Note for $12,544.

What I have to do is

1)Record all 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 enter this after you prepare the Bank Reconciliation Statement.

3)Update inventory cards on a daily basis.

It's basically doing everything manually. I'll do the first transaction on what I think I need to do:

So in the purchases journal It would be like
Date Account Terms Post Ref Accounts Payable
15 APC- Pony 2/10 n/30 x 680

Then i'd go to the inventory card and fill out that.
Though when I did this for the previous transactions it was all wrong. I got nothing correct, I realllly need help. Please, please somebody. Thank you so much!



VIP Member
Aug 15, 2013
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United States
I'd put this into an accounting program and see if that helps you. :)

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