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Exam 5: Accounting Systems

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Question 81

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For each of the following businesses,explain how a purchases journal might be modified for the specific business.

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1.North County Medic...

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Question 82

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The principal ledger that contains all the balance sheet and income statement accounts is the general ledger.

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Question 83

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Discuss the process of posting from a revenue journal to the subsidiary ledger and to the general ledger.

If the individual subsidiary ledger accounts contained the following data:Cadence Company,Vendor,$200,credit balanceFranklin Enterprises,Customer,$750,debit balanceMarcelo Construction,Client,$125,debit balancePeyton Supplies,Supplier,$375,credit balance​The accounts receivable (A/R) control account and the accounts payable (A/P) control account balances would be

The following are selected transactions related to purchases on account and cash payments completed during April of the current year.​ ​ ​

When a sale for $1,350 takes place with a $250 deposit having been received in advance,only the $1,100 on account is recorded in the revenue journal.

Connie and Jill operate Reardon's Bakery which has the following segment revenues for the most recent two fiscal years.Prepare a vertical analysis.Round percentages to two decimal places.​​

In a computerized accounting system,all postings happen automatically at the end of the month.

The transactions completed by Franklin Company during January, its first month of operations, are listed below. Assume that Franklin Company uses the following journals: cash receipts (CR) , cash payments (CP) , revenue (R) , purchases (P) , and general (G) . Assume that it uses accounts receivable and accounts payable subsidiary ledgers as well as a general ledger. Indicate by letters which journal would be used for each transaction and whether or not the entry requires a posting to a subsidiary ledger. -Issued check for salary

E-commerce

An account for each supplier of merchandise will appear in the accounts payable subsidiary ledger.

A (n) ____ system is the methods and procedures for collecting,classifying,summarizing,and reporting a business's financial and operating information.

Which transaction is normally recorded in a special journal?

Two transactions were posted to the following supplier's (creditor's)account:NAME: Banner Computer Services,Inc.Address: 890 Novice Lane​ Describe each transaction and the source of each posting.

Put the following into the correct order for processing a sale on account with QuickBooks^®.A.Prepare reports.B.Record the sale by completing an electronic invoice form.C.Record collection of payment by completing a "receive payment" form.

Match the following types of journal transactions with the journal in which they would be entered. -Adjusting entry

The term B2C refers to transactions conducted between two companies.

When using a revenue journal,

Purchases journals will have an Other Accounts Cr.column.

The discovery and correction of errors is important in a computerized system.What kinds of errors might occur in these systems? What type (s)of errors will be prevented in a computerized system?