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college accounting a practical approach
Questions and Answers of
College Accounting A Practical Approach
Click on the Maintain menu option. Then select Company Information. The program will respond by bringing up a dialogue box allowing the user to edit/add information about the company. LO.1
Click on the Company Name entry field at the end of Valdez Realty. If it is already highlighted, press the right arrow key. Add a dash and your name Student Name” to the end of the company name.
Record the following journal entries. Enter the Date listed for each transaction (you may use the “ + ” key to advance the date or use the calendar icon next to the field to select the date from
After you have posted the journal entries, close the General Journal; then print the following reports:a. General Journal -(check figure debit = $44,607)b. Trial Balance -(check figure debit =
Open the General Journal; then record adjusting journal entries based on the following adjustment data using “Adj” in the reference field:a. One month’s rent has expired.b. An inventory shows
After you have posted the adjusting journal entries, close the General Journal then print the following reports accepting all defaults offered by Peachtree:a. General Journal -(check figure debit =
Computerized Accounting systems maintain all of it’s input in compartments called periods. Some systems identify these periods with the name of the month or with a simple numeric designation such
It is always wise to backup accounting data at the end of each month, saving it into a file that will be saved until the end of the year. We will use Peachtree’s Backup feature to do this. Click on
We must now advance the period to prepare Peachtree for the July transac¬ tions.Using your mouse, click on System from the Tasks menu. Select Change Accounting Periods. You are presented with the
Click on the Company Window File menu; then click on Exit to end the cur¬ rent work session and return to your Windows desktop or continue with step 3 below. LO.1
Start Peachtree Complete Accounting. LO.1
Record the following journal entries. Enter the Date listed for each transaction (you may use the “ + ” key to advance the date or use the calendar icon next to the field to select the date from
After you have posted the journal entries, close the General Journal; then print the following reports:a. General Journal -(check figure debit = $29,849)b. Trial Balance -(Check figure debit =
Open the General Journal; then record adjusting journal entries based on the following adjustment data using “Adj” in the reference field:a. One month’s rent has expired.b. An inventory shows
After you have posted the adjusting journal entries, close the General Journal then print the following reports accepting all defaults offered by Peachtree:a. General Journal -(check figure debit =
Computerized Accounting systems maintain all of it’s input in compartments called periods. Some systems identify these periods with the name of the month or with a simple numeric designation such
It is always wise to backup accounting data at the end of each month, saving it into a file that will be saved until the end of the year. We will use Peachtree’s Backup feature to do this. Click on
We must now advance the period to prepare Peachtree for the August transac¬ tions.t Using your mouse, click on System from the lasks menu. Select Change Accounting Periods.▼ Using the pull down
Click on the Company Window File menu; then click on Exit to end the cur¬ rent work session and return to your Windows desktop. LO.1
Depositing, writing, and endorsing checks for a checking account. (p. 207)LO.1
Reconciling a bank statement. (p. 212)LO.1
Establishing and replenishing a petty cash fund; setting up an auxiliary petty cash record. (p. 219)LO.1
Establishing and replenishing a change fund. (p. 220)LO.1
Handling transactions involving cash short and over. (p. 222)LO.1
Responsibilities and duties of employees will be divided. For example, the person receiving the cash, whether at the register or by opening the mail, will not record this information into the
All cash receipts of Debbie’s Wholesale will be deposited into the bank the same day they arrive.LO.1
All cash payments will be made by check (except petty cash, which is dis¬ cussed later in this chapter).LO.1
Employees will be rotated. This change allows workers to become acquainted with the work of others as well as to prepare for a possible changeover of jobs.LO.1
Debbie Lawrence will sign all checks after receiving authorization to pay from the departments concerned.LO.1
At time of payment, all supporting invoices or documents will be stamped paid. The stamp will show when the invoice or document is paid as well as the number of the check used.LO.1
All checks will be prenumbered. This change will control the use of checks and make it difficult to use a check fraudulently without its being revealed at some point.LO.1
Use of online Banking will be continually evaluated.LO.1
How would Fred catch a discrepancy in the cash account?LO.1
How would Fred record a loss?LO.1
Why is cash register training so important to a service business like Fred’s?LO.1
Why does Dunkin’ Donuts invest time, money, and effort in investigating new cash handling systems like the IBM point-of-sale terminals?LO.1
Petty Cash is an asset found on the balance sheet.LO.1
The auxiliary petty cash record is an auxiliary book; thus no postings are done from this book. Think of it as an optional worksheet.LO.1
When a petty cash fund is established, the amount is entered as a debit to Petty Cash and a credit to Cash.LO.1
At time of replenishment of the petty cash fund, all expenses are debited (by category) and a credit to Cash (a new check) results. This replenish¬ ment, when journalized and posted, updates the
The only time the Petty Cash account is used is to establish the fund ini¬ tially or to bring the fund to a higher or lower level. If the petty cash level is deemed sufficient, all replenishments
A change fund is an asset that is used to make change for customers.LO.1
Cash Short and Over is an account that is either a miscellaneous expense or miscellaneous income, depending on whether the ending balance is shortage or overage.LO.1
What is the purpose of internal control?LO.1
What is the advantage of having preprinted deposit tickets?LO.1
Explain the difference between a blank endorsement and a restrictive endorsement.LO.1
Explain the difference between payee, drawer, and drawee.LO.1
Why should check stubs be filled out first, before the check itself is written?LO.1
A bank statement is sent twice a month. True or false? Please explain.LO.1
Explain the end product of a bank reconciliation.LO.1
Why are checks outstanding subtracted from the bank balance?LO.1
An NSF check results in a bank issuing the depositor a credit memoran¬ dum. Agree or disagree. Please support your response.LO.1
Why do adjustments to the checkbook balance in the reconciliation process need to be journalized?LO.1
What is EFT?LO.1
What is meant by check truncation or safekeeping?LO.1
Petty cash is a liability. Accept or reject. Explain.LO.1
Explain the relationship of the auxiliary petty cash record to the recording of the cash payment.LO.1
At time of replenishment, why are the totals of individual expenses debited?LO.1
Explain the purpose of a change fund.LO.1
Explain how Cash Short and Over can be a miscellaneous expense.LO.1
If in Exercise 6-2 cash on hand is $11, prepare the entry to replenish the petty cash on July 31.LO.1
If in Exercise 6-2 cash on hand is $13, prepare the entry to replenish the petty cash on July 31.LO.1
At the end of the day the clerk for Pete’s Variety Shop noticed an error in the amount of cash he should have. Total cash sales from the sales tape were $1,100, whereas the total cash in the
Royal.com received a bank statement from Morris Bank indicating a bank balance of $7,100. Based on Royal.corn’s check stubs, the ending check¬ book balance was $5,700. Your task is to prepare a
From the bank statement below, please (1) complete the bank reconcilia¬ tion for Rick’s Deli found on the reverse of the bank statement and (2) jour¬ nalize the appropriate entries as needed.a. A
As the bookkeeper of Royal.com, you received the bank statement from Morris Bank indicating a balance of $9,185. The ending checkbook bal¬ ance was $8,215. Prepare the bank reconciliation for
Based on the following, please (1) complete the bank reconciliation for Rick’s Deli found on the reverse of the bank statement on the following page and (2) journalize the appropriate entries as
[www.dallasfed.org] This site will provide you details of the operation of the Federal Reserve Bank of Dallas, Texas. The Federal Reserve System, nicknamed “the Fed” has member banks in 13
Read that article and answer these questions:a. Do “dot com” banks present a challenge to local banks in your city?b. What do you believe is the future of “dot com” banks? Will they be
Gather with a group of your fellow students and compare paper money. Use the money you have to determine the location of other Federal Reserve Banks. Look at the circular seal on the left side of the
What services does the Fed offer to member banks?LO.1
[www.e-analysis.com/bonds/fed20.htm] Checks that you write on your bank eventually return to your bank and the amount of the check is deducted from your account. In between the time you write the
Explain the concept of the accounting cycle. LO.1
An accounting period is based on the balance sheet. Agree or disagree.LO.1
Compare and contrast a calendar year versus a fiscal year. LO.1
What are interim statements? LO.1
Why is the ledger called the book of final entry? LO.1
How do transactions get “linked” in a general journal? LO.1
What is the relationship of the chart of accounts to the general journal? LO.1
What is a compound journal entry? LO.1
Posting means updating the journal. Agree or disagree. Please comment. LO.1
The side that decreases an account is the normal balance. True or false? LO.1
The PR column of a general journal is the last item to be filled in during the posting process. Agree or disagree. LO.1
Discuss the concept of cross-referencing. LO.1
What is the difference between a transposition and a slide? LO.1
Complete the following from the general journal of Ranger Co.a. Year of Journal Entry _b. Month of Journal Entry _c. Day of Journal Entry _d. Name(s) of Accounts Debited _e. Name(s) of Accounts
Provide the explanation for each of these general journal entries. LO.1 GENERAL JOURNAL Date 200X Account Titles and Descriptions July 9 Cash Page 4 PR Debit Credit 800000 Office Equipment J. Walsh,
Balance this four-column account. What function does the PR column serve? When will the Account 111 be used in the journalizing and posting process?The Trial Balance LO.1 Date 200X June 4 5 9 10 Cash
The following Trial Balance was prepared incorrectly.a. Rearrange the accounts in proper order.b. Calculate the total of the Trial Balance. (Small numbers are used inten¬ tionally so that you can do
Prepare journal entries for the following transactions that occurred during October:200X Oct. 1 Lee Clinton invested $30,000 cash and $ 1,000 of equipment into her new business.3 Purchased building
Record the following into the general journal of Fay’s Repair Shop. LO.1 200X Jan. 1 Fay Hope invested $15,000 cash in the repair shop. 5 Paid $7,000 for shop equipment. 8 Bought from Lowell Co.
Post the following transactions to the ledger of King Company. The partial ledger of King Company is Cash, 111; Equipment, 121; Accounts Payable, 211; and A. King, Capital, 311.Please use four-column
From the following transactions for Lowe Company for the month of July, (a) prepare journal entries (assume that it is page 1 of the journal), (b) post to the ledger (use a four-column account), and
A partial chart of accounts includes Cash, 111; Accounts Receivable, 112; Equipment, 121; Accounts Payable, 211; J. Lowe, Capital, 311; J. Lowe, Withdrawals, 312; Fees Earned, 411; and Salaries
On February 6, 200X, Mike Sullivan made the following journal entry to record the purchase on account of office equipment priced at $1,400. This transaction had not yet been posted when the error was
Click on the Start button. Point to Programs; point to the Peachtree folder and select Peachtree Complete Accounting. Your desktop may have the Peachtree icon allowing for a quicker entrance into the
Follow the “Open a File” instructions in Part A of the Computerized Accounting appendix at the back of this book to open The Atlas Company. You may be initially presented with the Peachtree Today
Click on the Maintain menu option. Then select Company Information. The program will respond by bringing up a dialogue box allowing the user to edit/add information about the company. LO.1
it is important for you to be able to identify the specific reports that you print for each assignment as your own, particularly if you are using a computer that shares a printer with other
The owner of The Atlas Company has invested $10,000 in the business. Select General Journal Entry from the Tasks menu to open the General Journal dia¬ log box. Enter the date 1/1/01 into the Date
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