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Hope to get better answer with you Brief Exercise 7-3 Benji Borke has prepared the following list of statements about accounting information systems. Identify each
Hope to get better answer with you
Brief Exercise 7-3
Benji Borke has prepared the following list of statements about accounting information systems. Identify each statement as true or false.
| 1. | The accounting information system includes each of the steps of the accounting cycle, the documents that provide evidence of transactions that have occurred, and the accounting records. | True False |
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| 2. | The benefits obtained from information provided by the accounting information system need not outweigh the cost of providing that information. | True False |
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| 3. | Designers of accounting systems must consider the needs and knowledge of various users. | True False |
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| 4. | If an accounting information system is cost-effective and provides useful output, it does not need to be flexible. | True False |
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Brief Exercise 7-5
Identify in what ledger (general or subsidiary) each of the following accounts is shown.
| Accounts | Ledger | |
| (a) | Rent Expense | General Ledger Subsidiary Ledger |
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| (b) | Accounts ReceivableCabrera | General Ledger Subsidiary Ledger |
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| (c) | Notes Payable | General Ledger Subsidiary Ledger |
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| (d) | Accounts PayablePacheco | General Ledger Subsidiary Ledger |
Brief Exercise 7-6
Identify the journal in which each of the following transactions is recorded.
| Transactions | Journals | |
| (a) | Cash sales | General Journal Cash Payments Journal Purchases Journal Cash Receipts Journal Sales Journal |
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| (b) | Owner withdrawal of cash | Purchases Journal Cash Payments Journal Sales Journal General Journal Cash Receipts Journal |
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| (c) | Cash purchase of land | General Journal Purchases Journal Sales Journal Cash Receipts Journal Cash Payments Journal |
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| (d) | Credit sales | Cash Receipts Journal General Journal Sales Journal Cash Payments Journal Purchases Journal |
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| (e) | Purchase of merchandise on account | Cash Payments Journal Purchases Journal General Journal Cash Receipts Journal Sales Journal |
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| (f) | Receipt of cash for services performed | Purchases Journal Sales Journal General Journal Cash Receipts Journal Cash Payments Journal |
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| Link to Text |
Brief Exercise 7-10
Rauch Computer Components Inc. uses a multi-column cash receipts journal. Indicate which column(s) is/are posted only in total, only daily, or both in total and daily.
| Accounts | Column in Cash Journal Receipts | |
| (a) | Accounts Receivable | Both in total and daily In total Only daily |
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| (b) | Sales Discounts | In total Only daily Both in total and daily |
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| (c) | Cash | Only daily In total Both in total and daily |
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| (d) | Other Accounts | Only daily Both in total and daily In total |
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Exercise 7-14
Selected account balances for Hulse Company at January 1, 2014, are presented below.
| Accounts Payable | $14,080 |
| Accounts Receivable | 21,730 |
| Cash | 17,157 |
| Inventory | 14,068 |
Hulses sales journal for January shows a total of $111,202 in the selling price column, and its one-column purchases journal for January shows a total of $77,096. The column totals in Hulses cash receipts journal are: Cash Dr. $61,090; Sales Discounts Dr. $1,968; Accounts Receivable Cr. $44,970; Sales Revenue Cr. $6,634; and Other Accounts Cr. $11,454. The column totals in Hulse's cash payments journal for January are: Cash Cr. $55,756; Inventory Cr. $1,419; Accounts Payable Dr. $45,640; and Other Accounts Dr. $11,535. Hulses total cost of goods sold for January is $62,801. Accounts Payable, Accounts Receivable, Cash, Inventory, and Sales Revenue are not involved in the Other Accounts column in either the cash receipts or cash payments journal, and are not involved in any general journal entries. Compute the January 31 balance for Hulse in the following accounts.
| (a) | Accounts Payable | $ |
| (b) | Accounts Receivable | $ |
| (c) | Cash | $ |
| (d) | Inventory | $ |
| (e) | Sales Revenue | $ |
Brief Exercise 7-3 Benji Borke has prepared the following list of statements about accounting information systems. Identify each statement as true or false. 1 . The accounting information system includes each of the steps of the accounting cycle, the documents that provide evidence of transactions that have occurred, and the accounting records. 2 . The benefits obtained from information provided by the accounting information system need not outweigh the cost of providing that information. 3 . Designers of accounting systems must consider the needs and knowledge of various users. 4 . If an accounting information system is cost-effective and provides useful output, it does not need to be flexible. Don't show me this message again for the assignment Brief Exercise 7-5 Identify in what ledger (general or subsidiary) each of the following accounts is shown. (a) Accounts Rent Expense Ledger (b) Accounts Receivable Cabrera (c) Notes Payable (d) Accounts PayablePacheco Brief Exercise 7-6 Identify the journal in which each of the following transactions is recorded. Transactions (a) Cash sales Journals (b) Owner withdrawal of cash (c) Cash purchase of land (d) Credit sales (e) Purchase of merchandise on account (f) Receipt of cash for services performed Don't show me this message again for the assignment Link to Text Brief Exercise 7-10 Rauch Computer Components Inc. uses a multi-column cash receipts journal. Indicate which column(s) is/are posted only in total, only daily, or both in total and daily. Accounts (a) Column in Cash Journal Receipts Accounts Receivable (b) Sales Discounts (c) Cash (d) Other Accounts Don't show me this message again for the assignment Exercise 7-5 (Part level Submission) Pennington Company has a balance in its Accounts Payable control account of $8,599 on January 1, 2014. The subsidiary ledger contains three accounts: Hale Company, balance $2,960; Janish Company, balance $1,859; and Valdez Company. During January, the following payable-related transactions occurred. Purchase s Payments $6,873 $5,904 $ -0- Janish Company 5,394 1,859 2,786 Valdez Company 6,355 6,196 -0- Hale Company Return s Don't show me this message again for the assignment (a) What is the January 1 balance in the Valdez Company subsidiary account? Balance in the Valdez Company subsidiary account $ Don't show me this message again for the assignment Link to Text Attempts: 0 of 3 used Save for Submit later Answer (b) The parts of this question must be completed in order. This part will be available when you complete the part above. (c) The parts of this question must be completed in order. This part will be available when you complete the part above. (d) The parts of this question must be completed in order. This part will be available when you complete the part above. Exercise 7-7 (Part level Submission) R. Santiago Co. uses special journals and a general journal. The following transactions occurred during May 2014. May 1 R. Santiago invested $54,593 cash in the business. 2 Sold merchandise to Lawrie Co. for $6,098 cash. The cost of the merchandise sold was $4,587. 3 Purchased merchandise for $7,198 from J. Moskos using check no. 101. 14 Paid salary to H. Rivera $793 by issuing check no. 102. 16 Sold merchandise on account to K. Stanton for $855, terms n/30. The cost of the merchandise sold was $616. 22 A check of $8,914 is received from M. Mangini in full for invoice 101; no discount given. Don't show me this message again for the assignment (a) Prepare a multiple-column cash receipts journal and record the transactions for May that should be journalized. (Record entries in the order presented in the problem statement.) R. SANTIAGO CO. Cash Receipts Journal CR1 Date Account Credited R ef Cash Dr. Sales Discou nts Dr. Account s Receiva ble Cr. Sales Revenu e Cr. Other Accoun ts Cr. Cost of Goods Sold Dr. Invento ry Cr. Don't show me this message again for the assignment Link to Text Attempts: 0 of 3 used Save for Submit later Answer (b) The parts of this question must be completed in order. This part will be available when you complete Exercise 7-14 Selected account balances for Hulse Company at January 1, 2014, are presented below. Accounts Payable Accounts Receivable Cash Inventory $14,080 21,730 17,157 14,068 Hulse's sales journal for January shows a total of $111,202 in the selling price column, and its onecolumn purchases journal for January shows a total of $77,096. The column totals in Hulse's cash receipts journal are: Cash Dr. $61,090; Sales Discounts Dr. $1,968; Accounts Receivable Cr. $44,970; Sales Revenue Cr. $6,634; and Other Accounts Cr. $11,454. The column totals in Hulse's cash payments journal for January are: Cash Cr. $55,756; Inventory Cr. $1,419; Accounts Payable Dr. $45,640; and Other Accounts Dr. $11,535. Hulse's total cost of goods sold for January is $62,801. Accounts Payable, Accounts Receivable, Cash, Inventory, and Sales Revenue are not involved in the \"Other Accounts\" column in either the cash receipts or cash payments journal, and are not involved in any general journal entries. Compute the January 31 balance for Hulse in the following accounts. (a) Accounts Payable (b) Accounts Receivable (c) Cash (d) Inventory (e) Sales Revenue $ $ $ $ $ Step by Step Solution
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Accounting Principles
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
12th edition
1119132223, 978-1-119-0944, 1118875052, 978-1119132226, 978-1118875056
