Question
Week 9 Discussion Please note that this discussion board will require a minimum of three posts. These consist of your initial post, your response to
Week 9 Discussion
Please note that this discussion board will require a minimum of three posts. These consist of your initial post, your response to comments that I post to your thread, and at least one response to a classmate. If you post late in the week, it's possible that I may not be able to provide a comment to you. In that case, please be sure to provide response posts to at least two classmates.
Chapter 10: QuickBooks Reports
Additionally, please refer to Chapter 4 in your Cengage Accounting eText, accessible from the eText link in the Course Navigation Panel to the left of your screen.
Required:
The following is an excerpt from a telephone conversation between Ben Simpson, president of Main Street Co., and Tami Lundgren, owner of Reliable Employment Co.:
Ben: Tami, you're going to have to do a better job of finding me a new computer programmer. That last guy was great at programming, but he didn't have any common sense.
Tami: What do you mean? The guy had a master's degree with straight A's.
Ben: Yes, well, last month he developed a new financial reporting system. He said we could do away with manually preparing an end-of-period spreadsheet and financial statements. The computer would automatically generate our financial statements with a push of a button.
Tami: So what's the big deal? Sounds to me like it would save you time and effort.
Ben: Right! The balance sheet showed a minus for supplies!
Tami: Minus supplies? How can that be?
Ben: That's what I asked.
Tami: So, what did he say?
Ben: Well, after he checked the program, he said that it must be right. The minuses were greater than the pluses.
Tami: Didn't he know that Supplies can't have a credit balanceit must have a debit balance?
Ben: He asked me what a debit and credit were.
Tami: I see your point.
- Comment on (a) the desirability of computerizing Main Street Co.'s financial reporting system, (b) the elimination of the end-of-period spreadsheet in a computerized accounting system, and (c) the computer programmer's lack of accounting knowledge.
- Explain to the programmer why Supplies could not have a credit balance.
Responses to Classmates:
Please explain to your classmates what the difference is between a current liability and a long-term liability.
Response to Instructor:
Please check your thread for questions or comments from me and be sure to provide a comprehensive response, as requested.
Writing:
Please make sure that your initial post contains a properly cited reference. Please use APA style. You should cite your text as a minimum. Additionally, check your spelling and proofread your post before you hit the submit button.
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