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Exam 5: Accounting Systems

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Question 81

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

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Question 82

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

A) Cash receipts journal
B) Cash payments journal
C) Revenue journal
D) Purchases journal
E) General journal

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Question 83

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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

Purchases journals will have an Other Accounts Cr.column.

E-commerce

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

Which transaction is normally recorded in a special journal?

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

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.​​

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

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.

The term B2C refers to transactions conducted between two companies.

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.

When using a revenue 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.

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

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

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

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?

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