ACT231 Chapter 7 Homework

TEXTBOOK LINK: https://openstax.org/books/principles-financial-accounting/pages/7-exercise-set-b

Chapter 7 Homework

ACT 231 VC

January 19, 2022

EB2.

LO 7.1 The following information pertains to Crossroads Consulting, Inc. Match each of the following parts of Crossroad’s accounting information system in the left-hand column with the appropriate item(s) from the right-hand column. You may use items in the right-hand column more than once or not at all. There may be several answers for each item in the left-hand column. You may choose items in the right-hand column more than once.

A. Source document

i. Sales invoice from cleaning company

B. Output device

ii. Printed check to be mailed to phone company

C. Input device

iii. Dropbox (online storage)

D. Data and information storage

iv. Voice-to-text software

E. Information processing

v. QuickBooks Accounting Software

vi. Keyboard

vii. Printer

viii. Bar code scanner

ix. Computer screen

x. Flash drive

xi. Text scanner

 

 xii. Computing interest on a loan

EB3.

LO 7.2 Match the special journal you would use to record the following transactions.

A. Cash Receipts Journal

i. Took out a loan from the bank

B. Cash Disbursements Journal

ii. Paid employee wages

C. Sales Journal

iii. Paid income taxes

D. Purchases Journal

iv. Sold goods with credit terms 1/10, 2/30, n/60

E. General Journal

v. Purchased inventory with credit terms n/90

vi. Sold inventory for cash

vii. Paid the phone bill

viii. Purchased stock for cash

ix. Recorded depreciation on the factory equipment

x. Returned defective goods purchased on credit to the supplier. The company had not yet paid for them.

EB6.

LO 7.3 Record the following transactions in the purchases journal:

Feb. 2

Purchased inventory on account from Pinetop Inc. (vendor account number 3765), Purchase Order (PO) # 12345 in the amount of $3,456.

Feb. 8

Purchased inventory on account from Sherwood Company (vendor account number 5461), PO# 12346, in the amount of $2,951.

Feb. 12

Purchased inventory on account from Green Valley Inc. (vendor #4653), PO# 12347, in the amount of $4,631.