Strayer ACC100 homework chapter 07
Brief Exercise 7-3
Benji Borke has prepared the
following list of statements about accounting information systems.
Identify each statement as true or false.
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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. |
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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. |
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3. |
Designers of accounting systems must consider the needs and knowledge of various users. |
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4. |
If an accounting information system is cost-effective and provides useful output, it does not need to be flexible. |
Brief Exercise 7-5
Identify in what ledger (general or subsidiary) each of the following accounts is shown.
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Accounts |
Ledger |
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(a) |
Rent Expense |
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(b) |
Accounts Receivable—Cabrera |
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(c) |
Notes Payable |
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(d) |
Accounts Payable—Pacheco |
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Brief Exercise 7-6
Identify the journal in which each of the following transactions is recorded.
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Transactions |
Journals |
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(a) |
Cash sales |
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(b) |
Owner withdrawal of cash |
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(c) |
Cash purchase of land |
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(d) |
Credit sales |
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(e) |
Purchase of merchandise on account |
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(f) |
Receipt of cash for services performed |
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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.
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Accounts |
Column in Cash Journal Receipts |
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(a) |
Accounts Receivable |
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(b) |
Sales Discounts |
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(c) |
Cash |
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(d) |
Other Accounts |
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What is the January 31 balance in the control account?
The balances in the subsidiary accounts at the end of the month.
Which January transaction would not be recorded in a special journal?
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Exercise 7-14
Selected account balances for Hulse Company at January 1, 2014, are presented below.
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Accounts Payable |
$14,000 |
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Accounts Receivable |
22,000 |
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Cash |
17,000 |
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Inventory |
13,500 |
Hulse’s sales journal for January shows a total of $110,000 in the selling
price column, and its one-column purchases journal for January shows a total of
$77,000.
The column totals in Hulse’s cash receipts journal are: Cash Dr. $61,000; Sales
Discounts Dr. $1,100; Accounts Receivable Cr. $45,000; Sales Revenue Cr.
$6,000; and Other Accounts Cr. $11,100.
The column totals in Hulse's cash payments journal for January are: Cash Cr.
$55,000; Inventory Cr. $1,000; Accounts Payable Dr. $46,000; and Other Accounts
Dr. $10,000. Hulse’s total cost of goods sold for January is $63,600.
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.
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(a) |
Accounts Payable |
$ |
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(b) |
Accounts Receivable |
$ |
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(c) |
Cash |
$ |
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(d) |
Inventory |
$ |
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(e) |
Sales Revenue |
$ |
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Solution: Strayer ACC100 homework chapter 07