Accounting
1. Do the special journals used in different industries or even in different companies are identical in format? Can a cash receipt journal without an account receivable column be suitable for any company?
2. Explain the posting process to subsidiary ledger accounts and control accounts. What is the relationship between a general and a subsidiary ledger accounts?
3. One of your distant cousins decides to start a new retail company and seeks your advice on which cost flow method is better. What is your response?
4. What is an “accounting information system?”?
5. “If a customer returns goods for credit, the selling company normally makes an entry in Sales Journal.” Do you agree?
6. How does an enterprise resource planning (ERP) system differ from an entry-level computerized accounting system?
7. Which one is better higher “inventory turnover rate” or shorter “days in inventory”?
8. Define the concept of “lower-cost-or-market (LCM)”.
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Each transaction is posted to various Ledgers and Journals in the accounting system. Identify the Subsidiary Ledger, Journal, and account in the General Ledger for invoices and payments relating to b...
Each transaction is posted to various Ledgers and Journals in the accounting system. Identify the Subsidiary Ledger, Journal, and account in the General Ledger for invoices and payments relating to both creditors and debtors. Debtor Creditor Original transaction Subsidiary Ledger Journal General Ledger Subsidiary Ledger Payment Journal General Ledger
Each transaction is posted to various Ledgers and Journals in the accounting system. Identify the Subsidiary Ledger, Journal, and account in the General Ledger for invoices and payments relating to both...
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This is all of the information I have: Now that you have reviewed information about Cover...
This is all of the information I have: Now that you have reviewed information about Cover 2 Cover, you are ready to begin the first step in the accounting cycle, recording transactions. On this page of the practice set, you are asked to record transactions that occurred during the first week of June into the company's journals and post the appropriate entries to the ledger accounts. The following transactions occurred throughout the first week of June: Week 1 Date Transaction...
Each transaction is posted to various Ledgers and Journals in the accounting system. Identify the Subsidiary Ledger, Journal, and account in the General Ledger for invoices and payments relating to both creditors and debtors. Debtor Creditor Original transaction Subsidiary Ledger Journal General Ledger Subsidiary Ledger Payment Journal General Ledger
Each transaction is posted to various Ledgers and Journals in the accounting system. Identify the Subsidiary Ledger, Journal, and account in the General Ledger for invoices and payments relating to both...
1. When a company special lournals the general journal is used for selected transactions and events including: 4. Recording adjusting transactions. B. Posting transactions to special journals. C Accumulating debits and credits. D. Collecting detailed listings of amounts. E Recording cash receipts. 42. A subsidiary ledger: ludes transactions not covered by special journals. B. Is a listing of all of the accounts of a business. E of individual accounts and amounts with a common characteristic. C. Isa listing of individual...
an accounting information system. 4. What is a special journal? 5. What is the purpose of a subsidiary ledger? 6. What is a control account? 7. List the four special journals often used in a manual accounting information system. What types of transactions are recorded in each of the special journals? 8. Explain the posting process of the sales journal. 9. Provide some examples of transactions that would be recorded in the Other Accounts CR column of the cash receipts...
Revenue and cash receipts journals; accounts receivable subsidiary and general ledgers Transactions related to revenue and cash receipts completed by Crowne Business Services Co. during the period April 2-30 are as follows: Apr. 2. Issued Invoice No. 793 to Ohr Co., $4,680. Apr. 5. Received cash from Mendez Co. for the balance owed on its account. Apr. 6. Issued Invoice No. 794 to Pinecrest Co., $1,990. Apr. 13. Issued Invoice No. 795 to Shilo Co., $3,450. Post revenue and collections...
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