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36. Input devices include: A. Bar-code readers. B. Printers. C. Software. D. Ledgers. E. Information processors....
15. Source documents: A. Are input devises B. Provide the basic information processed by an account...
15. Source documents: A. Are input devises B. Provide the basic information processed by an account C. Cannot be electronie files. D. Store processed information for future use. E. Cannot be paper documents. 36. Input devices include: A. Bar-code readers. B. Printers. C. Software. D. Ledgers. E. Information processors. 37. Information storage: A. Eliminates the need for professional judgment. B. Keeps data in a form accessible to information process C. Provides the basic information processed by an accou D. Captures...
AApp1-1 Journalize Transactions: The Fardy Information Management Inc. follows the expedient recording method. It engaged in...
AApp1-1 Journalize Transactions: The Fardy Information Management Inc. follows the expedient recording method. It engaged in transactions during the month of May: a. Paid $8,500 for May rent. b. Bought $5,300 of office supplies on account. c. Payroll for May was $72,000. Employees were paid $54,800, and the remainder was payroll deductions (income tax etc.) All payroll deductions were immediately remitted to the Receiver General. d. Customers were billed $ 105,400 for completed assignments. Page 788 e. Utilities of $3,950...
an accounting information system. 4. What is a special journal? 5. What is the purpose of a subsidiary ledger? 6...
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...
Use the information in each of the following separate cases to calculate the unknown amount. e....
Use the information in each of the following separate cases to calculate the unknown amount. e. Corentine Co. had $161,000 of accounts payable on September 30 and $137,000 on October 31. Total purchases on account during October were $290,000. Determine how much cash was paid on accounts payable during October. b. On September 30. Valerian Co. had a $107,000 balance in Accounts Receivable. During October, the company collected $107,390 from its credit customers. The October 31 balance in Accounts Receivable...
Required information Problem 7-1A Special journals, subsidiary ledgers, trial balance-perpetual LO C3, P1, P2 (The foll...
Required information Problem 7-1A Special journals, subsidiary ledgers, trial balance-perpetual LO C3, P1, P2 (The following information applies to the questions displayed below.) Church Company completes these transactions and events during March of the current year (terms for all its credit sales are 1/10, n/30). Mar. a ) 1 Purchased $38,000 of merchandise from Van Industries, invoice dated March 1, terms 1/15, n/30. Sold merchandise on credit to Min Cho, Invoice No. 854, for $15,200 (cost is $7,600). 3 (a)...
2) What is an AIS? a) A system is a set of two or more interrelated...
2) What is an AIS? a) A system is a set of two or more interrelated components that interact to achieve a goal. b) Systems are almost always composed of smaller subsystems, each performing a specific function supportive of the larger system. 3) AIS components a) Not just hardware and software, also includes i) People ii) Procedures iii) Data 4) Processing in accounting systems a) Capture transaction inputs. b) Record transaction data in journals c) Record the debits and credits...
A) B) C) D) E) The following information is taken from Concord Corp's balance sheet at...
A)
B)
C)
D)
E)
The following information is taken from Concord Corp's balance sheet at December 31, 2016. Current liabilities $94,500 Interest payable Long-term liabilities Bonds payable (4%, due January 1, 2027) $4,680,000 Less: Discount on bonds payable 46,800 4,633.200 Interest is payable annually on January 1. The bonds are callable on any annual interest date. Concord uses straight-l ine amortization for any bond premium or discount. From December 31, 2016, the bonds will be outstanding for an additional...
b. c. d. e. Borrowed money from a bank Provided services on account Purchased inventory on...
b. c. d. e. Borrowed money from a bank Provided services on account Purchased inventory on account Collected cash from customers that owed a balance due SE2-3. Debit and Credit Effects Indicate the account that will be credited for each of the following LO transactions: a. Issued common stock for cash b. Borrowed money from a bank c. Provided services on account d. Purchased inventory on account e. Collected cash from customers that owed a balance due SE2-4. Determine a...
1) Why study AIS? a) Simply doing accounting work i) A survey conducted by the Institute...
1) Why study AIS? a) Simply doing accounting work i) A survey conducted by the Institute of Management Accountants (IMA) indicates that work relating to accounting systems was the single most important activity performed by corporate accountants. b) Auditors must understand numbers before they audit and have confidence in the processes that produce the numbers c) Tax professionals must know that the processes produced numbers that are correct for tax planning and compliance. d) Consulting services are offered to implement...
please show formulas Worksheet 1 Saved D 7 B С 1 S & P Enterprises needs...
please show formulas
Worksheet 1 Saved D 7 B С 1 S & P Enterprises needs a cash budget for March. The following information is available. 2 3 Data January February March 4 Actual January and February and expected March sales: 5 Cash sales $ 1,600 $ 3,750 $ 5,100 6 Sales on account 25,000 30,000 40,000 Total Sales $ 26,600 $33.750 $ 45,100 8 9 Accounts Receivable Collections: 10 Month of sale 15% 11 Month following sale 60% 12...
15. Source documents: A. Are input devises B. Provide the basic information processed by an account C. Cannot be electronie files. D. Store processed information for future use. E. Cannot be paper documents. 36. Input devices include: A. Bar-code readers. B. Printers. C. Software. D. Ledgers. E. Information processors. 37. Information storage: A. Eliminates the need for professional judgment. B. Keeps data in a form accessible to information process C. Provides the basic information processed by an accou D. Captures...
AApp1-1 Journalize Transactions: The Fardy Information Management Inc. follows the expedient recording method. It engaged in transactions during the month of May: a. Paid $8,500 for May rent. b. Bought $5,300 of office supplies on account. c. Payroll for May was $72,000. Employees were paid $54,800, and the remainder was payroll deductions (income tax etc.) All payroll deductions were immediately remitted to the Receiver General. d. Customers were billed $ 105,400 for completed assignments. Page 788 e. Utilities of $3,950...
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...
Use the information in each of the following separate cases to calculate the unknown amount. e. Corentine Co. had $161,000 of accounts payable on September 30 and $137,000 on October 31. Total purchases on account during October were $290,000. Determine how much cash was paid on accounts payable during October. b. On September 30. Valerian Co. had a $107,000 balance in Accounts Receivable. During October, the company collected $107,390 from its credit customers. The October 31 balance in Accounts Receivable...
Required information Problem 7-1A Special journals, subsidiary ledgers, trial balance-perpetual LO C3, P1, P2 (The following information applies to the questions displayed below.) Church Company completes these transactions and events during March of the current year (terms for all its credit sales are 1/10, n/30). Mar. a ) 1 Purchased $38,000 of merchandise from Van Industries, invoice dated March 1, terms 1/15, n/30. Sold merchandise on credit to Min Cho, Invoice No. 854, for $15,200 (cost is $7,600). 3 (a)...
A)
B)
C)
D)
E)
The following information is taken from Concord Corp's balance sheet at December 31, 2016. Current liabilities $94,500 Interest payable Long-term liabilities Bonds payable (4%, due January 1, 2027) $4,680,000 Less: Discount on bonds payable 46,800 4,633.200 Interest is payable annually on January 1. The bonds are callable on any annual interest date. Concord uses straight-l ine amortization for any bond premium or discount. From December 31, 2016, the bonds will be outstanding for an additional...
b. c. d. e. Borrowed money from a bank Provided services on account Purchased inventory on account Collected cash from customers that owed a balance due SE2-3. Debit and Credit Effects Indicate the account that will be credited for each of the following LO transactions: a. Issued common stock for cash b. Borrowed money from a bank c. Provided services on account d. Purchased inventory on account e. Collected cash from customers that owed a balance due SE2-4. Determine a...
please show formulas
Worksheet 1 Saved D 7 B С 1 S & P Enterprises needs a cash budget for March. The following information is available. 2 3 Data January February March 4 Actual January and February and expected March sales: 5 Cash sales $ 1,600 $ 3,750 $ 5,100 6 Sales on account 25,000 30,000 40,000 Total Sales $ 26,600 $33.750 $ 45,100 8 9 Accounts Receivable Collections: 10 Month of sale 15% 11 Month following sale 60% 12...
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