Exam 5: Accounting Systems

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. a. CR, no subsidiary posting b. CP, no subsidiary posting c. $R$ , no subsidiary posting d. P, no subsidiary posting e. $G$ , no subsidiary posting f. CR, subsidiary posting g. CP, subsidiary posting h. R, subsidiary posting i. P, subsidiary posting j. G, subsidiary posting -Received cash for a sale

Which of the following is not a special journal?

Which of the following statements is false?

Which of the following is not an area where the Internet is used for business purposes?

Even when special journals are used, closing journal entries are recorded in the general journal.

Two transactions were posted to the following customer account.NAME: Boogie Board Water WearADDRESS: 2340 Xtreme Surf​ Describe each transaction and the source of each posting.

An adjustment resulting from a creditor reducing the amount owed on an unpaid invoice due to an invoicing error would be recorded in the

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. a. CR, no subsidiary posting b. CP, no subsidiary posting c. $R$ , no subsidiary posting d. P, no subsidiary posting e. $G$ , no subsidiary posting f. CR, subsidiary posting g. CP, subsidiary posting h. R, subsidiary posting i. P, subsidiary posting j. G, subsidiary posting -Purchased a computer for cash

$\text { Match the transactions below with the journal or ledger in which it would be entered. }$ -Adjusting entry

$\text { Match the transactions below with the journal or ledger in which it would be entered. }$ -Sale on account

At the end of the month, the total of the amount column of the revenue journal is posted as a

Even when special journals are used, a personal withdrawal of cash is recorded in the general journal.

Explain whether each of the following would usually be used in a computerized accounting system and why or why not. 1. Special journals 2. Accounts receivable control accounts 3. Electronic invoice form 4. Month-end postings to the general ledger

The subsidiary ledger that includes customer account activity is called the

Two transactions were posted to the following supplier's (creditor's) account:NAME: Xample, Inc.Address: 567 Harrison Blvd.? Date Item Post. Ref. Debit Credit Balance Nov. 1 Bal ance 125 9 Invoice No. 564 CP45 55 70 18 Invoice No. 574 P28 75 145 Describe each transaction and the source of each posting.

$\text { Match the transactions below with the journal or ledger in which it would be entered. }$ -Record payment received from customer a. Purchases journal b. Revenue journal c. Cash receipts journal d. Cash payments journal e. Accounts receivable subsidiary ledger f. Accounts payable subsidiary ledger g. General journal

$\text { Match each subsidiary ledger and general ledger posting to one of the descriptions of activities } ( a - e ) \text {. }$ -Accounts payable subsidiary ledger/Accounts Payable Cr. a. Purchases on account b. Collections from customers on account c. Adjustment for expired insurance d. Payments to creditors on account e. Sales on account

In addition to B2B and B2C transactions, the Internet is commonly used in all of the following business activities except

Listed below are selected transactions completed by Ridge Company during March of the current year.Mar. 5 Rendered services on account to Quinton Co., Invoice No. 92, $3,250. 10 Rendered services on account to Martin Inc., Invoice No. 93, $4,500. 13 Received $5,000 in payment of monthly rent, which was due on March 1. 15 Received payment from Quinton Co. for invoice of March 5. 19Received payment from Martin Inc. for balance due on invoice of March 10. 20 Received amount due from Thomas Co. on sale made in February, $5,200. 31 Recorded cash from services rendered for cash during the month, $15,750.? (a)Record the transactions in the revenue journal and cash receipts journal. (b)Total and rule the revenue and cash receipts journals. (c)Indicate the method of posting the individual items and the columnar totals of the revenue and cash receipts journals in the following manner: (1)For individual items and totals to be posted to the subsidiary ledger or not to be posted, insert a check mark in the Post. Ref. column or below the totals. (2)For individual items and totals to be posted to the general ledger, insert the letter "G" (as a substitute for specific account numbers) in the Post. Ref. column or below the totals.??

Computerized accounting systems