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Exam 5: Accounting Systems

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Question 1

Multiple Choice

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In which journal is the return of supplies purchased on account recorded?

A) general journal
B) cash receipts journal
C) cash payments journal
D) purchases journal

E) All of the above
F) B) and D)

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Question 2

Multiple Choice

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The primary ledger containing all the balance sheet and income statement accounts is the

A) general ledger
B) creditors ledger
C) customers ledger
D) subsidiary ledger

E) B) and C)
F) A) and C)

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Question 3

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Eastwood Publishing reports the following segment data regarding its textbook sales:? $\begin{array} { l r r } \hline \textbf { Segment } & \textbf { Current Year } & \textbf { Prior Year } \\\hline \text { College textbooks } & \$ 78,000 & \$ 55,000 \\\text { High school textbooks } & 129,000 & 115,000 \\\text { Elementary school textbooks } & \underline{ 105,000 }&\underline { 121,000 } \\\text { Total revenues } & \underline{\underline{ \$ 312,000 }} & \underline{\underline{\$ 291,000 }} \\\hline\end{array}$ Perform a horizontal analysis and a vertical analysis for Eastwood Publishing. Round to one decimal place.

An accounting system design consists of internal controls and information processing methods.

The accounts receivable subsidiary ledger is an example of a special journal.

The three phases of setting up an accounting system in correct order are

In which journal would the payment of salaries be posted?

Every controlling account must have its own

Two transactions were posted to the following creditor's account:NAME Windsurf, Inc.ADDRESS 343 Coastline Road? $\begin{array} { | r | l | c | c | c | r | } \hline \text { Date } & \text { Item } & \text { Post. Ref. } & \text { Debit } & \text { Credit } & \text { Balance } \\\hline \text { Aug. } 1 & \text { Balance } & & & & 1,210 \\\hline 8 & \text { Invoice No. } 333 & \text { CP38 } & 1,210 & & - \\\hline 15 & \text { Invoice No. } 567 & \text { P11 } & & 735 & 735 \\\hline & & & & & \\\hline\end{array}$ 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 sale on account to 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

The posting references in the following purchases journal are indicated by letters. Identify each posting reference [ (a) through (i)] as representing (1) a posting to a general ledger account, (2) a posting to a subsidiary ledger account, or (3) that no posting is required.? $\begin{array}{cc} &&&&&&&&&&&&& \textbf { PURCHASES } \\&&&&&&\textbf { JOURNAL } &&&&&&& \textbf { Page 1 }\end{array}$ $\begin{array}{rllrcc}\hline & & & \text { Accounts } & \text { Office } & \text { Store } \\\text { Date } & \text { Account } & \text { Post. } & \text { Payable } & \text { Supplies } & \text { Supplies } \\& \text { Credited } & \text { Ref. } & \text { Cr. } & \text { Dr. } & \text { Dr. }\\\hline\text { July } 3 & \text { Morton Company } & \text { (a) } & 1,150 & & 1,150 \\7 & \text { Jackson Co. } & \text { (b) } & 4,800 & 4,800 & \\14 & \text { Fallon Inc. } & \text { (c) } & 7,000 & 7,000 & \\26 & \text { Simpson Bros. } & \text { (d) } & \underline{2,350} & & \\31 & & & \underline{\underline{\mathbf{1 5 , 3 0 0}}} & \underline{\underline{\mathbf{1 1 , 8 0 0}}} & \underline{\underline{\mathbf{1 , 1 5 0}}}\\&&&(e)&(f)&(g)\end{array}$

The cash receipts journal will be used for

A control account is used to record the details of the individual subsidiary accounts.

The controlling account in the general ledger that summarizes the individual customer accounts in the subsidiary ledger is entitled

Computerized accounting systems

The following cash receipts journal headings have been suggested for Tower Tree-Trimming Service Company. Which of the following statements is false?​

Mocha Coffee Shop has asked the accountant to keep track of the purchases for beverage, food, and retail items. The accountant has implemented a purchases journal. Which of the following columns should be included in the new purchases journal?

Services provided on account are recorded in the revenue journal.

Describe and discuss e-commerce.

The following cash receipts journal headings have been suggested for Tower Tree-Trimming Service Company. What problems do you see with these headings? $\begin{array} { | c | c | c | c | c | c | c | } \hline { \textbf { Date } } & \textbf { Account } & \textbf { Post. } & \textbf { Fees Earned } & \textbf { Accounts } & \textbf { Cash } & \textbf { Other Accounts } \\& \textbf { Credited } & \textbf { Ref. } & \textbf { Cr. } & \textbf { Receivable Cr. } & \textbf { Cr. } & \textbf { Dr. } \\\hline & & & & & & \\\hline\end{array}$