Question 1

Anderson, Inc. incurred the following transactions during the month of February, 2010. Record the appropriate ones in the Cash payments journal. If a transaction should not be recorded in the Cash payments journal, indicate where it should be posted.

Accepted Answer

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Question 2

Explain what subsidiary ledgers are and give examples of three types of subsidiary ledgers that a business might use.

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Question 3

The following purchases journal headings have been suggested for Tower Tree-Trimming Service Company. What problems do you see with these headings?

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Question 4

The debits and credits from two transactions are presented in the following supplier's (creditor's) account:
NAME: Xample, Inc.
Address: 567 Harrison Blvd.
  Describe each transaction and the source of each posting.

Accepted Answer

The answer of The debits and credits from two transactions...

Question 5

Identify the three main advantages of a computerized accounting system over a manual accounting system.

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Question 6

If a two-column (all-purpose) general journal, a purchases journal, and a cash payments journal are used, indicate the journal in which each of the following transactions should be recorded:

Accepted Answer

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Question 7

Davidson, Inc. incurred the following transactions during the month of January. Record the appropriate ones in the Cash receipts journal. If a transaction should not be recorded in the Cash receipts journal, indicate where it should be posted.

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Question 8

List the 4 most common special journals used in accounting and describe the transaction recorded in each journal.

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Question 9

For each of the following businesses, explain how a purchase journal might be modified for the specific business.
1. North County Medical Center
2. Tri-County Farms, Inc.
3. Prescott's Quick Lube and Tire Store

Accepted Answer

The answer of For each of the following businesses, explain...

Question 10

Explain whether each of the following would usually be used in a computerized accounting system and why.
1. Special journals
2. Accounts receivable control accounts
3. Electronic invoice form
4. Month-end postings to the general ledger

Accepted Answer

The answer of Explain whether each of the following would...

Question 11

The debits and credits from two transactions are presented in the following supplier's (creditor's) account:
NAME: Banner Computer Services, Inc.
Address: 890 Novice Lane
  Describe each transaction and the source of each posting.

Accepted Answer

The answer of The debits and credits from two transactions...

Question 12

Mobile Service Corp. has the following debits and credits from two transactions presented in the a customer account:
NAME: Gen-X Products, Inc.
Address: 123 My Way
  Describe each transaction and the source of each posting.

Accepted Answer

The answer of Mobile Service Corp. has the following debits...

Question 13

If a two-column (all-purpose) general journal, a revenue journal, and a cash receipts journal are used, indicate the journal in which each of the following transactions should be recorded:

Accepted Answer

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Question 14

What is a business segment? How can business segments be analyzed?

Accepted Answer

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Question 15

Read each transaction and identify the appropriate journal that it should be recorded in;
1. Owner withdrew supplies
2. Sale made on account
3. Payment to vendor on account
4. Payment received from customer on account
5. Purchases on account
6. Adjusting journal entry for supplies used
7. Owner withdrew cash
8. Company borrows money from bank
9. Record monthly depreciation
10. Close revenue accounts at month end

Accepted Answer

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Question 16

Down-Under, an aquatic supply store, makes the following five payments during August. Journalize them in the Cash Payments Journal as appropriate.

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Question 17

The following cash receipts journal heading have been suggested for Tower Tree-Trimming Service Company. What problems do you see with these headings?

Accepted Answer

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Question 18

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.

Accepted Answer

The answer of The posting references in the following purchases...

Question 19

For each of the following business, explain how a revenue journal might be modified for the specific business.
1. Jon's Auto Repair Business
2. Esquire Movie Theater
3. Beach Hut Snack Bar, Restaurant, and Lounge

Accepted Answer

The answer of For each of the following business, explain...

Question 20

Vision Service Company has the following debits and credits from two transactions presented in a customer account:
NAME: Roswell Communications, Inc.
Address: 345 Alien Way
  Describe each transaction and the source of each posting.

Accepted Answer

The answer of Vision Service Company has the following debits...

Quiz 5: Accounting Systems

Anderson, Inc. incurred the following transactions during the month of February, 2010. Record the appropriate ones in the Cash payments journal. If a transaction should not be recorded in the Cash payments journal, indicate where it should be posted.

Explain what subsidiary ledgers are and give examples of three types of subsidiary ledgers that a business might use.

The following purchases journal headings have been suggested for Tower Tree-Trimming Service Company. What problems do you see with these headings?

The debits and credits from two transactions are presented in the following supplier's (creditor's) account: NAME: Xample, Inc. Address: 567 Harrison Blvd. Describe each transaction and the source of each posting.

Identify the three main advantages of a computerized accounting system over a manual accounting system.

If a two-column (all-purpose) general journal, a purchases journal, and a cash payments journal are used, indicate the journal in which each of the following transactions should be recorded:

Davidson, Inc. incurred the following transactions during the month of January. Record the appropriate ones in the Cash receipts journal. If a transaction should not be recorded in the Cash receipts journal, indicate where it should be posted.

List the 4 most common special journals used in accounting and describe the transaction recorded in each journal.

For each of the following businesses, explain how a purchase journal might be modified for the specific business. 1. North County Medical Center 2. Tri-County Farms, Inc. 3. Prescott's Quick Lube and Tire Store

Explain whether each of the following would usually be used in a computerized accounting system and why. 1. Special journals 2. Accounts receivable control accounts 3. Electronic invoice form 4. Month-end postings to the general ledger

The debits and credits from two transactions are presented in the following supplier's (creditor's) account: NAME: Banner Computer Services, Inc. Address: 890 Novice Lane Describe each transaction and the source of each posting.

Mobile Service Corp. has the following debits and credits from two transactions presented in the a customer account: NAME: Gen-X Products, Inc. Address: 123 My Way Describe each transaction and the source of each posting.

If a two-column (all-purpose) general journal, a revenue journal, and a cash receipts journal are used, indicate the journal in which each of the following transactions should be recorded:

What is a business segment? How can business segments be analyzed?

Down-Under, an aquatic supply store, makes the following five payments during August. Journalize them in the Cash Payments Journal as appropriate.

The following cash receipts journal heading have been suggested for Tower Tree-Trimming Service Company. What problems do you see with these headings?

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.

For each of the following business, explain how a revenue journal might be modified for the specific business. 1. Jon's Auto Repair Business 2. Esquire Movie Theater 3. Beach Hut Snack Bar, Restaurant, and Lounge

Vision Service Company has the following debits and credits from two transactions presented in a customer account: NAME: Roswell Communications, Inc. Address: 345 Alien Way Describe each transaction and the source of each posting.