Strayer ACC100 homework chapter 07 26525

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Brief Exercise 7-3

Benji Borke has prepared the following list of statements about accounting information systems.

Identify each statement as true or false.

1.

 

The accounting information system includes each of the steps of the accounting cycle, the documents that provide evidence of transactions that have occurred, and the accounting records.

 

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2.

 

The benefits obtained from information provided by the accounting information system need not outweigh the cost of providing that information.

 

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3.

 

Designers of accounting systems must consider the needs and knowledge of various users.

 

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4.

 

If an accounting information system is cost-effective and provides useful output, it does not need to be flexible.

  

 

Brief Exercise 7-5

Identify in what ledger (general or subsidiary) each of the following accounts is shown.

  

Accounts

 

Ledger

(a)

 

Rent Expense

 

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(b)

 

Accounts Receivable—Cabrera

 

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(c)

 

Notes Payable

 

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(d)

 

Accounts Payable—Pacheco

 

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Brief Exercise 7-6

Identify the journal in which each of the following transactions is recorded.

  

Transactions

 

Journals

(a)

 

Cash sales

 

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(b)

 

Owner withdrawal of cash

 

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(c)

 

Cash purchase of land

 

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(d)

 

Credit sales

 

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(e)

 

Purchase of merchandise on account

 

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(f)

 

Receipt of cash for services performed

 

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Brief Exercise 7-10

Rauch Computer Components Inc. uses a multi-column cash receipts journal.

Indicate which column(s) is/are posted only in total, only daily, or both in total and daily.

  

Accounts

 

Column in Cash Journal Receipts

(a)

 

Accounts Receivable

 

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(b)

 

Sales Discounts

 

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(c)

 

Cash

 

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(d)

 

Other Accounts

 

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Exercise 7-5 (Part level Submission)

Pennington Company has a balance in its Accounts Payable control account of $9,250 on January 1, 2014. The subsidiary ledger contains three accounts: Hale Company, balance $3,000; Janish Company, balance $1,875; and Valdez Company. During January, the following payable-related transactions occurred.

  

Purchases

 

Payments

 

Returns

Hale Company

 

$6,750

 

$6,000

 

$ -0-

Janish Company

 

5,250

 

1,875

 

2,250

Valdez Company

 

6,375

 

6,750

 

-0-

 

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Collapse question part

(a)

 

What is the January 1 balance in the Valdez Company subsidiary account?

Balance in the Valdez Company subsidiary account $http://edugen.wiley.com/edugen/art2/common/pixel.gif

 

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    • 8 years ago