Strayer ACC100 homework chapter 07 26525
Advanced TutorBrief 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. | |||
2. | The benefits obtained from information provided by the accounting information system need not outweigh the cost of providing that information. | |||
3. | Designers of accounting systems must consider the needs and knowledge of various users. | |||
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 | |||
(b) | Accounts Receivable—Cabrera | |||
(c) | Notes Payable | |||
(d) | Accounts Payable—Pacheco |
Brief Exercise 7-6
Identify the journal in which each of the following transactions is recorded.
Transactions | Journals | |||
(a) | Cash sales | |||
(b) | Owner withdrawal of cash | |||
(c) | Cash purchase of land | |||
(d) | Credit sales | |||
(e) | Purchase of merchandise on account | |||
(f) | Receipt of cash for services performed |
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 | |||
(b) | Sales Discounts | |||
(c) | Cash | |||
(d) | Other Accounts |
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