Problem 5-1A - due in 20 hours

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WRD27e_PR05-1A-3.xlsx

Pr. 5-1A

Problem 5-1A # Incorrect N-box and B-box entries COUNTIF(B15:G24,"~*")
Name: 0
Section: # N-box Incorrects due to blanks COUNTIF(B15:AT24," ")
54
Score: 0% # N-box +B-box corrects COUNTIF(B15:AT24," ")
0
Key Code: [Key code here] Total SUM(AD13:AD15)
Instructions 54
Answers are entered in the cells with gray backgrounds. Percentage =(AD16-AD13-AD14)/AD16
Cells with non-gray backgrounds are protected and cannot be edited. 0%
An asterisk (*) will appear to the right of an incorrect entry. Notes:
For ledger account amounts, only the normal balance column will be graded. If number-entry box is blank (this would be an incorrect answer for N-boxes), error check returns two spaces, " "
Essay answers will not be graded. If number-entry or blank-entry box is incorrect, returns "*"
If number-entry or blank-entry box is correct, returns single space, " "
1. REVENUE JOURNAL Page 1 Use data verification to set data entry to whole number >= 0, and use drop-downs for lables and names, so that students can't enter a space in a box and have it counted as correct.
Inv. Post. Accts. Rec. Dr. Conditional formatting might be used but wasn't here, to hide some of the error check return symbols. If A1 = "~*", then font = red, if something else, then font = background color.
Date No. Account Debited Ref. Fees Earned Cr.
July 21 1 D. Chase
22 2 J. Dunlop
24 3 F. Mintz
27 4 T. Quinn
30 5 K. Tisdale
30 6
31 7
31
R1
J1
JOURNAL Page 1
Post. Cash
Date Description Ref. Debit Credit Accounts Payable
Supplies
July 28 Fees Earned
Accounts Receivable
ACCOUNTS RECEIVABLE LEDGER (12)
D. Chase (14)
Post. (41)
Date Item Ref. Debit Credit Balance
July 30 .................................
J. Dunlop
Post.
Date Item Ref. Debit Credit Balance
July 21 .................................
F. Mintz
Post.
Date Item Ref. Debit Credit Balance
July 27 .................................
T. Quinn
Post.
Date Item Ref. Debit Credit Balance
July 24 .................................
31 .................................
K. Tisdale
Post.
Date Item Ref. Debit Credit Balance
July 22 .................................
30 .................................
2. GENERAL LEDGER
Accounts Receivable 12
Post. Balance
Date Item Ref. Debit Credit Debit Credit
July 31 .................................
Supplies 13
Post. Balance
Date Item Ref. Debit Credit Debit Credit
July 25 .................................
Fees Earned 41
Post. Balance
Date Item Ref. Debit Credit Debit Credit
July 25 .................................
31 .................................
3.
a.
b.
4.

Sol

Problem 5-1A
Name: Solution
Section:
Scoring: ON
Instructions
Answers are entered in the cells with gray backgrounds.
Cells with non-gray backgrounds are protected and cannot be edited.
An asterisk (*) will appear to the left of an incorrect entry.
For ledger account amounts, only the normal balance column will be graded.
Essay answers will not be graded.
REVENUE JOURNAL Page 1
Inv. Post. Accts. Rec. Dr.
Date No. Account Debited Ref. Fees Earned Cr.
July 21 1 J. Dunlop 115 D. Chase
22 2 K. Tisdale 350 J. Dunlop
24 3 T. Quinn 85 F. Mintz
27 4 F. Mintz 225 T. Quinn
30 5 D. Chase 170 K. Tisdale
30 6 K. Tisdale 120
31 7 T. Quinn 105
31 1,170
(12) (41) R1
J1
JOURNAL Page 1
Post. Cash
Date Description Ref. Debit Credit Accounts Payable
Supplies
July 25 Supplies 13 300 Fees Earned
Fees Earned 41 300 Accounts Receivable
ACCOUNTS RECEIVABLE LEDGER (12)
D. Chase (14)
Post. (41)
Date Item Ref. Debit Credit Balance
July 30 ................................. R1 170 170
J. Dunlop
Post.
Date Item Ref. Debit Credit Balance
July 21 ................................. R1 115 115
F. Mintz
Post.
Date Item Ref. Debit Credit Balance
July 27 ................................. R1 225 225
T. Quinn
Post.
Date Item Ref. Debit Credit Balance
July 24 ................................. R1 85 85
31 ................................. R1 105 190
K. Tisdale
Post.
Date Item Ref. Debit Credit Balance
July 22 ................................. R1 350 350
30 ................................. R1 120 470
2. GENERAL LEDGER
Accounts Receivable 12
Post. Balance
Date Item Ref. Debit Credit Debit Credit
July 31 ................................. R1 1,170 1,170
Supplies 13
Post. Balance
Date Item Ref. Debit Credit Debit Credit
July 25 ................................. J1 300 300
Fees Earned 41
Post. Balance
Date Item Ref. Debit Credit Debit Credit
July 25 ................................. J1 300 300
31 ................................. R1 1,170 1,470
3.
a. $1,170
b. $1,170
4. The computerized system is much more efficient. Each sales transaction would be entered into an electronic invoice form. The postings to the accounts receivable subsidiary and general ledgers would be automatic. Also, all sums and totals in the subsidiary ledgers would be calculated automatically. There would be no separate postings to an accounts receivable control account, because there would be no need to verify the accuracy of account totals. There would not be a math or posting error. The computerized system would also provide management current customer account balance information, since the postings are automatic.