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Exam 5: Accounting Systems

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Question 1

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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) A) and D)
F) None of the above

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Question 2

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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.

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Question 3

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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.? $\begin{array}{cc} &&&&&&&&&&&&& \textbf { PURCHASES } \\&&&&&&\textbf { JOURNAL } &&&&&&& \textbf { Page 1 }\end{array}$ $\begin{array}{rllrcc}\hline & & & \text { Accounts } & \text { Office } & \text { Store } \\\text { Date } & \text { Account } & \text { Post. } & \text { Payable } & \text { Supplies } & \text { Supplies } \\& \text { Credited } & \text { Ref. } & \text { Cr. } & \text { Dr. } & \text { Dr. }\\\hline\text { July } 3 & \text { Morton Company } & \text { (a) } & 1,150 & & 1,150 \\7 & \text { Jackson Co. } & \text { (b) } & 4,800 & 4,800 & \\14 & \text { Fallon Inc. } & \text { (c) } & 7,000 & 7,000 & \\26 & \text { Simpson Bros. } & \text { (d) } & \underline{2,350} & & \\31 & & & \underline{\underline{\mathbf{1 5 , 3 0 0}}} & \underline{\underline{\mathbf{1 1 , 8 0 0}}} & \underline{\underline{\mathbf{1 , 1 5 0}}}\\&&&(e)&(f)&(g)\end{array}$

Computerized accounting systems

In which journal would the payment of salaries be posted?

The cash receipts journal will be used for

$\text { Match the transactions below with the journal or ledger in which it would be entered. }$ -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

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

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

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

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

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

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.?

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?

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

Services provided on account are recorded in the revenue journal.

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

Every controlling account must have its own

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

Describe and discuss e-commerce.