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Strayer ACC100 homework chapter 07




Question;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.;True;False;2.;The benefits obtained from information provided by the;accounting information system need not outweigh the cost of providing that;information.;True;False;3.;Designers of accounting systems must consider the needs and;knowledge of various users.;True;False;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;General Ledger;Subsidiary Ledger;(b);Accounts Receivable?Cabrera;General Ledger;Subsidiary Ledger;(c);Notes Payable;General Ledger;Subsidiary Ledger;(d);Accounts Payable?Pacheco;General Ledger;Subsidiary Ledger;Brief Exercise 7-6;Identify the journal in which;each of the following transactions is recorded.;Transactions;Journals;(a);Cash sales;Cash Receipts Journal;Cash Payments Journal;Sales Journal;Purchases Journal;General Journal;(b);Owner withdrawal of cash;Sales Journal;Purchases Journal;General Journal;Cash Receipts Journal;Cash Payments Journal;(c);Cash purchase of land;Cash Receipts Journal;Cash Payments Journal;Sales Journal;Purchases Journal;General Journal;(d);Credit sales;Sales Journal;General Journal;Purchases Journal;Cash Payments Journal;Cash Receipts Journal;(e);Purchase of merchandise on account;General Journal;Cash Receipts Journal;Sales Journal;Cash Payments Journal;Purchases Journal;(f);Receipt of cash for services performed;Sales Journal;Purchases Journal;Cash Payments Journal;General Journal;Cash Receipts Journal;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;Only daily;Both in total and daily;In total;(b);Sales Discounts;In total;Both in total and daily;Only daily;(c);Cash;Both in total and daily;In total;Only daily;(d);Other Accounts;In total;Both in total and daily;Only daily;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-;(a);What is the January;1 balance in the Valdez Company subsidiary account?;Balance in the Valdez Company subsidiary account $;What is the January 31 balance in the control account?;The balances in the subsidiary accounts at the end of the month.;Which January transaction would not be recorded in a special;journal?;Exercise 7-7 (Part;level Submission);R. Santiago Co.;uses special journals and a general journal. The following transactions;occurred during May 2014.;May;1;R. Santiago invested $40,000 cash in the business.;2;Sold merchandise to Lawrie Co. for $6,300 cash. The cost;of the merchandise sold was $4,200.;3;Purchased merchandise for $7,700 from J. Moskos using;check no. 101.;14;Paid salary to H. Rivera $700 by issuing check no. 102.;16;Sold merchandise on account to K. Stanton for $900, terms;n/30. The cost of the merchandise sold was $630.;22;A check of $9,000 is received from M. Mangini in full for;invoice 101, no discount given.;(a);Prepare;a multiple-column cash receipts journal and record the transactions for;May that should be journalized.(Record;entries in the order presented in the problem statement.);R.;SANTIAGO CO.Cash Receipts Journal;CR1;Date;AccountCredited;Ref;CashDr.;SalesDiscountsDr.;AccountsReceivableCr.;SalesRevenueCr.;OtherAccountsCr.;Cost;of Goods Sold;Dr.;Inventory Cr.;May 1;May 2;May 3;May 14;May 16;May 22;M. Mangini;Owner?s Cap.;May 1;May 2;May 3;May 14;May 16;May 22;Owner?s Cap.;M. Mangini;May 1;May 2;May 3;May 14;May 16;May 22;M. Mangini;Owner?s Cap.;Click;if you would like to Show Work for this question;Open;Show Work;Exercise 7-14;Selected account balances for;Hulse Company at January 1, 2014, are presented below.;Accounts Payable;$14,000;Accounts Receivable;22,000;Cash;17,000;Inventory;13,500;Hulse?s sales journal for January shows a total of $110,000 in the selling;price column, and its one-column purchases journal for January shows a total of;$77,000.;The column totals in Hulse?s cash receipts journal are: Cash Dr. $61,000, Sales;Discounts Dr. $1,100, Accounts Receivable Cr. $45,000, Sales Revenue Cr.;$6,000, and Other Accounts Cr. $11,100.;The column totals in Hulse's cash payments journal for January are: Cash Cr.;$55,000, Inventory Cr. $1,000, Accounts Payable Dr. $46,000, and Other Accounts;Dr. $10,000. Hulse?s total cost of goods sold for January is $63,600.;Accounts Payable, Accounts Receivable, Cash, Inventory, and Sales Revenue are;not involved in the ?Other Accounts? column in either the cash receipts or cash;payments journal, and are not involved in any general journal entries.;Compute the January 31 balance for Hulse in the following accounts.;(a);Accounts Payable;$;(b);Accounts Receivable;$;(c);Cash;$;(d);Inventory;$;(e);Sales Revenue;$;Click if you would like to Show Work for this question;Open;Show Work


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