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Strayer FIN 100 Week 7 Problems and Discussion Question




Question;Question 1Benji 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 provideevidence 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 ofproviding 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.Question 2Identify 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?PachecoQuestion 3Identify 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 performedQuestion 4Rauch 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 AccountsQuestion 511/22/2014 Print Assignment: Homework Ch07::true 2/3Pennington Company has a balance in its Accounts Payable control account of $9,250 on January 1, 2014. The subsidiary ledger contains threeaccounts: Hale Company, balance $3,000? Janish Company, balance $1,875? and Valdez Company. During January, the following payable?relatedtransactions occurred.Purchases Payments ReturnsHale Company $6,750 $6,000 $ ?0?Janish Company 5,250 1,875 2,250Valdez Company 6,375 6,750 ?0?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?Balance in the control account $Compute the balances in the subsidiary accounts at the end of the month.The balances in the subsidiary accounts at the end of the month.Hale $JanishValdezWhich January transaction would not be recorded in a special journal?Question 6R. 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.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 JournalDateAccountCredited RefCashDr.SalesDiscountsDr.AccountsReceivableCr.SalesRevenueCr.Prepare a multiple?column cash payments 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 Payments JournalDate Ck. No. Account Debited Ref Other Accounts Dr. Accounts Payable Dr. Inventory Cr.11/22/2014 Print Assignment: Homework Ch07::true 3/3Question 7Selected account balances for Hulse Company at January 1, 2014, are presented below.Accounts Payable $14,000Accounts Receivable 22,000Cash 17,000Inventory 13,500Hulse?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************************Imagine you are a consultant hired to convert a manual accounting system;to an automated system. Suggest the key advantages and disadvantages of;automating a manual accounting system. Identify the most important step in the;conversion process. Provide a rationale for your response.="msonormal">="msonormal">Identify key risk factors inherent in the automated process. Take a;position on whether or not you believe that automation of accounting control;systems reduce human error. Support your position.="msonormal">


Paper#48138 | Written in 18-Jul-2015

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