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Exam 5: Accounting Systems

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Question 51

Multiple Choice

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The transactions completed by Franklin Company during January, its first month of operations, are listed below. Assume that Franklin Company uses the following journals: cash receipts (CR) , cash payments (CP) , revenue (R) , purchases (P) , and general (G) . Assume that it uses accounts receivable and accounts payable subsidiary ledgers as well as a general ledger. Indicate by letters which journal would be used for each transaction and whether or not the entry requires a posting to a subsidiary ledger. -Paid for the equipment purchased on account

A) CR, no subsidiary posting
B) CP, no subsidiary posting
C) R, no subsidiary posting
D) P, no subsidiary posting
E) G, no subsidiary posting
F) CR, subsidiary posting
G) CP, subsidiary posting
H) R, subsidiary posting
I) P, subsidiary posting
J) G, subsidiary posting

K) A) and I)
L) A) and F)

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Question 52

Multiple Choice

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In which journal would adjusting entries be found?

A) cash receipts journal
B) cash payments journal
C) general journal
D) purchases journal

E) B) and C)
F) B) and D)

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Question 53

Multiple Choice

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Beachside Coffee Shop,in an effort to streamline its accounting system,has decided to utilize a cash receipts journal in its operations.If the company records the cash sale of food for $18,which is the correct entry?

Explain whether each of the following would usually be used in a computerized accounting system and why or why not.1.Special journals2.Accounts receivable control accounts3.Electronic invoice form4.Month-end postings to the general ledger

The subsidiary ledger that includes customer account activity is called the

A cash refund paid to a customer who overpaid an account receivable is recorded in the cash payments journal.

The following purchase transactions occurred during August for Backcountry Kayak Excursions.​ Record these transactions in a purchases journal.

The transactions completed by Franklin Company during January, its first month of operations, are listed below. Assume that Franklin Company uses the following journals: cash receipts (CR) , cash payments (CP) , revenue (R) , purchases (P) , and general (G) . Assume that it uses accounts receivable and accounts payable subsidiary ledgers as well as a general ledger. Indicate by letters which journal would be used for each transaction and whether or not the entry requires a posting to a subsidiary ledger. -Issued an invoice to a customer

What is a business segment? How can business segments be analyzed?

Using the Internet to perform business transactions is called e-commerce.

The customers ledger and the creditors ledger refer to subsidiary ledgers.

Which of the following is not a special journal?

Sunrise Coffee Shop,in an effort to streamline its accounting system,has decided to utilize a cash receipts journal.Record the following transactions for the first two weeks in March,total the columns,and include the posting references.A partial chart of accounts is given below.After recording the transactions,indicate if there are any additional columns you would add to this journal.​

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

The transactions completed by Franklin Company during January, its first month of operations, are listed below. Assume that Franklin Company uses the following journals: cash receipts (CR) , cash payments (CP) , revenue (R) , purchases (P) , and general (G) . Assume that it uses accounts receivable and accounts payable subsidiary ledgers as well as a general ledger. Indicate by letters which journal would be used for each transaction and whether or not the entry requires a posting to a subsidiary ledger. -Issued check for a payment on account

Match the transactions below with the journal or ledger in which it would be entered. -Record sale on account to customer

Down-Under,an aquatic supply store,makes the following five payments during August.Journalize them in the cash payments journal as appropriate.​

In which journal would the payment of salaries be posted?

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

Describe and discuss e-commerce.