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principles of accounting volume 1

Questions and Answers of Principles Of Accounting Volume 1

There are several elements to internal controls. Which of the following would not address the issue of having cash transactions reported in the accounting records?A. One employee would have access to
The information technology departments of all companies have significant and important roles in the internal control systems. Discuss them and their importance.
The bank reconciliation shows the following adjustments:• Deposits in transit: $1,234• Outstanding checks: $558• Bank service charges: $50• NSF checks: $250Prepare the correcting journal
The bank reconciliation shows the following adjustments.• Deposits in transit: $526• Outstanding checks: $328• Bank charges: $55• NSF checks: $69Prepare the correcting journal entry.
The bank reconciliation shows the following adjustments.• Deposits in transit: $1,698• Notes receivable collected by bank: $2,500; interest: $145• Outstanding checks: $987• Error by bank:
Prepare a trial balance using the journal entries in PA5.Data from in PA5Inner Resources Company started its business on April 1, 2019. The following transactions occurred during the month of April.
Prepare a trial balance for Lavender Company using the journal entries in PB5.Data from in PB5Lavender Company started its business on April 1, 2019. The following are the transactions that happened
A company is trying to set up proper internal controls for their accounts payable/inventory purchasing system. Currently the purchase order is generated by the same person who receives the inventory.
What are the functions of the internal control?
The bank reconciliation shows the following adjustments:• Deposits in transit: $852• Notes receivable collected by bank: $1,000; interest: $20• Outstanding checks: $569• Error by bank:
Using the following information, prepare a bank reconciliation.• Bank balance: $4,021• Book balance: $2,928• Deposits in transit: $1,111• Outstanding checks: $679• Bank charges: $35•
Identify where each of the following transactions would be found on the bank reconciliation. Transaction Outstanding check Interest income NFS check Wire transfer by customer Deposit in transit Bank
You just posted a credit to Accounts Receivable. Which special journal did it come from?A. Sales journalB. Cash receipts journalC. Purchases journalD. Cash disbursements journalE. General journal
You just posted a debit to Cash in the general ledger. Which special journal did it come from?A. Sales journalB. Cash receipts journalC. Purchases journalD. Cash disbursements journalE. General
You just posted a credit to Stars Inc. in the accounts receivable subsidiary ledger. Which special journal did it come from?A. Sales journalB. Cash receipts journalC. Purchases journalD. Cash
You just posted a debit to ABC Co. in the accounts receivable subsidiary ledger. Which special journal did it come from?A. Sales journalB. Cash receipts journalC. Purchases journalD. Cash
Forensic means “suitable for use in a court of law.” How does that have anything to do with accounting?
AB Inc. purchased inventory on account from YZ Inc. The amount was $500. AB Inc. uses an accounting information system with special journals. Which special journal would the company use to record
Should the purchases journal have a column that is a debit to Accounts Payable?
The sum of all the accounts in the accounts receivable subsidiary ledger should ________.A. Equal the accounts receivable account balance in the general ledger before posting any amountsB. Equal the
We record purchases of inventory for cash in which journal(s)?
You returned damaged goods to C.C. Rogers Inc. and received a credit memo for $250. Which journal(s) would the company use to record this transaction?A. Sales journal onlyB. Purchases journal and the
We record a sale on account that involves sales tax in which journal?
Sold goods for $650, credit terms net 30 days. Which journal would the company use to record this transaction?A. Sales journalB. Purchases journalC. Cash receipts journalD. Cash disbursements
When should entries from the sales journal be posted?
Sandren & Co. purchased inventory on credit from Acto Supply Co. for $4,000. Sandren & Co. would record this transaction in the ________.A. General journalB. Cash receipts journalC. Cash
Can a sales journal be used to record sales on account and a cash sale? Why or why not?
Sold goods for $650 cash. Which journal would the company use to record this transaction?A. Sales journalB. Purchases journalC. Cash receipts journalD. Cash disbursements journalE. General journal
The purchase of equipment for cash would be recorded in which special journal?
You returned damaged goods you had previously purchased from C.C. Rogers Inc. and received a credit memo for $250. Which journal would your company use to record this transaction?A. Sales journalB.
A journal entry that requires a debit to Accounts Receivable and a credit to Sales goes in which special journal?
Received a check for $72 from a customer, Mr. White. Mr. White owed you $124. Which journal would the company use to record this transaction?A. Sales journalB. Purchases journalC. Cash receipts
Name the four main special journals.
On January 1, Incredible Infants sold goods to Babies Inc. for $1,540, terms 30 days, and received payment on January 18. Which journal would the company use to record this transaction on the 18th?A.
Why are special journals used?
Your company paid rent of $1,000 for the month with check number 1245. Which journal would the company use to record this?A. Sales journalB. Purchases journalC. Cash receipts journalD. Cash
Which amounts do we post daily and which do we post monthly?
The schedule of accounts payable should equal what?
Maddie Inc. has the following transactions for its first month of business.A. What are the individual account balances, and the total balance, in the accounts receivable subsidiary ledger?B. What is
A customer just charged $150 of merchandise using MasterCard. Which special journal would the company use to record this transaction?A. Sales journalB. Purchases journalC. Cash receipts journalD.
How often do we post the cash column in the cash receipts journal to the subsidiary ledger?
A customer just charged $150 of merchandise on the company’s own charge card. Which specia journal would the company use to record this transaction?A. Sales journalB. Purchases journalC. Cash
What is a schedule of accounts receivable?
Record the following transactions in the cash disbursements journal: Mar. 1 Mar. 3 Mar. 5 Paid Duke Mfg (account number D101) $980 for inventory purchased on Feb. 27 for $1,000. Duke Mfg offered
An unhappy customer just returned $50 of the items he purchased yesterday when he charged the goods to the company’s store credit card. Which special journal would the company use to record this
Record the following transactions in the cash receipts journal. Jun. 12 Jun. 15 Your company received payment in full from Jolie Inc. in the amount of $1,225 for merchandise purchased on June 4 for
Which special journals also require an entry to a subsidiary ledger?
Record the following transactions in the purchases journal: Feb. 2 Feb. 8 Feb. 12 Purchased inventory on account from Pinetop Inc. (vendor account number 3765), Purchase Order (PO) # 12345 in the
Which of the following is false about accounting information systems?A. They provide reports that people analyze.B. They prevent errors and stop employees from stealing inventory.C. They are designed
Record the following transactions in the sales journal: Jan. 15 Jan. 22 Jan. 27 Invoice # 325, sold goods on credit for $2,400, to Maroon 4, account # 4501 Invoice #326, sold goods on credit for
The American Institute of Certified Public Accountants (AICPA) has stated that accountants will need to have an even better understanding of computer systems in the future. Why do you think computer
Brown Inc. records purchases in a purchases journal and purchase returns in the general journal. Record the following transactions using a purchases journal, a general journal, and an accounts
A document that asks you to return an identifying part of it with your payment is a(n) ________.A. Source documentB. Cloud documentC. Point-of-sale documentD. Turn-around document
Catherine’s Cookies has a beginning balance in the Accounts Receivable control total account of $8,200. $15,700 was credited to Accounts Receivable during the month. In the sales journal, the
Catherine’s Cookies has a beginning balance in the Accounts Payable control total account of $8,200. In the cash disbursements journal, the Accounts Payable column has total debits of $6,800 for
Use the journals and ledgers that follow. Total the journals. Post the transactions to the subsidiary ledger and (using T-accounts) to the general ledger accounts. Then prepare a schedule of accounts
Which area of accounting needs a computerized accounting information system the most—payroll, tax, or preparing financial statements?
All of the following can provide source data except ________.A. A scanning device at the grocery storeB. A utility bill received in the mailC. A bar code readerD. Software to process the source data
For each of the following transactions, state which special journal (Sales Journal, Cash Receipts Journal, Cash Disbursements Journal, Purchases Journal, or General Journal) and which subsidiary
For each of the transactions, state which special journal (sales journal, cash receipts journal, cash disbursements journal, purchases journal, or general journal) and which subsidiary ledger
Why are there so many different accounting information system software packages?
A customer obtains an allowance from the retailer in the amount of $450 for damaged merchandise. Which of the following represents the journal entry for this transaction, assuming the customer has
On April 20, Barrio Bikes purchased 30 bicycles at a cost of $100 per bike. Credit terms were 4/10, n/30, with an invoice date of April 20. On April 26, Barrio Bikes pays in full for the purchase.
Record journal entries for the following purchase transactions of Apex Industries. Nov. 6 Nov. 10 Nov. 22 Purchased 24 computers on credit for $560 per computer. Terms of the purchase are 4/10,
Record the journal entry or entries for each of the following sales transactions. Glow Industries sells 240 strobe lights at $40 per light to a customer on May 9. The cost to Glow is $23 per light.
Record journal entries for the following purchase transactions of Balloon Depot. Feb. 8 Feb. 11 Feb. 18 Purchased 3,000 balloon bundles on credit for $25 per bundle. Terms of the purchase are
Name two situations where cash would be remitted to a customer from a retailer after purchase.
Record the journal entries for the following sales transactions of Julian Sundries. Nov. 7 Nov. 14 Nov. 21 Sold 10 tables on credit for $870 per table. Terms of the sale are 5/10, n/60, invoice
A buyer purchases $250 worth of goods on credit from a seller. Shipping charges are $50. The terms of the purchase are 2/10, n/30, FOB Destination. What, if any, journal entry or entries will the
Which of the following is not a characteristic of FOB Destination?A. The seller pays for shipping.B. The seller owns goods in transit.C. The point of transfer is when the goods leave the seller’s
A seller sells $800 worth of goods on credit to a customer, with a cost to the seller of $300. Shipping charges are $100. The terms of the sale are 2/10, n/30, FOB Destination. What, if any, journal
Canary Lawnmowers sold 75 lawnmower parts at $5.00 per part to a customer on December 4. The cost to Canary is $3.00 per part. Terms of the sale are 4/10, n/25, invoice dated December 4. The customer
Which two accounts are used to recognize shipping charges for a buyer, assuming the buyer purchases with cash and the terms are FOB Shipping Point?A. Delivery expense, cashB. Merchandise inventory,
Which statement and where on the statement is freight-out recorded? Why is it recorded there?
Record the journal entry or entries for each of the following sales transactions. Glow Industries sells 240 strobe lights at $40 per light to a customer on May 9. The cost to Glow is $23 per light.
Record journal entries for the following sales transactions of Balloon Depot. Mar. 8 Mar. 11 Mar. 18 Sold 570 balloon bundles to a customer on credit for $38 per bundle. The cost to Balloon Depot is
Which of the following is not a characteristic of FOB Shipping Point?A. The buyer pays for shipping.B. The buyer owns goods in transit.C. The point of transfer is when the goods leave the seller’s
The following is select account information for Sunrise Motors. Sales: $256,400; Sales Returns and Allowances: $34,890; COGS: $120,470; Sales Discounts: $44,760. Given this information, what is the
A multi-step income statement ________.A. Separates cost of goods sold from operating expensesB. Considers interest revenue an operating activityC. Is another name for a simple income statementD.
Which of the following accounts would be reported under operating expenses on a multi-step income statement?A. SalesB. Advertising expenseC. Sales returns and allowancesD. Interest expense
How can an investor or lender use the Gross Profit Margin Ratio to make financial contribution decisions?
A simple income statement ________.A. Combines all revenues into one categoryB. Does not combine all expenses into one categoryC. Separates cost of goods sold from operating expensesD. Separates
The following is select account information for August Sundries. Sales: $850,360; Sales Returns and Allowances: $148,550; COGS: $300,840; Operating Expenses: $45,770; Sales Discounts: $231,820. If
Which of the following accounts would not be reported under revenue on a simple income statement?A. Interest revenueB. Net salesC. Rent revenueD. Operating expenses
If a retailer purchased inventory in the amount of $680, terms 3/10, n/60, returned $120 of the inventory for a full refund, and received an allowance for $70, how much would the discount be if the
Which of the following accounts are used when recording a purchase using a periodic inventory system?A. Cash, purchasesB. Accounts payable, salesC. Accounts payable, accounts receivableD. Cash,
A customer discovers 50% of the total merchandise delivered from the retailer is damaged. The original purchase for all merchandise was $5,950. The customer decides to return 40% of the damaged
A retailer obtains a purchase allowance from the manufacturer in the amount of $600 for faulty inventory parts. Which of the following represents the journal entry for this transaction, assuming the
What is the difference in reporting requirements for customer-returned merchandise in sellable condition under a perpetual inventory system versus a periodic inventory system?
A customer returns $690 worth of merchandise and receives a full refund. What accounts recognize this sales return, assuming the customer has not yet remitted payment to the retailer?A. Accounts
Why does a student need to understand how to use a manual, paper-based accounting information system since everyone uses computerized systems?
For each of the following, indicate if the statement reflects an input component, output component, or storage component of an accounting information system.A. A credit card scanner at a grocery
On June 30, Oscar Inc.’s bookkeeper is preparing to close the books for the month. The accounts receivable control total shows a balance of $2,820.76, but the accounts receivable subsidiary ledger
On June 30, Isner Inc.’s bookkeeper is preparing to close the books for the month. The accounts receivable control total shows a balance of $550, but the accounts receivable subsidiary ledger shows
For each of the following, indicate if the statement reflects an input component, output component, or storage component of the accounting information system for a bank.A. Online customer check
Why must the Accounts Receivable account in the general ledger match the totals of all the subsidiary Accounts Receivable accounts?
All of the following information pertains to Green’s Grocery. Match each of the following parts of Green’s accounting information system in the left-hand column with the appropriate item(s) from
So far, computer systems cannot yet ________.A. Receive data and instructions from input devices such as a scanner.B. Decide how to record a business transaction.C. Communicate with other computers
Provide an example of how paper-based accounting information systems are different from computerized systems.
The following information pertains to Crossroads Consulting, Inc. Match each of the following parts of Crossroad’s accounting information system in the left hand column with the appropriate item(s)

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