Table 7-6 Provincewide Milling Company uses a sales journal. On June 2, the sales journal appears as you see below. Sales Journal $\begin{array}{|l|l|l|l|l|r|} \hline & & & &\text { Accts Rec } & \\ \text { Date } & \text { Invoice \# } & \text { Customer } & \text { Post } & \text { DR } & \text { COGS DR/ } \\ &&&\text { Ref. } & \text { Sales Rev CR } & \text { Inventory CR }\\ \hline \text { June 2 } & 909 & \text { Richardson Products } & & \$ 4,200 & \$ 1,090 \\ \hline & & & & & \\ \hline & & & & & \\ \hline & & & & & \\ \hline & & \text { Total } & & & \\ \hline \end{array}$ Other sales that took place in June are as follows: \[\begin{array} { | c | c | c | c | } \hline \text { Inv \# } & \text { Sales Amount } & \text { Customer } & \text { Cost of Goods Sold } \\ \hline 910 & \$ 880 & \text { Anton, Michael } & \$ 390 \\ \hline 911 & 1,120 & \text { A1 Repairs } & 560 \\ \hline 912 & 500 & \text { Thompson, Al } & 220 \\ \hline \end{array}\] -Refer to Table 7-6, at the end of the month, what entry was made to sales revenue?

A) credit $6,700 B) debit $6,700 C) debit $2,260 D) credit $2,260 A) credit $6,700 B) debit $6,700 C) debit $2,260 D) credit $2,260

Martin Manufacturing Company uses a cash receipt journal. At the end of March, the cash receipts journal was completed as follows: Cash Receipts Journal \(\begin{array} { | c | r | r | r | r | r | r | r | } \hline \text { Date } & \begin{array} { c } \text { Cash } \\ \text { Debit } \end{array} & \begin{array} { c } \text { Sales } \\ \text { Discount } \\ \text { Debit } \end{array} & \begin{array} { c } \text { Sales } \\ \text { Revenue } \\ \text { Credit } \end{array} & \begin{array} { c } \text { Accts. } \\ \text { Rec. } \\ \text { Credit } \end{array} & \begin{array} { c } \text { Other } \\ \text { Accounts } \end{array} & \begin{array} { c } \text { Other } \\ \text { Accounts } \\ \text { Amount } \end{array} & \begin{array} { l } \text { COGS DR DR } \\ \text { CR } \end{array} \\ \hline \text { Mar 3 } & \$ 100 & & \$ 100 & & & & \$ 42 \\ \hline&& & & & \text { Chaney, } \\ 5 & 2,000 &&&\$2,000& \text { A}&& \\ \hline 11 & 3,920 & \$ 80 & & 4,000 & \text { Keen, R. } & & \\ \hline 15 & 750 & & & & \text { Rentrev. } & \$ 750 & \\ \hline 19 & 804 & & 804 & & & & \$ 335 \\ \hline 24 & 220 & & & 220 & \text { Sutz, M. } & & \\ \hline 29 & 3,528 & 72 & & 3,600 & \text { Ash, C. } & & \$ 1,400 \\ \hline & \$ 11,322 & \$ 152 & \$ 904 & \$ 9,820 & & \$ 750 & \$ 1,777 \\ \hline \end{array}\) Provide a summary general journal entry, including all accounts that were affected during the month. \[\begin{array} { | l | l | l | } \hline ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~&~~~~~~~~~~ & ~~~~~~~~~~~\\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{array}\]

The answer of Martin Manufacturing Company uses a cash receipt...

Table 7-6 Provincewide Milling Company uses a sales journal. On June 2, the sales journal appears as you see below. Sales Journal $\begin{array}{|l|l|l|l|l|r|} \hline & & & &\text { Accts Rec } & \\ \text { Date } & \text { Invoice \# } & \text { Customer } & \text { Post } & \text { DR } & \text { COGS DR/ } \\ &&&\text { Ref. } & \text { Sales Rev CR } & \text { Inventory CR }\\ \hline \text { June 2 } & 909 & \text { Richardson Products } & & \$ 4,200 & \$ 1,090 \\ \hline & & & & & \\ \hline & & & & & \\ \hline & & & & & \\ \hline & & \text { Total } & & & \\ \hline \end{array}$ Other sales that took place in June are as follows: \[\begin{array} { | c | c | c | c | } \hline \text { Inv \# } & \text { Sales Amount } & \text { Customer } & \text { Cost of Goods Sold } \\ \hline 910 & \$ 880 & \text { Anton, Michael } & \$ 390 \\ \hline 911 & 1,120 & \text { A1 Repairs } & 560 \\ \hline 912 & 500 & \text { Thompson, Al } & 220 \\ \hline \end{array}\] -Refer to Table 7-6, at the end of the month, what entry was made to inventory?

A) credit $2,260 B) debit $2,260 C) debit $6,700 D) credit $6,700 A) credit $2,260 B) debit $2,260 C) debit $6,700 D) credit $6,700

Exam 7: Accounting Information Systems

Both the sales journal and the cash receipts journal require daily posting to the accounts receivable subsidiary ledger and the accounts receivable control account.

(True/False)

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Question 61

Which of the following is true of internal control?

(Multiple Choice)

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Question 62

A good cost/benefit relationship:

(Multiple Choice)

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Question 63

Table 7-6 Provincewide Milling Company uses a sales journal. On June 2, the sales journal appears as you see below. Sales Journal Accts Rec Date Invoice \# Customer Post DR COGS DR/ Ref. Sales Rev CR Inventory CR June 2 909 Richardson Products \ 4,200 \ 1,090 Total Other sales that took place in June are as follows: Inv \# Sales Amount Customer Cost of Goods Sold 910 \ 880 Anton, Michael \ 390 911 1,120 A1 Repairs 560 912 500 Thompson, Al 220 -Refer to Table 7-6, at the end of the month, what entry was made to sales revenue?

(Multiple Choice)

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Question 64

Entries in the purchases journal are posted to the:

(Multiple Choice)

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Question 65

Accounting information systems cope with heavy transaction loads by:

(Multiple Choice)

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Question 66

Martin Manufacturing Company uses a cash receipt journal. At the end of March, the cash receipts journal was completed as follows: Cash Receipts Journal Date Cash Debit Sales Discount Debit Sales Revenue Credit Accts. Rec. Credit Other Accounts Other Accounts Amount COGS DR DR CR Mar 3 \ 100 \ 100 \ 42 Chaney, 5 2,000 \2 ,000 A 11 3,920 \ 80 4,000 Keen, R. 15 750 Rentrev. \ 750 19 804 804 \ 335 24 220 220 Sutz, M. 29 3,528 72 3,600 Ash, C. \ 1,400 \ 11,322 \ 152 \ 904 \ 9,820 \ 750 \ 1,777 Provide a summary general journal entry, including all accounts that were affected during the month. \nobreakspace\nobreakspace\nobreakspace\nobreakspace\nobreakspace\nobreakspace\nobreakspace\nobreakspace\nobreakspace\nobreakspace\nobreakspace\nobreakspace\nobreakspace\nobreakspace\nobreakspace\nobreakspace\nobreakspace\nobreakspace\nobreakspace\nobreakspace\nobreakspace\nobreakspace\nobreakspace\nobreakspace\nobreakspace\nobreakspace\nobreakspace\nobreakspace\nobreakspace\nobreakspace\nobreakspace\nobreakspace\nobreakspace\nobreakspace \nobreakspace\nobreakspace\nobreakspace\nobreakspace\nobreakspace\nobreakspace\nobreakspace\nobreakspace\nobreakspace\nobreakspace \nobreakspace\nobreakspace\nobreakspace\nobreakspace\nobreakspace\nobreakspace\nobreakspace\nobreakspace\nobreakspace\nobreakspace\nobreakspace

(Essay)

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Question 67

Inputs would include:

(Multiple Choice)

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Question 68

Outputs are the reports used for decision making.

(True/False)

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Question 69

A special journal is an accounting journal designed to record one specific type of transaction.

(True/False)

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Question 70

Assuming the use of special journals, the sale of merchandise to Landon Browning for cash would be recorded in the:

(Multiple Choice)

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Question 71

Ford Enterprises paid a creditor on account. Assuming the use of special journals, this entry would be recorded in the:

(Multiple Choice)

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Question 72

A computerized storehouse of information is known as a(n):

(Multiple Choice)

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Question 73

Managers strive for an accounting system that offers maximum benefits at a minimum cost, known as a good cost/benefit relationship.

(True/False)

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Question 74

Accounts receivable in the general ledger is known as a control account.

(True/False)

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Question 75

Table 7-6 Provincewide Milling Company uses a sales journal. On June 2, the sales journal appears as you see below. Sales Journal Accts Rec Date Invoice \# Customer Post DR COGS DR/ Ref. Sales Rev CR Inventory CR June 2 909 Richardson Products \ 4,200 \ 1,090 Total Other sales that took place in June are as follows: Inv \# Sales Amount Customer Cost of Goods Sold 910 \ 880 Anton, Michael \ 390 911 1,120 A1 Repairs 560 912 500 Thompson, Al 220 -Refer to Table 7-6, at the end of the month, what entry was made to inventory?

(Multiple Choice)

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Question 76

The column total for other accounts in the cash payments journal is not posted to the general ledger.

(True/False)

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Question 77

Assuming the use of special journals, the sale of merchandise to Jerri Blackwell on account would be recorded in the:

(Multiple Choice)

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Question 78

All of the following are advantages of an enterprise resource planning system except:

(Multiple Choice)

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Question 79

Balancing the ledgers refers to establishing equality in all of the following except:

(Multiple Choice)

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Question 80

Both the sales journal and the cash receipts journal require daily posting to the accounts receivable subsidiary ledger and the accounts receivable control account.

Which of the following is true of internal control?

A good cost/benefit relationship:

Entries in the purchases journal are posted to the:

Accounting information systems cope with heavy transaction loads by:

Inputs would include:

Outputs are the reports used for decision making.

A special journal is an accounting journal designed to record one specific type of transaction.

Assuming the use of special journals, the sale of merchandise to Landon Browning for cash would be recorded in the:

Ford Enterprises paid a creditor on account. Assuming the use of special journals, this entry would be recorded in the:

A computerized storehouse of information is known as a(n):

Managers strive for an accounting system that offers maximum benefits at a minimum cost, known as a good cost/benefit relationship.

Accounts receivable in the general ledger is known as a control account.

The column total for other accounts in the cash payments journal is not posted to the general ledger.

Assuming the use of special journals, the sale of merchandise to Jerri Blackwell on account would be recorded in the:

All of the following are advantages of an enterprise resource planning system except:

Balancing the ledgers refers to establishing equality in all of the following except:

Accounting and the Business Environment

Recording Business Transactions

Measuring Business Income: The Adjusting Process

Completing the Accounting Cycle

Merchandising Operations and the Accounting Cycle

Accounting for Merchandise Inventory

Internal Control and Cash

Receivables

Property, Plant, and Equipment; Goodwill; and Intangibles

Current Liabilities and Payroll

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