Exam 5: Accounting Systems

Transactions must first be recorded into the general journal before they can be entered into specialized journals.

The debits and credits from two transactions are presented in the following creditor's account: NAME Windsurf, Inc. ADDRESS 343 Coastline Road Describe each transaction and the source of each posting.

Mobile Service Corp. has the following debits and credits from two transactions presented in the a customer account: NAME: Gen-X Products, Inc. Address: 123 My Way Describe each transaction and the source of each posting.

The debits and credits from two transactions are presented in the following customer account: NAME: Boogie Board Water Wear ADDRESS: 2340 Xtreme Surf Describe each transaction and the source of each posting.

Most accounting systems evolve as the business grows and requires changes in their methods for collecting, accumulating, and reporting information.

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

The total of the accounts receivable subsidiary accounts and the account receivable controlling account should balance to each other at the end of the period.

A withdrawal of cash made by the owner will be found in the

The presence of a subsidiary ledger requires the presence of a summarizing controlling account.

The Internet creates opportunities for improving the speed and efficiency of transactions. Name and describe three key areas besides e-commerce where the Internet is being used for business purposes.

Every controlling account must have its own

When posting the column totals of a cash payments journal, a debit should be posted to

The customers subsidiary ledger is controlled by the general ledger account entitled Accounts Payable.

In which journal would the payment of salaries be posted?

The controlling account in the general ledger that summarizes the debits and credits to the individual customers accounts in the subsidiary ledger is entitled

In which journal is the return of supplies purchased on account recorded?

E-commerce provides business opportunities at a higher cost.

Which of the following is not one of the three phases needed when changing an accounting system, either in its entirety or in part?

Which of the following is not considered a special journal?

Each individual entry in the Revenue Journal is posted to