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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
Identify which department has stewardship (having the job of supervising or taking care of) over the following journals, ledgers, and files. (Please be reminded of the Honor Pledge written in your answer sheet.)
1. Customer open order file
2. Sales journal
3. Journal voucher file
4. Cash receipts journal
5. Inventory subsidiary ledger
6.
7. Sales history file
8. Shipping report file
9. Credit memo file
10. Sales order file
11. Closed sales order file
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- Explain, on what criteria or by what internal controls in place, where Billing could be responsible for issuing invoices, sales journal, AR update (for both billing and payment received).arrow_forwardUsing the five journals as named here: • Sales, Purchases, Cash Receipts, Cash Disbursements, and General Using the following as possible column header titles (for vendors use "Ref." and for customers use "Acct. No."): • Date, Account, Acct. No., Check No., Purchase Order No., Sales Invoice No., Ref. or None And using the accounts listed below, record journal entries for the following transactions, which uses the periodic inventory system: Accounts Payable Merchandise Inventory Sales Accounts Purchases Sales Discounts Receivable Sales Returns and Cash Purchase Discounts Allowances Purchase Returns and Cost of Goods Sold Sales Tax Payable Allowances PLEASE NOTE: You must enter the journal names, header titles, and account names exactly as written above (or in the transactions below) and all dollar amounts will be with "$" and commas as needed (i.e. $12,345). If no dollar amount is needed, please use "$0" or if no information is provided, please use "None" - no quotation marks. • On Jul.…arrow_forward5. Who controls user access and monitors user activity? A. Individual users B. Master Supervisor C. Comptroller D. Master Administrator 6. What account type is considered a liability? A. Fixed Assets B. Accounts Receivable C. Bank D. Accounts Payable 7. Opening balances are entered: A. via the Gear menu B. on the day the expenses were incurred C. on the Chart of Accounts D. as a Journal Entry or directly into the account registerarrow_forward
- Prepare a narrative to describe the system depicted in the physica larrow_forwardBefore processing a batch of invoices, the accounts payable clerk sums the quantities billed. The sum obtained is best described as a(n): A. financial total B. grand total C. record count D. hash total E. cross-footing totalarrow_forwardUsing the sales and cash receipts journals The sales and cash receipts journals of Caverly Office Products include the following entries: Identify the missing information in the cash receipts journal for those transactions listed. All credit sales are terms n/30. Assume all the accounts are paid in full. Also, total the columns in the cash receipts journal and show that total debits equal total credits.arrow_forward
- Which of the following should be done first when a customer order is received? Pull the items from the warehouse and prepare them for shipping Check to see if the items orders are available in the warehouse Prepare a bill of lading Approve the customer's creditarrow_forwardUsing the five journals as named here: • Sales, Purchases, Cash Receipts, Cash Disbursements, and General Using the following as possible column header titles (for vendors use "Ref." and for customers use "Acct. No."): • Date, Account, Acct. No., Check No., Purchase Order No., Sales Invoice No., Ref. or None And using the accounts listed below, record journal entries for the following transactions, which uses the perpetual inventory system: Accounts Payable Merchandise Inventory Sales Асcounts Purchases Sales Discounts Receivable Sales Returns and Cash Purchase Discounts Allowances Purchase Returns and Cost of Goods Sold Sales Tax Payable Allowances PLEASE NOTE: You must enter the journal names, header titles, and account names exactly as written above (or in the transactions below) and all dollar amounts will be with "$" and commas as needed (i.e. $12,345). If no dollar amount is needed, please use "$0" or if no information is provided, please use "None" - no quotation marks. • On…arrow_forwardPlease help with the following question COMPLETION STATEMENTS 1.Notes and accounts receivable that result from sales transactions are often called______________ receivables. 2.Two accounting problems associated with accounts receivable are (1) ______________ and (2) ______________ accounts receivable. 3.The net amount expected to be collected in cash from receivables is the _____________. 4.When credit sales are made, _________________ Expense is considered a normal and necessary risk of doing business on a credit basis. 5.The two methods used in accounting for uncollectible accounts are the ____________ method and the ______________ method. 6.Allowance for Doubtful Accounts is a_____________ account which is ______________ from Accounts Receivable on the balance sheet. 7.When the allowance method is used to account for uncollectible accounts, ____________ is debited when an account is determined to be uncollectible. 8.The _________________ basis of…arrow_forward
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