(a)
Computerized Accounting Systems
Computerized Accounting System is used by all the forms of the companies for its three main advantages over manual systems. They are:
1. It simplifies the record keeping process by recording transactions in electronic journals or forms and simultaneously posting them to the respective ledgers.
2. This system is more accurate compared to the manual one.
3. It provides the management about the status of accounts (balances) that helps the management in proper decision making.
E-Commerce
Use of internet in performing the business transactions is called e-commerce.
To identify: The kind of e-commerce application described by the Company A.
(b)
To provide: The
(c)
To explain: The type of special journal to be used to record this sales transaction.
(d)
To explain: The type of electronic form to be used to record this sales transaction.
(e)
To explain: Would it be appropriate for Company A to use special journals or electronic forms for this sales transaction.
Trending nowThis is a popular solution!
Chapter 5 Solutions
Accounting
- Feinman Computers sells desktop computer systems that it manufactures from parts and software that thirdparty vendors provide. Customers are both private consumers and small businesses. Consumers pay cash or by credit card, but business customers buy on credit. A credit check is made of all new business customers before approving a line of credit. Sales are made online or by a hard-copy order document that customers mail or fax to the company.When a credit order is received, the sales clerk verifies inventory availability, prepares a sales order and sends the stock release copy to Willy, a warehouse employee who picks the goods and arranges shipment. Willy then prepares the bills of lading and shipping notices. Barb in the billing department receives the shipping notice from Willy and updates the inventory subsidiary ledger to account for the reduction in inventory. Barb files the stock release, prepares the invoice, and mails a copy of it to the customer. Barb then updates the sales…arrow_forwardWhat are some of the ways to be paid for your invoices? Cash, check, credit card. they are all good. Did you know that QuickBooks lets you accept credit card transactions (with a subscription) and also allows you to accept online payments? Do a little research on the Intuit website to learn more about these two payment methodsarrow_forwardInternet banking, also known as online banking or e-banking or Net Banking is a facility offered by banks and financial institutions that allow customers to use banking services over the internet. Customers need not visit their bank’s branch office to avail each and every small service. Not all account holders get access to internet banking. If you would like to use internet banking services, you must register for the facility while opening the account or later. You have to use the registered customer ID and password to log into your internet banking account.Internet banking service is available to any non-individual entity is called Corporate Internet Banking. Corporate Internet Banking comes with a host of benefits like: Visibility & access to accounts, Single Page view of accounts, deposits, loans, cards, etc. Visibility to average and projected balances of accounts Facility to download account statements in multiple formats Security and safe online banking - All transactions…arrow_forward
- In a system like QuickBooks Online, when should you create an invoice? a. When a customer purchases goods or services and pays you in cash at the time of the sale b. When a customer purchases goods or services but does not pay you at the time of the sale c. When a customer purchases goods or services and pays you by check or credit card at the time of the sale d. When a customer purchases goods or services, but you don't want to record the sale as finalarrow_forwardDoes Quickbooks offer online payment processing? What would be the advantages and disadvantages of using online payment processing? What do you recommend for your company?arrow_forwardIs it ethical to use a company credit card to make an online Internet purchase if you will reimburse your employer? Why or why not?arrow_forward
- 1. When a customer’s deposit is recorded using the Make Deposits window, Quickbooks creates a behind the scenes journal entry that will do what? A. Credit cash and debit checking B. Credit checking and debit undeposited funds C. Debit Checking and credit undeposited funds D. Debit cash and credit checking 2. How can you move your Quickbooks desktop company file, with all of your data, to a new computer? A. Create a portable file and restore it to a new system B. Condense the data file on the old computer to the drive space. Back up the file and then restored the condense data file to the new computer C. Install Quickbooks on the new computer, back up your computer file on the old computer and restore the file to the new system D. Export your company file to excel from the old computer, then copy this file over to your new computer.arrow_forwardIn this payment method, cash value is stored on your mobile device, and verification is made through biometrics O Mobile Debit O Mobile cash O Mobile Wallet O Mobile Creditarrow_forwardHow can you check for unbilled charges or time in QuickBooks Online? Select all that apply. Via the money bar in the Vendor center Via the Reports center Via the Unbilled Charges card in the Dashboard Via the money bar in the Sales center Via the money bar in the Time tab in the left-hand navigationarrow_forward
- please i need help with quickbooks, please tell me in quickbooks where do i supposed to records those transactions atwhich quickbooks window supposed to record? whether: bill (enter bills window)credit (enter bills window)bill pmt - check (pay bills window)check (write checks window)invoice (create invoices window)payment (receive payments window)sales receipt (enter sales receipts window)deposit (make deposit window)general journal (make general journal entries window)inventory adjust (adjust quantity/value on hand window)sales tax payment (pay sales tax window)paycheck (pay employees window)liability check (pay payroll liabilities window)transfer (transfer funds between accounts window)credit card charge (enter credit card charges window)credit memo (create credit memos/refunds window)discounts (receive payments window) Jul 2 Received a six-month insurance policy renewal from General Insurance Co. for $1,200, paid immediately, Check No. 72. Jen recorded the first six-month…arrow_forwardLarry's Landscaping Services has extended Net 30 terms to his new customer, Mahoney's Mugs. What sales workflow would you recommend Larry use for Mahoney's? -Create Invoice > Receive Payment > Check Register -Create Sales Receipt > Bank Deposit -Create Invoice > Receive Payment > Bank Deposit -Create Sales Receipt > Receive Payment > Bank Depositarrow_forwardes Identify the source document for NDX Company in each of the following accounting processes. Accounting processes a. A customer purchases merchandise with a credit card. NDX uses the electronic sales receipt to record transaction details in its accounting system. b. NDX purchases goods and receives a bill from the supplier. Details from the bill are captured and entered in the accounting database, which is stored in the cloud. c. An NDX employee receives a bank statement each month on her company e-mail. The statement is used to record bank fees incurred for that month. Source documents Credit card Bill from supplier Bank statementarrow_forward
- Pkg Acc Infor Systems MS VISIO CDFinanceISBN:9781133935940Author:Ulric J. GelinasPublisher:CENGAGE LAccounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,