CHAPTER 7 - CHAPTER7 AccountingInformationSystems...

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CHAPTER 7 Accounting Information Systems SOLUTIONS TO BRIEF EXERCISES BRIEF EXERCISE 7-1 1. True 2. False 3. True BRIEF EXERCISE 7-2 1. Analysis 3. Design 2. Follow-up 4. Implementation BRIEF EXERCISE 7-3 Accounts Receivable Subsidiary Ledger General Ledger Duffy Co. Accounts Receivable Date Ref. Debit Credit Balance Date Ref. Debit Credit Balance Jan. 7 17 8,000 7,000 8,000 1,000 Jan. 31 31 23,000 20,000 23,000 3,000 Hanson Co. Date Ref. Debit Credit Balance
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Jan. 15 24 6,000 4,000 6,000 2,000 Lewis Co. Date Ref. Debit Credit Balance Jan. 23 29 9,000 9,000 9,000 0 BRIEF EXERCISE 7-4 1. General ledger 3. General ledger 2. Subsidiary ledger 4. Subsidiary ledger
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BRIEF EXERCISE 7-5 1. Cash Receipts Journal 4. Sales Journal 2. Cash Payments Journal 5. Purchases Journal 3. Cash Payments Journal 6. Cash Receipts Journal BRIEF EXERCISE 7-6 1. No 3. Yes 2. Yes 4. No BRIEF EXERCISE 7-7 1. Both in total and daily 3. In total 2. In total 4. Only daily BRIEF EXERCISE 7-8 1. General Journal (if a one-column Purchases Journal) Purchases Journal (if a columnar Purchases Journal) 2. Purchases Journal 3. Cash Payments Journal 4. Sales Journal BRIEF EXERCISE 7-9 1. Cash Receipts Journal 2. Cash Receipts Journal 3. Cash Receipts Journal 4. Sales Journal or Cash Receipts Journal 5. Purchases Journal or Cash Payments Journal
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SOLUTIONS TO EXERCISES EXERCISE 7-1 (a) $340,400. Beginning balance of $320,000 plus $161,400 debit from sales journal less $141,000 credit from cash receipts journal. (b) $95,900. Beginning balance of $87,000 plus $56,400 credit from purchases journal less $47,500 debit from cash payments journal. (c) The column total of $161,400 in the sales journal would be posted to the credit side of the Sales account and the debit side of the Accounts Receivable account in the general ledger. (d) The accounts receivable column total of $141,000 in the cash receipts journal would be posted to the credit side of the Accounts Receivable account in the general ledger. EXERCISE 7-2 To: Barb Murphy From: Student Subject: Nathan Ross account The explanation of the three entries in the subsidiary ledger for the Nathan Ross account is as follows: 2 This was a credit sale of Sept. merchandise to Ross. The entry was recorded on page 31 of the Sales Journal.
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9 This was a sales return or Sept. allowance granted to Ross. The entry was recorded on page 4 of the General Journal. Sept. 27 This was a payment by Ross of the
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This note was uploaded on 04/04/2009 for the course ACC 321 taught by Professor Ahmedmokhtar during the Spring '09 term at Ain Shams University.

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CHAPTER 7 - CHAPTER7 AccountingInformationSystems...

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