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While a manual system can easily handle a simple business with few transactions
each period, a computerized system will handle a heavy transaction load with
ease.
2.
B.
While the design of the system varies from business to business, depending on the type of
business, various features are common to all systems.
C.
The system should provide control, compatibility, flexibility and a good cost/benefit
relationship.
D.
1.
2.
The system design must be compatible with operations, personnel, and the
organizational structure.
3.
4.
The cost of the system should not outweigh its benefits; managers desire a system
that gives maximum benefits at minimum cost.
2.
Softwarethe set of programs that tells the computer what tasks to perform.
Accounting software may be integrated within the companys management
information system or database, the storehouse of computerized information.
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A.
B.
In both a computerized and a manual accounting system there are three stages of
data processing. Exhibit 7-1 illustrates these steps.
1.
Inputs are data from source documents. Similar transactions are grouped together
to make recording easier.
2.
3.
Outputs are reports, such as the financial statements that are used for decision
making. Exhibit 7-2 provides an overview of a computerized accounting system.
2.
3.
b.
b.
(2)
A.
Spreadsheets are computer programs that link data by means of formulas and functions.
These electronic worksheets may be used to solve many different kinds of problems. A
simple income statement prepared on a spreadsheet is illustrated in Exhibit 7-5.
B.
Spreadsheets are organized into cells, each defined by a row number and a column
number.
C.
1.
2.
The cursor, or electronic highlighter, indicates which cell is active, and it can be
moved around the spreadsheet.
Basic arithmetic operations of spreadsheet programs such as Excel are listed in Exhibit
7-6.
Objective 4: Use the sales journal, the cash receipts journal, and the accounts
receivable ledger
A.
B.
While all businesses must use a general journal (to record transactions that do not fit into
one of the special journals), special journals are designed to record specific types of
transactions.
1.
See Exhibit 7-7 for an overview of an accounting system with special journals.
2.
b.
c.
d.
The sales journal is used to record all sales on account. (Refer to Exhibit 7-8.)
1.
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C.
2.
The date, invoice number, and customer account name (or number) are entered
along with the amount of the transaction.
3.
4.
Totals from the sales journal are posted monthly to the general ledger.
5.
Individual amounts from the sales journal are posted daily to the subsidiary
ledger.
a.
b.
The total of the subsidiary ledger should equal the total of Accounts
Receivable in the general ledger. When a subsidiary ledger is used, the
general ledger account is called the control account.
c.
Since the subsidiary ledger is not part of the general ledger, posting to it is
not indicated with an account number but with a check mark.
d.
The journal reference for items posted from the sales journal will all begin
with S, followed by the page number.
e.
The cash receipts journal is used for all transactions that involve a receipt of cash. (See
Exhibit 7-9.)
1.
2.
The main sources of cash are collections on account and cash sales, thus the cash
receipts journal includes columns for Accounts Receivable (Cr.) and Sales (Cr.).
3.
Other sources of cash are recorded in the Other Accounts column. Individual
customer names are also listed in the Account Title column.
4.
5.
a.
The accounts that appear in the Other Accounts column are posted
individually, either daily or at the end of the month.
b.
The journal reference will begin with CR, followed by the page number.
Objective 5: Use the purchases journal, the cash payments journal, and the
accounts payable ledger
A.
B.
2.
Purchases on account of inventory and supplies are recorded in this journal; a (Dr)
column is provided for each.
3.
4.
Column totals, except for Other Accounts, are posted monthly to the
general ledger.
b.
The journal reference will begin with P, followed by the page number.
5.
Items in the Other Accounts column are posted individually, usually at the end of
the month.
6.
A subsidiary ledger is also used for accounts payable. All credits to Accounts
Payable are posted daily to the subsidiary ledger.
The cash payments journal (also called the check register or cash disbursements
journal) is used to record all payments of cash. (See Exhibit 7-11.)
1.
2.
Many cash payments are for payments on account; therefore, an Accounts Payable
(Dr) column appears in the cash payments journal.
3.
4.
5.
a.
The amounts that appear in the Other Accounts column are posted
individually, either daily or at the end of the month.
b.
The journal reference will begin with CP, followed by the page number.
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C.
At the end of each accounting period, a list of individual creditors account balances
should be made and the total balanced with the related control account in the general
ledger.
D.
While special journals save time when recording repetitive transactions, a business still has
need for a general journal. Examples of transactions recorded in the general journal
include adjusting and closing entries, sales returns and allowances, purchase returns
and allowances, and other non-routine entries.
E.
F.
1.
Sales returns and allowances: The business will issue a credit memorandum or
credit memo to notify the customer that he has received credit for returned
merchandise. The related journal entry includes a credit to both the customers
account receivable and the accounts receivable control account. Refer to Exhibit
7-12.
2.
At the end of each period, balancing the ledgers or proving the ledgers helps ensure
that certain equalities exist:
1.
In the general ledger: there should be equal debit account and credit account
totals.
2.
In the general ledger and the subsidiary ledger: the control account should be
equal to the sum of the individual balances in the ledger (for both accounts
receivable and accounts payable).
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