ACC – Week 7 – Homework Questions and Answers

ACC Week 7 Questions and Answers
8 pages of Homework Screenshots
Examples:

Question 1
Below is a list of words or phrases related to computerized accounting systems.
Instructions
Match each word or phrase with the best description of it.
Allows multiple users to a. access the system at the same time.
b. Enables the tracking of all transactions.
c. Identifies suspicious transactions or likely mistakes such as wrong account numbers or duplicate transactions.
Large-scale computer systems that integrate all aspects of the organization including accounting, sales, human
resource management, and manufacturing.
d.
e. System for companies with revenues of less than $5 million and up to 20 employees.

Question 2
Presented below is information related to Kienholz Company for its first month of operations.

Question 3
Indicate whether each of the following debits and credits is included in the cash receipts journal. (Use “Yes” or “No” to
answer this question.)

Question 4
Donahue Company uses both special journals and a general journal as described in this chapter. On June 30, after all
monthly postings had been completed, the Accounts Receivable control account in the general ledger had a debit
balance of $320,000; the Accounts Payable control account had a credit balance of $77,000.
The July transactions recorded in the special journals are summarized below. No entries affecting accounts
receivable and accounts payable were recorded in the general journal for July.
Sales Journal Total sales- $161,400
Purchases Journal Total purchases- $56,400
Cash Receipts Journal Accounts receivable column total- $131,000
Cash Payments Journal Accounts payable column total- $47,500

Question 5
Set up control and subsidiary accounts and enter the beginning balances. Post the various journals. Post the items as
individual items or as totals, whichever would be the appropriate procedure.
(No sales discounts given.)

Question 5
Prepare a list of customers and prove the agreement of the controlling account with the subsidiary ledger at September
30,
SEAVER COMPANY
Schedule of Customers
As of September 30,

Question 6
Below are some typical transactions incurred by Kwun Company.
Instructions
For each transaction, indicate whether it would normally be recorded in a cash receipts journal, cash payments journal,
sales journal, single-column purchases journal, or general journal.


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