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Exam 5: Accounting Systems

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Question 101

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Eastwood Publishing reports the following segment data regarding its textbook sales:​ Perform a horizontal analysis and a vertical analysis for Eastwood Publishing.Round to one decimal place.

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Question 102

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Two transactions were posted to the following customer account:NAME: Gen-X Products,Inc.Address: 123 My Way​ Describe each transaction and the source of each posting.

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Question 103

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E-commerce provides additional business opportunities but at the cost of reduced speed and efficiency.

Match the transactions below with the journal or ledger in which it would be entered. -Cash payment posting to an individual vendor account

Designing a system to meet user needs is the final phase in the creation or revision of an accounting system.

The Post.Ref.column of the revenue journal will reference the account number of the customer.

Match each subsidiary ledger and general ledger posting to one of the descriptions of activities (a−e) . -Accounts payable subsidiary ledger/Accounts Payable Dr.

The basic procedure of posting from a revenue journal is to make all postings at the end of the month.

The Other Accounts column in the cash receipts journal is used for recording debits to any account for which there is no special debit column.

A basic manual accounting system includes all of the following except a

Waller Company does business in two regional segments: North and South.The following annual revenue information was determined from the accounting system's invoice data:Using horizontal analysis,determine the percentage change in revenues for the North region.Round to one decimal place.

An owner transfers a personal automobile to the company with a fair market value of $12,000.The entry will be made in the

Services provided for cash are recorded in the revenue journal.

When specialized journals are used,the general journal is not necessary.

In which journal would an adjustment for an overcharge by a creditor be recorded?

Posting from a revenue journal to the customer account is normally done only at the end of the month.

Maximilian Corporation provided revenue disclosures for the current year by its major product segments in the notes to its financial statements as follows:​ Prepare a vertical analysis.Round to one decimal place.

The transactions completed by Franklin Company during January, its first month of operations, are listed below. Assume that Franklin Company uses the following journals: cash receipts (CR) , cash payments (CP) , revenue (R) , purchases (P) , and general (G) . Assume that it uses accounts receivable and accounts payable subsidiary ledgers as well as a general ledger. Indicate by letters which journal would be used for each transaction and whether or not the entry requires a posting to a subsidiary ledger. -Purchased equipment on account

Match the transactions below with the journal or ledger in which it would be entered. -Record payment received from customer