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Appendix 7A - Accounting Information Systems
Appendix 7A—PERIODIC
Accounting Information Systems
QUICK STUDIES
Quick Study 7-11A (20 minutes)
PURCHASES JOURNAL
Date Account
Date
of
Invoice Terms PR
Account
s
Payable
Cr.
Purchases
Dr.
Office
Supplies
Dr.
Other
Accounts
Dr.
May 1 Krause, Inc..................
5/01 n/30 10,100 10,100
14 Store Supplies/
Company....................
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Appendix 7A - Accounting Information Systems
EXERCISES
Exercise 7-12A (15 minutes)
SALES JOURNAL
Date Account Debited
Invoice
Number PR
Accounts Receivable Dr.
Sales Cr.
25 T. Taylor.....................................5706 750
Exercise 7-13A (25 minutes)
CASH RECEIPTS JOURNAL
Date
Account
Credited Explanation PR
Cash
Dr.
Sales
Discoun
t
Dr.
Accts.
Rec.
Cr.
Sales
Cr.
Other
Accounts
Cr.
Nov. 9 Notes Payable...........
Note to
bank 3,750 3,750
13 J. Ali, Capital..... Contribution 5,000 5,000
Exercise 7-14A (25 minutes)
CASH DISBURSEMENTS JOURNAL
Date
Ck.
No. Payee
Account
Debited PR
Cash
Cr.
Purchases
Discounts
Cr.
Other
Accounts
Dr.
Accounts
Payable
Dr.
Apr.
9
210 Kitt Corp............................Store Supplies..............................................
650 650
17 211 City Bank...........................Notes Payable..............................................
1,400 1,400
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Appendix 7A - Accounting Information Systems
PROBLEM SET A
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Appendix 7A - Accounting Information Systems
Problem 7-4AA (70 minutes)
Parts 1 and 2
SALES JOURNAL Page 3
Date Account Debited
Invoice
Number PR
Accounts Receivable Dr.
Sales Cr.
Apr. 3 Page Alistair.........................................760 4,000
5Paula Kohr............................................
761 8,000
Appendix 7A - Accounting Information Systems
Problem 7- 4AA (Continued)
Parts 2 and 3
GENERAL LEDGER
30 R3 27,600 9,870
Inventory Acct. No. 119
Date Explanation PR Debit Credit Balance
Mar. 31 125,000
30 R3 126,815 164,285
Sales Discounts Acct. No. 415
Date Explanation PR Debit Credit Balance
Apr. 30 R3 552 552
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Appendix 7A - Accounting Information Systems
Problem 7- 4AA (Continued)
Parts 2 and 3—continued
ACCOUNTS RECEIVABLE LEDGER
Page Alistair
Date Explanation PR Debit Credit Balance
Paula Kohr
Date Explanation PR Debit Credit Balance
Apr. 5 S3 8,000 8,000
14 R3 8,000 0
27 S3 3,170 3,170
Nic Nelson
Date Explanation PR Debit Credit Balance
Part 4
WISET COMPANY
Trial Balance
April 30
Debit Credit
Cash........................................................................ $298,863
Accounts receivable............................................. 9,870
Inventory................................................................ 125,000
Long-term notes payable..................................... $170,000
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Appendix 7A - Accounting Information Systems
Problem 7- 4AA (Concluded)
Part 4—continued
WISET COMPANY
Schedule of Accounts Receivable
April 30
Paula Kohr.................................................. $3,170
Part 5
Analysis component
To find the error(s), first re-add the account balances on the schedule of
postings from each subsidiary account and from the controlling account
back to the appropriate journals. Since the sales and cash receipts
journals were footed and crossfooted before posting, the previous steps
should disclose the error.
Problem 7-5AA (80 minutes)
Parts 1 and 3
PURCHASES JOURNAL
Date Account
Date of
Invoice Terms PR
Accounts
Payable
Cr.
Purchases
Dr.
Office
Supplies
Dr.
Accounts
Apr. 2 Noth Company.......................................
4/2 2/10, n/60 14,300 14,300
3 Office Supplies/Custer Inc......................
4/2 n/10, EOM 1,480 1,480
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Appendix 7A - Accounting Information Systems
20 Store Supplies/Hal’s Supply...................
4/19 n/10, EOM 125/830
25 Noth Company............................. 4/24 2/10, n/60 11,375
11,375
____ _____
30 Totals........................................... 53,860
39,425
1,480
12,955
(201) (505) (124)
CASH DISBURSEMENTS JOURNAL
Date
Ck.
No. Payee Account Debited PR
Cash
Cr.
Purchases
Discount
Cr.
Other
Accounts
Dr.
Accounts
Payable
Apr. 4 587 World View.............................................Advertising Expense.............................................................
65
5
899 899
1
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Problem 7-5AA (Continued)
Parts 1 and 3—continued
GENERAL JOURNAL Page 3
Apr. 6 Accounts Payable—Custer, Inc...................................
201/80
Office Supplies..................................................124 80
Received a credit memorandum.
Parts 2 and 3
GENERAL LEDGER
Cash Acct. No. 101
Date Explanation PR Debit Credit Balance
Office Supplies Acct. No. 124
Date Explanation PR Debit Credit Balance
Apr. 3 P3 1,480 1,480
6 G3 80 1,400
Store Supplies Acct. No. 125
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Problem 7-5AA (Continued)
General Ledger—continued
Accounts Payable Acct. No. 201
Date Explanation PR Debit Credit Balance
Apr. 6 G3 80 (80)
Long-Term Notes Payable Acct. No. 251
Date Explanation PR Debit Credit Balance
Mar. 31 110,000
B. Wiset, Capital Acct. No. 301
Date Explanation PR Debit Credit Balance
Mar. 31 100,000
Purchases Acct. No. 505
Date Explanation PR Debit Credit Balance
Sales Salaries Expense Acct. No. 621
Date Explanation PR Debit Credit Balance
Apr. 16 D3 10,750 10,750
30 D3 10,750 21,500
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Problem 7-5AA (Continued)
Parts 2 and 3—continued
ACCOUNTS PAYABLE LEDGER
Custer, Inc.
Date Explanation PR Debit Credit Balance
Apr. 3 P3 1,480 1,480
6 G3 80 1,400
Grant Company
Date Explanation PR Debit Credit Balance
20 P3 830 12,955
Noth Company
Date Explanation PR Debit Credit Balance
Apr. 2 P3 14,300 14,300
12 D3 14,300 0
25 P3 11,375 11,375
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