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Please i need help in these questions, BE7-2 Below is a list

Resolved Question:

Please i need help in these questions,
BE7-2
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 access the system at the same time.
Enables the tracking of all transactions.
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.
System for companies with revenues of less than $5 million and up to 20 employees.

1. Entry-level software.
2. Enterprise resource planning system.
3. Network-compatible.
4. Audit trail.
5. Internal control.
BE7-4

Presented below is information related to Kienholz Company for its first month of operations.
Credit Sales Cash Collections
Jan. 7 Agler Co. $10,000 Jan. 17 Agler Co. $7,000
15 Barto Co. 6,000 24 Barto Co. 4,000
23 Maris Co. 9,000 29 Maris Co. 9,000
Identify the balances that appear in the accounts receivable subsidiary ledger and the accounts receivable balance that appears in the general ledger at the end of January. (If answer is zero, please enter 0. Do not leave any fields blank.)
Agler Co. $

Barto Co. $

Maris Co. $

Accounts Receivable $


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
Instructions
a. What is the balance of the Accounts Receivable control account after the monthly postings on July 31?
$
b. What is the balance of the Accounts Payable control account after the monthly postings on July 31?
$
c. To what account(s) is the column total of $161,400 in the sales journal posted?
• Credit sale and debit account receivable in the general ledger
• Credit sale and debit cash in the general ledger.
• Credit cash and debit sale in general ledger.
• Credit account receivable and debit sale in general ledger.
d. To what account(s) is the accounts receivable column total of $131,000 in the cash receipts journal posted?
• Debit account receivables in the ledger
• Credit cash in the general ledger
• Debit cash in the general ledger
• Credit account rec in the general ledger


E7-3

On September 1 the balance of the Accounts Receivable control account in the general ledger of Seaver Company was $10,960. The customers' subsidiary ledger contained account balances as follows: Ruiz $1,440, Kingston $2,640, Bannister $2,060, Crampton $4,820. At the end of September the various journals contained the following information.
Sales journal: Sales to Crampton $800; to Ruiz $1,260; to Iman $1,330; to Bannister $1,100.
Cash receipts journal: Cash received from Bannister $1,310; from Crampton $2,300; from Iman $380; from Kingston $1,800; from Ruiz $1,240.
General journal: An allowance is granted to Crampton $220.





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.) (If answer is zero, please enter 0. Do not leave any fields blank.)
General Ledger
Accounts Receivable
Date Explanation Ref. Debit Credit Balance
Sept. 1 Balance 

S



CR



G



Accounts Receivable Subsidiary Ledger
Bannister
Date Explanation Ref. Debit Credit Balance
Sept. 1 Balance 

S



CR



Crampton
Date Explanation Ref. Debit Credit Balance
Sept. 1 Balance 

S



CR



G



Iman
Date Explanation Ref. Debit Credit Balance
Sept. 1  0
S



CR



Kingston
Date Explanation Ref. Debit Credit Balance
Sept. 1 Balance 

CR



Ruiz
Date Explanation Ref. Debit Credit Balance
Sept. 1 Balance 

S



CR









Prepare a list of customers and prove the agreement of the controlling account with the subsidiary ledger at September 30, 2010.
SEAVER COMPANY
Schedule of Customers
As of September 30, 2010
Bannister $

Crampton

Iman

Kingston

Ruiz

Total $


Accounts Receivable $







E7-10

Below are some typical transactions incurred by Kwun Company.
Instructions
For each transact
Submitted: 2 years ago.
Category: Multiple Problems
Expert:  Neo replied 2 years ago.
Good day!

Please download HERE.

Please do not forget to click the Accept button.

For your future questions, please feel free to address them to me by adding "For Neo" at the beginning of your posts.

Thank you so much! :)
Customer: replied 2 years ago.
Thank you for your respond, however I didn't get the answer for P7-1A? i guess when i paste my question it didn't goes through

P7-1A

Description: http://edugen.wiley.com/edugen/art2/common/pixel.gif

Grider Company's chart of accounts includes the following selected accounts

101

Cash

401

Sales

112

Accounts Receivable

414

Sales Discounts

120

Merchandise Inventory

505

Cost of Goods Sold

301

O. Grider, Capital

On April 1 the accounts receivable ledger of Grider Company showed the following balances: Ogden $1,550, Chelsea $1,200, Eggleston Co. $2,900, and Baez $1,800.The April transactions involving the receipt of cash were as follows.

Apr.

1

The owner, O. Grider, invested additional cash in the business $7,200.

4

Received check for payment of account from Baez less 2% cash discount.

5

Received check for $920 in payment of invoice no. 307 from Eggleston Co.

8

Made cash sales of merchandise totaling $7,245.The cost of the merchandise sold was $4,347.

10

Received check for $600 in payment of invoice no. 309 from Ogden.

11

Received cash refund from a supplier for damaged merchandise $740.

23

Received check for $1,500 in payment of invoice no. 310 from Eggleston Co.

29

Received check for payment of account from Chelsea.

Instructions

(a) Journalize the transactions above in the six-column cash receipts journal below. Foot and crossfoot the journal. (If there is no transaction, enter NA as the account and 0 for the amount.)

Cash Receipts Journal

CR1

Date

Account Credited

Ref.

Cash Dr.

Sales Discounts Dr.

Accounts Receivable
Cr.

Sales Cr.

Other Accounts Cr.

Cost of Goods Sold
Dr.
Merch. Inventory
Cr.

Apr.

1

301







4

P







5

P







8







10

P







11

120







23

P







29

P













(101)

(414)

(112)

(401)

(X)

(505)(120)

(b) Insert the beginning balances in the Accounts Receivable control and subsidiary accounts, and post the April transactions to these accounts. (If answer is zero, please enter 0. Do not leave any fields blank.)

General Ledger

Accounts Receivable

No. 112

Expert:  Neo replied 2 years ago.
Good day!

Please download HERE.

Please do not forget to click the Accept button.

For your future questions, please feel free to address them to me by adding "For Neo" at the beginning of your posts.

Thank you so much! :)
Neo, Bachelor's Degree
Satisfied Customers: 12044
Experience: BS Accounting
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