Acct1030-horngren-workbook-ch07

Studocu is not sponsored or endorsed by any college or university ACCT1030 Horngren workbook ch07 Management Accounting I (St. Clair College of Applied Arts and Technology) Studocu is not sponsored or endorsed by any college or university ACCT1030 Horngren workbook ch07 Management Accounting I (St. Clair College of Applied Arts and Technology) Downloaded by Elham Norouzi ([email protected]) lOMoARcPSD|32092703

7 ACCOUNTING INFORMATION SYSTEMS Other Reports Financial Statements General Journal Payroll Journal Cash Payments Journal Purchase Journal Sales Journal Cash Receipts Journal Misc. Employee Time Sheets Cheques Purchase Invoices Sales Invoices Bank Deposit General Ledger Accounts Payable Ledger Inventory Ledger Accounts Receivable Ledger LEARNING OBJECTIVES 1 Describe an efective accounting information system. 2 Explain the elements of computerized and manual accounting systems. 3 Journalize and post transactions using the sales journal, the cash receipts journal, and the accounts receivable subsidiary ledger. 4 Journalize and post transactions using the purchases journal, the cash payments journal, and the accounts payable subsidiary ledger. 5 Journalize and post entries not recorded in a special journal. *A1 Use special journals to record and post transactions with sales taxes. (found on MyLab Accounting) SOME USEFUL TEXT INFORMATION (add your own notes too) EXHIBIT 7-5 | An Accounting System with Special Journals for a Merchandising Business 213 M07_MILL2421_11_SE_C07.indd 1 17/06/19 5:56 PM Downloaded by Elham Norouzi ([email protected]) lOMoARcPSD|32092703

220 Chapter 7 E7-13 Bright's Patio Shop sells garden and patio furniture. Record the following transactions in the appropriate special journals. Total each journal at May 31. May 1 Sold $2,600 of patio furniture to Jen Williams, terms n/30, invoice 310 (cost, $1,700). 2 Purchased inventory on credit terms of 1/10, n/60 from Sisco Corp., $8,000. Invoice date is May 2. 5 Sold inventory for cash, $400 (cost, $220). 10 Purchased $600 of patio lanterns from an artisan. Issued cheque no. 401. 15 Sold $5,000 of outdoor seating to Pat's Restaurant, terms n/30, invoice 311 (cost, $3,400). 22 Received payment from Jen Williams (May 1). 26 Received payment from Pat's Restaurant (May 15). 29 Paid Sisco Corp. for the purchase made on May 2, cheque no. 402. M07_MILL2421_11_SE_C07.indd 22017/06/19 5:56 PM 4 Sales Journal DATE ACCOUNT DEBITED POST REF. ACCOUNT RECEIVABLE DR. SALES REVENUE CR. COST OF GOODS SOLD DR. INVENTORY CR. Downloaded by Elham Norouzi ([email protected]) lOMoARcPSD|32092703