Principles of Accounting Volume 119th EditionOpenStax Publisher: OpenStax CollegeISBN: 9781947172685
Principles of Accounting Volume 1
Solutions for Principles of Accounting Volume 1
Problem 1MC:
So far, computer systems cannot yet ________. A. receive data and instructions from input devices...Problem 2MC:
Any device used to provide the results of processing data is a(n) ________ device. A. sources B....Problem 3MC:
Source documents ________. A. are input devices B. are output devices C. do not have to be on paper...Problem 4MC:
All of the following can provide source data except ________. A. a scanning device at the grocery...Problem 5MC:
A document that asks you to return an identifying part of it with your payment is a(n) ________. A....Problem 6MC:
Which of the following is false about accounting information systems? A. They provide reports that...Problem 7MC:
An unhappy customer just returned $50 of the items he purchased yesterday when he charged the goods...Problem 8MC:
A customer just charged $150 of merchandise on the companys own charge card. Which special journal...Problem 9MC:
A customer just charged $150 of merchandise using MasterCard. Which special journal would the...Problem 10MC:
The company just took a physical count of inventory and found $75 worth of inventory was unaccounted...Problem 11MC:
Your company paid rent of $1,000 for the month with check number 1245. Which journal would the...Problem 12MC:
On January 1, Incredible Infants sold goods to Babies Inc. for $1,540, terms 30 days, and received...Problem 13MC:
Received a check for $72 from a customer, Mr. White. Mr. White owed you $124. Which journal would...Problem 14MC:
You returned damaged goods you had previously purchased from C.C. Rogers Inc. and received a credit...Problem 15MC:
Sold goods for $650 cash. Which journal would the company use to record this transaction? A. sales...Problem 16MC:
Sandren Co. purchased inventory on credit from Acto Supply Co. for $4,000. Sandren Co. would...Problem 17MC:
Sold goods for $650, credit terms net 30 days. Which journal would the company use to record this...Problem 18MC:
You returned damaged goods to C.C. Rogers Inc. and received a credit memo for $250. Which journal(s)...Problem 19MC:
The sum of all the accounts in the accounts receivable subsidiary ledger should ________. A. equal...Problem 20MC:
AB Inc. purchased inventory on account from YZ Inc. The amount was $500. AB Inc. uses an accounting...Problem 21MC:
You just posted a debit to ABC Co. in the accounts receivable subsidiary ledger. Which special...Problem 22MC:
You just posted a credit to Stars Inc. in the accounts receivable subsidiary ledger. Which special...Problem 23MC:
You just posted a debit to Cash in the general ledger. Which special journal did it come from? A....Problem 24MC:
You just posted a credit to Accounts Receivable. Which special journal did it come from? A. sales...Problem 25MC:
You just posted a credit to Sales and a debit to Cash. Which special journal did it come from? A....Problem 26MC:
An enterprise resource planning (ERP) system ________. A. is software to help you prepare your tax...Problem 27MC:
Which of the following is not a way to prevent your computer from being attacked by ransomware? A....Problem 28MC:
Big data is mined ________. A. to find business trends B. to record transactions C. as an...Problem 29MC:
Artificial intelligence refers to ________. A. tutorials that can make humans smarter than they...Problem 30MC:
Blockchain is a technology that ________. A. is in the early stages of being developed B. was a...Problem 31MC:
Which of the following is not true about cybercurrency? A. Bitcoin is one of several...Problem 1Q:
Why does a student need to understand how to use a manual, paper-based accounting information system...Problem 2Q:
Provide an example of how paper-based accounting information systems are different from computerized...Problem 3Q:
Why are scanners better than keyboards?Problem 5Q:
Which area of accounting needs a computerized accounting information system the most—payroll, tax,...Problem 6Q:
The American Institute of Certified Public Accountants (AICPA) has stated that accountants will need...Problem 8Q:
What is a schedule of accounts receivable?Problem 9Q:
How often do we post the cash column in the cash receipts journal to the subsidiary ledger?Problem 10Q:
The schedule of accounts payable should equal what?Problem 12Q:
Why are special journals used?Problem 13Q:
Name the four main special journals.Problem 14Q:
A journal entry that requires a debit to Accounts Receivable and a credit to Sales goes in which...Problem 16Q:
Can a sales journal be used to record sales on account and a cash sale? Why or why not?Problem 21Q:
Forensic means suitable for use in a court of law. How does that have anything to do with...Problem 1EA:
For each of the following, indicate if the statement reflects an input component, output component,...Problem 2EA:
All of the following information pertains to Greens Grocery. Match each of the following parts of...Problem 3EA:
Match the special journal you would use to record the following transactions. Select from the...Problem 4EA:
For each of the transactions, state which special journal (sales journal, cash receipts journal,...Problem 5EA:
Catherines Cookies has a beginning balance in the Accounts Payable control total account of $8,200....Problem 8EA:
Maddie Inc. has the following transactions for its first month of business. A. What are the...Problem 1EB:
For each of the following, indicate if the statement reflects an input component, output component,...Problem 2EB:
The following information pertains to Crossroads Consulting, Inc. Match each of the following parts...Problem 4EB:
For each of the following transactions, state which special journal (Sales Journal, Cash Receipts...Problem 5EB:
Catherines Cookies has a beginning balance in the Accounts Receivable control total account of...Problem 8EB:
Piedmont Inc. has the following transactions for its first month of business: A. What are the...Problem 1PA:
On June 30, Oscar Inc.s bookkeeper is preparing to close the books for the month. The accounts...Problem 2PA:
Evie Inc. has the following transactions during its first month of business. Journalize the...Problem 4PA:
Use the journals and ledgers that follow. Total the journals. Post the transactions to the...Problem 5PA:
Brown Inc. records purchases in a purchases journal and purchase returns in the general journal....Problem 1PB:
On June 30, Isner Inc.s bookkeeper is preparing to close the books for the month. The accounts...Problem 3PB:
Use the journals and ledgers that follows. Total and rule (draw a line under the column of numbers)...Browse All Chapters of This Textbook
Chapter 1 - Role Of Accounting In SocietyChapter 2 - Introduction To Financial StatementsChapter 3 - Analyzing And Recording TransactionsChapter 4 - The Adjustment ProcessChapter 5 - Completing The Accounting CycleChapter 6 - Merchandising TransactionsChapter 7 - Accounting Information SystemsChapter 8 - Fraud, Internal Controls, And CashChapter 9 - Accounting For ReceivablesChapter 10 - Inventory
Sample Solutions for this Textbook
We offer sample solutions for Principles of Accounting Volume 1 homework problems. See examples below:
More Editions of This Book
Corresponding editions of this textbook are also available below:
CENGAGENOWV2 FOR OPENSTAX'S PRINCIPLES
1st Edition
ISBN: 9780357364796
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