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Chapter07SM
Chapter7
AccountingInformationSystems
Questions
1.Thefivefundamentalprinciplesofaccountinginformationsystemsare:
（a）controlprinciple,（b）relevanceprinciple,（c）compatibilityprinciple,（d）flexibilityprinciple,and（e）cost-benefitprinciple.
2.Thefivecomponentsofanaccountingsystemare:
sourcedocuments,inputdevices,informationprocessors,informationstorage,andoutputdevices.
3.Sourcedocumentscontaindataaboutbusinesstransactionsoreventsthatareputintotheaccountingsystemandprocessed.Examplesofsourcedocumentsareinvoicesfromsuppliers,checksreceivedfromcustomers,andpayrollformsfilledoutbyemployees.
4.Aninputdeviceisusedtotransferdatafromsourcedocumentstotheinformationprocessor（s）.Examplesofinputdevicesforcomputersystemsincludekeyboards,scanners,andbar-codereaders.
5.Datastored"off-line"arenotimmediatelyavailabletotheinformationprocessor（s）,while"online"dataareimmediatelyavailable.
6.Outputdevicesprovidethemeansbywhichinformationistakenfromtheaccountingsystemandmadeavailableforuse.
7.Fourtypesoftransactionsusuallyrecordedinspecialjournalsare:
（a）salesoncredit,（b）purchasesoncredit,（c）cashreceipts,and（d）cashdisbursements.
8.The（a）initialand（b）pagenumberofthejournalfromwhichtheamountispostedisenteredinthePostingReferencecolumnoftheledgeraccount.
9.Thedoublepostingdoesnotcausethetrialbalancetobeoutofbalancebecauseonlyonecreditispostedtothegeneralledger—thesubsidiaryledgerpostinganditsbalancesarenotpartofatrialbalance（theygivedetailsofgeneralledgeraccounts）.
10.Whencopiesofthesalesinvoicesareusedasasalesjournal,eachinvoicetotalispostedtothepropercustomeraccountinthesubsidiaryAccountsReceivableLedger,afterwhichtheinvoicesareboundinnumericalorder.ThenattheendoftheperiodtheboundinvoicecopiesaretotaledandthetotalisdebitedtoAccountsReceivableandcreditedtoSales.Thismethodiscalleddirectpostingofsalesinvoices.
11.BothkindsofcreditsmustnotbeplacedinthesamecolumnbecausethesumofthecreditstothecustomeraccountsmustbepostedtotheAccountsReceivablecontrollingaccount（theOtherAccountscolumntotalisnotposted—instead,eachamountisindividuallypostedtoitsgeneralledgeraccount）.PlacingthesecreditsinseparatecolumnsmakesitpossibletoposttheAccountsReceivablecolumntotaltoitscontrollingaccount.
12.Immediaterecordingandpostingofcreditsalesandcashreceiptsfromcustomersprovidesup-to-dateinformationforuseindecisionsaboutgrantingcredittocustomers.Also,up-to-dateaccountbalancesareneededifcustomersinquireabouttheirbalances.
13.Initsnote11,BestBuydiscussesitstworeportablesegments,DomesticandInternational.Domesticisbyfarthelargerofthetwosegments.
14.No.InformationregardingthenetincomeearnedbybusinesssegmentsisnotfoundonCircuitCity’sConsolidatedStatementofOperations（IncomeStatement）.However,notestoitsfinancialstatements（notreproducedinAppendixA）includetheinformationregardingbusinesssegments,domesticandinternational.
15.RadioShack’stworeportablesegmentsarecompany-operatedstoresandkiosks.
16.No.InformationregardinganyassetsownedbyApple’sbusinesssegmentsisnotreportedonthebalancesheet.However,theinformationisdetailedinthenotestoitsfinancialstatements（notreproducedinAppendixA）.
QuickStudies
QuickStudy7-1（10minutes）
1.
C
4.
B
2.
E
5.
D
3.
A
QuickStudy7-2（5minutes）
1.batch
2.network
3.scanner
4.enterpriseresourceplanning
QuickStudy7-3（15minutes）
1.
B
7.
B
2.
B
8.
E
3.
A
9.
E
4.
D
10.
E
5.
B
11.
A
6.
D
12.
C
QuickStudy7-4（10minutes）
a.CashReceiptsJournal
b.PurchasesJournal
c.CashDisbursementsJournal
d.CashDisbursementsJournal
e.SalesJournal
f.PurchasesJournal
g.CashDisbursementsJournal
h.CashReceiptsJournal
QuickStudy7-5（15minutes）
GeneralJournal
Nov.2
[InPurchasesJournal]
Nov.12
Automobiles
17,000
R.Adrian,Capital
17,000
Ownercontributedanautotothebusiness.
Nov.16
[InSalesJournal]
Nov.19
SalesReturnsandAllowances
175
AccountsReceivable—L.Norton
175
Customerreturned（worthless）merchandise.
QuickStudy7-6（15minutes）
Segment
SegmentIncome
AverageSegmentAssets
SegmentreturnonAssets
Americas
$1,665
$800
208.1%
Europe
607
380
159.7
Japan
201
173
116.2
Interpretation:
TheAmericassegmentreportsthehighestreturnonsegmentassets.However,eachofitsothersegmentshasarelativelyhighreturnonsegmentassetsaswell.
Product
ProductSales
PercentofTotalSales
iPod
$7,676
45.3%
Desktops
3,319
19.6
Portables
4,056
23.9
Other
1,885
11.1
Total
$16,936
99.9%*
*0.1%roundingerror
Interpretation:
SalesofApple’siPodmakeupitslargestpercentageoftotalindividualproductsales.Desktopsand“Other”makeupthesmallestpercentageoftotalproductsales.
EXERCISES
Exercise7-1（15minutes）
SALESJOURNAL
Date
AccountDebited
Invoice
Number
PR
AccountsReceivableDr.
SalesCr.
CostofGoodsSoldDr.InventoryCr.
Mar.7
K.Anklam
5704
1,700
1,215
12
B.Swanson
5705
484
303
25
F.Sayers
5706
785
500
Exercise7-2（10minutes）
Mar.2
CashReceiptsJournal
5
PurchasesJournal
7
SalesJournal
8
CashReceiptsJournal
12
SalesJournal
16
CashReceiptsJournal
19
CashReceiptsJournal
25
SalesJournal
Exercise7-3A（15minutes）
SALESJOURNAL
Date
AccountDebited
Invoice
Number
PR
AccountsReceivableDr.
SalesCr.
Mar.7
K.Anklam
5704
1,700
12
B.Swanson
5705
484
25
F.Sayers
5706
785
Exercise7-4（20minutes）
CASHRECEIPTSJOURNAL
Date
AccountCredited
Explanation
PR
CashDr.
Sales
Discount
Dr.
Accounts
Recble.
Cr.
SalesCr.
OtherAccountsCr.
CostofGoods
SoldDr.InventoryCr.
Nov.9
NotesPayable
Notetobank
3,375
3,375
13
I.Uno,Capital
Contribution
4,675
4,675
18
Sales
Cashsale
261
261
147
27
E.Han
Invoice,11/7
995
20
1,015
Exercise7-5（10minutes）
Nov.3
PurchasesJournal
7
SalesJournal
9
CashReceiptsJournal
13
CashReceiptsJournal
18
CashReceiptsJournal
22
CashDisbursementsJournal
27
CashReceiptsJournal
30
CashDisbursementsJournal
Exercise7-6A（25minutes）
CASHRECEIPTSJOURNAL
Date
Account
Credited
Explanation
PR
CashDr.
Sales
Discount
Dr.
Accts.
Rec.
Cr.
Sales
Cr.
Other
Accounts
Cr.
Nov.9
NotesPayable
Notetobank
3,375
3,375
13
I.Uno,Capital
Contribution
4,675
4,675
18
Sales
Cashsale
261
261
27
E.Han
Invoice,11/7
995
20
1,015
Exercise7-7（20minutes）
PURCHASESJOURNAL
Date
Account
Dateof
Invoice
Terms
PR
Accounts
Payable
Cr.
Inventory
Dr.
Office
Supplies
Dr.
Other
Accounts
Dr.
June1
Krause,Inc.
6/01
n/30
5,400
5,400
14
StoreSupplies/
ChangCo.
6/14
n/30
460
460
17
MonderCompany
6/17
n/30
480
480
Exercise7-8（10minutes）
June1
PurchasesJournal
8
SalesJournal
14
PurchasesJournal
17
PurchasesJournal
24
CashReceiptsJournal
28
CashDisbursementsJournal
29
CashDisbursementsJournal
Exercise7-9A（20minutes）
PURCHASESJOURNAL
Date
Account
Dateof
Invoice
Terms
PR
Accounts
Payable
Cr.
Purchases
Dr.
Office
Supplies
Dr.
Other
Accounts
Dr.
June1
Krause,Inc.
6/01
n/30
5,400
5,400
14
StoreSupplies/
ChangCo.
6/14
n/30
460
460
17
MonderCompany
6/17
n/30
480
480
Exercise7-10（25minutes）
CASHDISBURSEMENTSJOURNAL
Date
Ck.
No.
Payee
Account
Debited
PR
Cash
Cr.
Inventory
Cr.
Other
Accounts
Dr.
Accounts
Payable
Dr.
Apr.9
210
MajorCorp.
StoreSupplies
436
436
17
211
CityBank
NotesPayable
1,500
1,500
28
212
Factow
Factow
3,267
33
3,300
29
213
M.Robbins
SalariesExpense
1,675
1,675
30
214
Acco,Inc.
Acco,Inc.
2,700
2,700
Exercise7-11（10minutes）
April3
PurchasesJournal
9
CashDisbursementsJournal
12
SalesJournal
17
CashDisbursementsJournal
20
PurchasesJournal
28
CashDisbursementsJournal
29
CashDisbursementsJournal
30
CashDisbursementsJournal
Exercise7-12A（25minutes）
CASHDISBURSEMENTSJOURNAL
Date
Ck.
No.
Payee
Account
Debited
PR
Cash
Cr.
PurchasesDiscounts
Cr.
Other
Accounts
Dr.
Accounts
Payable
Dr.
Apr.9
210
MajorCorp.
StoreSupplies
436
436
17
211
CityBank
NotesPayable
1,500
1,500
28
212
Factow
Factow
3,267
33
3,300
29
213
M.Robbins
SalariesExpense
1,675
1,675
30
214
Acco,Inc.
Acco,Inc.
2,700
2,700
Exercise7-13（10minutes）
a.（i）TheJune5purchasewouldberecordedinthePurchasesJournal.
（ii）TheJune14paymentwouldberecordedintheCashDisbursementsJournal.
b.TheerrorinjournalizingtheJune14transactionshouldbediscoveredintheprocessofcrossfootingtheCashDisbursementsJournal.
Exercise7-14（30minutes）
Part1
ACCOUNTSRECEIVABLESUBSIDIARYLEDGER
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