Accounting Chapter 7 Assignment
Chapter 7 Homework
ACT 231 VC
Professor Melicent Jaridau
January 19, 2022
The following information pertains to Crossroads Consulting, Inc. Match each of the following parts of Crossroad’s accounting information system in the left-hand column with the appropriate item(s) from the right-hand column. You may use items in the right-hand column more than once or not at all. There may be several answers for each item in the left-hand column. You may choose items in the right-hand column more than once.
A. Source document
i. Sales invoice from cleaning company
B. Output device
ii. Printed check to be mailed to phone company
C. Input device
iii. Dropbox (online storage)
D. Data and information storage
iv. Voice-to-text software
E. Information processing
v. QuickBooks Accounting Software
viii. Bar code scanner
ix. Computer screen
x. Flash drive
xi. Text scanner
xii. Computing interest on a loan
Match the special journal you would use to record the following transactions.
A. Cash Receipts Journal
i. Took out a loan from the bank
B. Cash Disbursements Journal
ii. Paid employee wages
C. Sales Journal
iii. Paid income taxes
D. Purchases Journal
iv. Sold goods with credit terms 1/10, 2/30, n/60
E. General Journal
v. Purchased inventory with credit terms n/90
vi. Sold inventory for cash
vii. Paid the phone bill
viii. Purchased stock for cash
ix. Recorded depreciation on the factory equipment
x. Returned defective goods purchased on credit to the supplier. The company had not yet paid for them.
Record the following transactions in the purchases journal:
Purchased inventory on account from Pinetop Inc. (vendor account number 3765), Purchase Order (PO) # 12345 in the amount of $3,456.
Purchased inventory on account from Sherwood Company (vendor account number 5461), PO# 12346, in the amount of $2,951.
Purchased inventory on account from Green Valley Inc. (vendor #4653), PO# 12347, in the amount of $4,631.