ACCT-3220 Study Guide - Final Guide: Public Company Accounting Oversight Board, Customer Relationship Management, Audit Trail

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Ais- acct, finance, marketing, human resources, manufacturing, inventory management. 4: database- set of interrelated, centrally coordinated data files that are stored with as little data redundancy as possible, serves variety of users and data processing applications, file-oriented approach- facts/records are filed in multiple locations. Iv: database management system (dbms)- program that manages and controls data and interfaces between the data and application programs that use the data stored in the database, database system- database, dbms, and application programs that access database thru. )d"d by the primary key: normalization- everything is stored in one large table then decomposed into set of, database design tables in third normal form (cid:523)3nf(cid:524) that"s free up anomalies. 4: semantic data modeling- using knowledge of business processes and info needs to create diagram that shows what to include in a fully normalized database, already in. Inherent risk- susceptibility of set of accounts or transactions to significant control problems in absence of internal control.

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Rose Pico began her retail business, Pico Inc., on October 1,2016. A post-closing trial balance was prepared on November 30,2016 and those balances are posted in the ledgers at December1.

Pico Inc. uses a perpetual inventory system. During December,Pico Inc. entered into the following transactions:

Dec.	2	Purchased merchandise on accountfrom Ohio Wholesale, $4,000 terms FOB shipping, 2/10, n/30, withprepaid freight of $125 added to the invoice.
	4	Received cash from Third Street onaccount, $1,960.
	8	Returned $180 (net of discount) ofmerchandise purchased on Dec. 2.
	11	Issue Check #5471 to Ohio Wholesaleon account for full amount of Dec. 2 purchase.
	12	Issued Check #5472 to Decker OfficeProducts as partial payment toward current balance, $512.
	13	Issued Invoice #3462 to KitchenWorld for merchandise sold on account, $8,300, n/30. The cost ofmerchandise sold was $2,490.
	15	Issued Check #5473 to thereceptionist for bi-monthly salary, $600.
	16	Issued Invoice #3463 to My Garage,terms 2/10, n/30, for merchandise sold on account, $6,800. The costof the merchandise sold was $2,040.
	18	Purchased supplies from DeckerOffice Products on account, $580, Invoice #2915, terms n/30.
	19	Issued Invoice #3464 to Liz's Housefor merchandise sold on account, list price $6,000, trade discount30%. Cost: $1,500
	21	Purchased merchandise on accountfrom EDH Distribution, $6,000 terms FOB destination, 2/10,n/30.
	22	Issued Invoice #3465 to Arnie'sWholesale Club, for merchandise sold on account, $6,700 terms 2/10,n/30. The cost of merchandise sold was $1,970
	26	Received cash from My Garage onaccount, for full amount owed.
	27	Received cash from Liz's House onaccount, $2,500.
	29	Issued Check #5474 in payment ofwindow cleaning, $65.
	30	Issued Check #5475 to thereceptionist for bi-monthly salary, $600.
	31	Issued Invoice #3466 to Geideman's,for merchandise sold on account $4,800. The cost of the merchandisesold was $1,450.
	31	Issued Check #5476 to Rose Pico asa personal withdrawal, $8,500.

Note: You may find it useful to copy and pastethe following instructions to a file and print them. Also, in thisproblem, you will see [More] in many locations. Click on thoselinks for helpful hints and additional instructions. In thespecial journals and all ledgers, dates must be entered in Mon DDformat. (December 9 would be entered as Dec. 9)

Required:

Journalize each of the Decembertransactions using the following journals. (Posting references willbe inserted in requirement 2.) [More]

A.	Journal (pg. 11)
B.	Revenue journal (pg. 8)[More]
C.	Cash receipts journal (pg.11)
D.	Purchases journal (pg. 9)[More]
E.	Cash payments journal (pg.12)

Post the journal entries to theappropriate ledgers. [More] Posting should be completed in thefollowing order:

A.	Post the entries on journalpage 11 to the general ledger. [More]
B.	Post the individual revenuejournal entries to the accounts receivable subsidiary ledger.[More]
C.	Post the individual cashreceipts journal entries to the accounts receivable subsidiaryledger. [More]
D.	Post the individual purchasesjournal entries to the accounts payable subsidiary ledger.[More]
E.	Post the individual cashpayments journal entries to the accounts payable subsidiary ledgerand the appropriate general ledger accounts. [More]

Total each of the columns ofthe special journals. Verify that total debits equal total creditsin each journal.

Post the totals of the specialjournals to the appropriate general ledger accounts. [More] Specialjournals must be posted in the following order:

I.	Revenue journal
II.	Cash receipts journal
III.	Purchases journal
IV.	Cash payments journal

Prepare an unadjusted trialbalance. [More]

At the end of December, thefollowing adjustment data were assembled. Analyze and use thesedata to complete parts (7) and (8).

â¢	Insurance expired duringDecember is $200.
â¢	Office supplies on hand onDecember 31 are $615.
â¢	Depreciation of officeequipment for December is $300.
â¢	Rent expired during December is$1,280.
â¢	A physical inventory indicatesthat $10,955 is actually on hand.

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ACCT-3220 Study Guide - Final Guide: Public Company Accounting Oversight Board, Customer Relationship Management, Audit Trail

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