Lecture 21 Chapter 5 Accounting Systems. Review of Lecture Special Journal Special Journal Subsidiary Ledger Subsidiary Ledger Revenue Journal Revenue.

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Presentation transcript:

Lecture 21 Chapter 5 Accounting Systems

Review of Lecture Special Journal Special Journal Subsidiary Ledger Subsidiary Ledger Revenue Journal Revenue Journal Cash Receipt Journal Cash Receipt Journal Purchase Journal Purchase Journal

The Cash Payments Journal

All payments are recorded in the cash payments journal. Opportunities Inc. makes all payments by check.

Let’s make all of the cash payment journal entries for March.

CASH PAYMENTS JOURNAL OtherAccounts Ck.PostAccounts PayableCash DateNo.Account DebitedRef.Dr.Dr.Cr PAGE Mar. 2150Rent Expense1,6001,600

CASH PAYMENTS JOURNAL OtherAccounts Ck.PostAccounts PayableCash DateNo.Account DebitedRef.Dr.Dr.Cr PAGE Mar. 2150Rent Expense1,6001, Grayco Supplies1,2301,230

CASH PAYMENTS JOURNAL OtherAccounts Ck.PostAccounts PayableCash DateNo.Account DebitedRef.Dr.Dr.Cr PAGE Mar. 2150Rent Expense1,6001, Grayco Supplies1,2301,230 

CASH PAYMENTS JOURNAL OtherAccounts Ck.PostAccounts PayableCash DateNo.Account DebitedRef.Dr.Dr.Cr PAGE Mar. 2150Rent Expense1,6001, Grayco Supplies1,2301,230 Accounts Payable Subsidiary Ledger Grayco Supplies Mar. 3Bal. 1,230 DateItemP.R. Dr.Cr.Balance 1, CP7 

CASH PAYMENTS JOURNAL OtherAccounts Ck.PostAccounts PayableCash DateNo.Account DebitedRef.Dr.Dr.Cr PAGE Mar. 2150Rent Expense1,6001, Grayco Supplies1,2301, Jewett Business Sys.2,8002,800  

CASH PAYMENTS JOURNAL OtherAccounts Ck.PostAccounts PayableCash DateNo.Account DebitedRef.Dr.Dr.Cr PAGE Mar. 2150Rent Expense1,6001, Grayco Supplies1,2301, Jewett Business Sys.2,8002, Donnelly Supplies  

CASH PAYMENTS JOURNAL OtherAccounts Ck.PostAccounts PayableCash DateNo.Account DebitedRef.Dr.Dr.Cr PAGE Mar. 2150Rent Expense1,6001, Grayco Supplies1,2301, Jewett Business Sys.2,8002, Donnelly Supplies Utilities Expense1,0501,050   

CASH PAYMENTS JOURNAL OtherAccounts Ck.PostAccounts PayableCash DateNo.Account DebitedRef.Dr.Dr.Cr PAGE Mar. 2150Rent Expense1,6001, Grayco Supplies1,2301, Jewett Business Sys.2,8002, Donnelly Supplies Utilities Expense1,0501, Howard Supplies   

CASH PAYMENTS JOURNAL OtherAccounts Ck.PostAccounts PayableCash DateNo.Account DebitedRef.Dr.Dr.Cr PAGE Mar. 2150Rent Expense1,6001, Grayco Supplies1,2301, Jewett Business Sys.2,8002, Donnelly Supplies Utilities Expense1,0501, Howard Supplies ,6505,0507,700    

CASH PAYMENTS JOURNAL OtherAccounts Ck.PostAccounts PayableCash DateNo.Account DebitedRef.Dr.Dr.Cr PAGE Mar. 2150Rent Expense1,6001, Grayco Supplies1,2301, Jewett Business Sys.2,8002, Donnelly Supplies Utilities Expense1,0501, Howard Supplies ,6505,0507,700 (21)(11)     ( )  

Accounts Payable

Donnelly Supplies DateItemP.R. DebitCreditBalance Grayco Supplies DateItemP.R. DebitCreditBalance Howard Supplies DateItemP.R. DebitCreditBalance Mar 2P P111,4501,870 22CP74201,450 Accounts Payable Subsidiary Ledger ACCOUNT Accounts Payable No. 12 GENERAL LEDGER DateItemP.R. DebitCreditBalance Mar. 1Bal1,230 31P116,2307,460 31CP75,0502,410 Mar 1Bal.1,230 15CP71,  Mar 3 P P119601,560 31CP

Computerized Accounting System

Advantages of a Computerized Accounting System Over a Manual Accounting System 1.Computerized systems simplify the recordkeeping process. 2.Computerized systems are generally more accurate. 3.Computerized systems provide management current account balance information to support decision making.

The Revenue and Collection Cycle in QuickBooks From Exhibit 10, page 203 of textbook Mail invoice to customer

The Revenue and Collection Cycle in QuickBooks Continued From Exhibit 10, page 203 of textbook

The Revenue and Collection Cycle in QuickBooks Continued From Exhibit 10, page 203 of textbook

Supply chain management (SCM) Customer relationship management (CRM) Product life-cycle management (PLM)

Review of Lecture Internal Control Internal Control Special Journal Special Journal Subsidiary Ledger Subsidiary Ledger Revenue Journal Revenue Journal Cash Receipt Journal Cash Receipt Journal Purchase Journal Purchase Journal Cash Payment Journal Cash Payment Journal Computerized Accounting Computerized Accounting

End of Lecture 21