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Accounting Information Systems

11th Edition
Ulric J. Gelinas + 3 others
ISBN: 9781337552127

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BuyFindarrow_forward

Accounting Information Systems

11th Edition
Ulric J. Gelinas + 3 others
ISBN: 9781337552127
Textbook Problem

Our narrative and DFDs are created assuming that accounts payable result from the purchase of inventory using a perpetual inventory system. However, inventory is not the only item that a company might purchase. For each of the following situations, show the journal entry (in debit/credit journal entry format with no dollar amounts) that would result when the accounts payable was created. Make and state any assumptions you think are necessary.

Situations:

  1. 1. Merchandise is purchased, and a periodic inventory process is used.
  2. 2. Merchandise is purchased, and a perpetual inventory process is used.
  3. 3. Office supplies are purchased.
  4. 4. Plant assets are purchased.
  5. 5. Legal services are purchased.

1)

Summary Introduction

To show: The journal entry for the given situation.

Introduction:

Accounting Information System (AIS) is said to be the specialized subsystem of the Information System (IS). AIS can be used in the business events for the purpose of collecting, processing, and reporting the financial information.

Explanation

Given situation:

Merchandise is purchased and periodic inventory process will be used.

Show the journal entry for the given situation:

No entry will be made if the general ledger inventory received the update...

2)

Summary Introduction

To show: The journal entry for the given situation.

Introduction:

Accounting Information System (AIS) is said to be the specialized subsystem of the Information System (IS). AIS can be used in the business events for the purpose of collecting, processing, and reporting the financial information.

3)

Summary Introduction

To show: The journal entry for the given situation.

Introduction:

Accounting Information System (AIS) is said to be the specialized subsystem of the Information System (IS). AIS can be used in the business events for the purpose of collecting, processing, and reporting the financial information.

4)

Summary Introduction

To show: The journal entry for the given situation.

Introduction:

Accounting Information System (AIS) is said to be the specialized subsystem of the Information System (IS). AIS can be used in the business events for the purpose of collecting, processing, and reporting the financial information.

5)

Summary Introduction

To show: The journal entry for the given situation.

Introduction:

Accounting Information System (AIS) is said to be the specialized subsystem of the Information System (IS). AIS can be used in the business events for the purpose of collecting, processing, and reporting the financial information.

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