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Figure 12.4 (pg. 463) and Figure 13.3 (pg. 502) show three data flows running to the general ledger (GL) for the purpose of updating the general ledger master data. For each of the following three data flows, show the journal entry (in debit/credit journal entry format with no dollar amounts) that would result under all of the five situations below that would apply. Make and state any assumptions you think are necessary. Data Flows: A. GL inventory received update (show both debit and credit entries, even if they originate in a process other than AP/CD) B. GL payable update C. GL cash disbursements update Situations: 1. Merchandise is purchased, and a periodic inventory process is used. 2. Merchandise is purchased, and a perpetual inventory process is used. 3. Office supplies are purchased. 4. Plant assets are purchased. 5. Legal services are purchased.

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Pkg Acc Infor Systems MS VISIO CD

10th Edition
Ulric J. Gelinas
Publisher: CENGAGE L
ISBN: 9781133935940
BuyFind

Pkg Acc Infor Systems MS VISIO CD

10th Edition
Ulric J. Gelinas
Publisher: CENGAGE L
ISBN: 9781133935940

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Chapter
Section
Chapter 13, Problem 5P
Textbook Problem

Figure 12.4 (pg. 463) and Figure 13.3 (pg. 502) show three data flows running to the general ledger (GL) for the purpose of updating the general ledger master data.

For each of the following three data flows, show the journal entry (in debit/credit journal entry format with no dollar amounts) that would result under all of the five situations below that would apply. Make and state any assumptions you think are necessary.

Data Flows:

  1. A. GL inventory received update (show both debit and credit entries, even if they originate in a process other than AP/CD)
  2. B. GL payable update
  3. C. GL cash disbursements update

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.

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