ACCT 100 – Winter 2024Homework 7 - Chapter 7 HomeworkAnswers should be formed using complete sentences that are spell-checked and grammar-checked. Fora free spelling and grammar tool, see https://www.grammarly.com/1. LO 7.1 For each of the following, indicate if the statement reflects an input component,output component, or storage component of an accounting information system.A. A credit card scanner at a grocery store.B. A purchase order for 1,000 bottles of windshield washing fluid to be used as inventory byan auto parts store.C. A report of patients who missed appointments at a doctor’s office.D. A list of the day’s cash and credit sales.E. Electronic files containing a list of current customers.2. LO 7.2 Match the special journal you would use to record the following transactions.Select from the following:A. cash receipts journal i.Sold inventory for cashB. cash disbursements journal ii.Sold inventory on accountC. sales journal iii.Received cash a week after selling items on creditD. purchases journal iv.Paid cash to purchase inventoryE. general journal v.Paid a cash dividend to shareholdersvi.Sold shares of stock for cashvii.Bought equipment for cashviii.Recorded an adjusting entry for suppliesix.Paid for a purchase of inventory on account withinthe discount periodx.Paid for a purchase of inventory on account after thediscount period has passed3. LO 7.3 Catherine’s Cookies has a beginning balance in the Accounts Payable controltotal account of $8,200. In the cash disbursements journal, the Accounts Payable columnhas total debits of $6,800 for November. The Accounts Payable credit column in thepurchases journal reveals a total of $10,500 for the current month. Based on thisinformation, what is the ending balance in the Accounts Payable account in the generalledger?4. LO 7.4 Maddie Inc. has the following transactions for its first month of business.May 1 Credit sale to Green Lantern Inc. for $1,999May 2 Credit sale to Wonder Woman Inc. for $2,000May 3 Credit sale to Flash Inc. for $3,050May 4 Received $1,000 on account from Green Lantern Inc.May 5 Credit sale to Black Panther Inc. for $1,875May 6 Received the full amount from Flash Inc.A. What are the individual account balances, and the total balance, in the accountsreceivable subsidiary ledger?B. What is the balance in the accounts receivable general ledger (control) account?5. LO 7.1 All of the following information pertains to Green’s Grocery. Match each of thefollowing parts of Green’s accounting information system in the left-hand column withthe appropriate item(s) from the right-hand column. You may use items in the right-handcolumn more than once or not at all. There may be several answers for each item in theleft-hand column.A. Source document i.Check written for office suppliesB. Output device ii.Invoice from a supplier of inventoryC. Input device iii.Payroll checkD. Data and informationstorageiv.Time cardE. Information processing v.Computer softwarevi.Keyboardvii.Grocery store bar code scannerviii.Printerix.Flash drivex.Hard drivexi.The cloudxii.Computer screen6. LO 7.2 For each of the transactions, state which special journal (sales journal, cashreceipts journal, cash disbursements journal, purchases journal, or general journal) andwhich subsidiary ledger (Accounts Receivable, Accounts Payable, or neither) would beused in recording the transaction.A. Paid utility billB. Sold inventory on accountC. Received but did not pay phone billD. Bought inventory on accountE. Borrowed money from a bankF. Sold old office furniture for cashG. Recorded depreciationH. Accrued payroll at the end of the accounting periodI. Sold inventory for cashJ. Paid interest on bank loan7

ACCT 100 – Winter 2024Homework 7 - Chapter 7 HomeworkAnswers should be formed using complete sentences that are spell-checked and grammar-checked. Fora free spelling and grammar tool, see https://www.grammarly.com/1. LO 7.1 For each of the following, indicate if the statement reflects an input component,output component, or storage component of an accounting information system.A. A credit card scanner at a grocery store.B. A purchase order for 1,000 bottles of windshield washing fluid to be used as inventory byan auto parts store.C. A report of patients who missed appointments at a doctor’s office.D. A list of the day’s cash and credit sales.E. Electronic files containing a list of current customers.2. LO 7.2 Match the special journal you would use to record the following transactions.Select from the following:A. cash receipts journal i.Sold inventory for cashB. cash disbursements journal ii.Sold inventory on accountC. sales journal iii.Received cash a week after selling items on creditD. purchases journal iv.Paid cash to purchase inventoryE. general journal v.Paid a cash dividend to shareholdersvi.Sold shares of stock for cashvii.Bought equipment for cashviii.Recorded an adjusting entry for suppliesix.Paid for a purchase of inventory on account withinthe discount periodx.Paid for a purchase of inventory on account after thediscount period has passed3. LO 7.3 Catherine’s Cookies has a beginning balance in the Accounts Payable controltotal account of $8,200. In the cash disbursements journal, the Accounts Payable columnhas total debits of$6,800 for November. The Accounts Payable credit column in thepurchases journal reveals a total of $10,500 for the current month. Based on thisinformation, what is the ending balance in the Accounts Payable account in the generalledger?4. LO 7.4 Maddie Inc. has the following transactions for its first month of business.May 1 Credit sale to Green Lantern Inc. for$1,999May 2 Credit sale to Wonder Woman Inc. for $2,000May 3 Credit sale to Flash Inc. for$3,050May 4 Received $1,000 on account from Green Lantern Inc.May 5 Credit sale to Black Panther Inc. for$1,875May 6 Received the full amount from Flash Inc.A. What are the individual account balances, and the total balance, in the accountsreceivable subsidiary ledger?B. What is the balance in the accounts receivable general ledger (control) account?5. LO 7.1 All of the following information pertains to Green’s Grocery. Match each of thefollowing parts of Green’s accounting information system in the left-hand column withthe appropriate item(s) from the right-hand column. You may use items in the right-handcolumn more than once or not at all. There may be several answers for each item in theleft-hand column.A. Source document i.Check written for office suppliesB. Output device ii.Invoice from a supplier of inventoryC. Input device iii.Payroll checkD. Data and informationstorageiv.Time cardE. Information processing v.Computer softwarevi.Keyboardvii.Grocery store bar code scannerviii.Printerix.Flash drivex.Hard drivexi.The cloudxii.Computer screen6. LO 7.2 For each of the transactions, state which special journal (sales journal, cashreceipts journal, cash disbursements journal, purchases journal, or general journal) andwhich subsidiary ledger (Accounts Receivable, Accounts Payable, or neither) would beused in recording the transaction.A. Paid utility billB. Sold inventory on accountC. Received but did not pay phone billD. Bought inventory on accountE. Borrowed money from a bankF. Sold old office furniture for cashG. Recorded depreciationH. Accrued payroll at the end of the accounting periodI. Sold inventory for cashJ. Paid interest on bank loan7