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Chapter 7. Accounting Information Systems. Components of Accounting Systems. C1. Increasingly, source documents are electronic files creating a “paperless” system. Hardware Software Professional Judgment. Keyboards Scanners Modems Bar-Code Reader. Components of Accounting Systems. C1.
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Chapter 7 Accounting Information Systems
Components of Accounting Systems C1 Increasingly, source documents are electronic files creating a “paperless” system. • Hardware • Software • Professional Judgment • Keyboards • Scanners • Modems • Bar-Code Reader
Components of Accounting Systems C1 • Printer • Monitor • Projectors • Web communications • CD/DVD • Hard Drive • Tape • Paper Document
Subsidiary Ledgers C3 Subsidiary ledgers are a listing of individual accounts with common characteristics.
Accounts Receivable Ledger C3 After all items are posted, the balance in the accounts receivable controlling account is equal to the sum of the balances in the accounts receivable subsidiary ledger.
Proving the Ledgers P2 A schedule of accounts receivable lists each customer and the balance owed. The balance of the Accounts Receivable controlling account in the general ledger should equal the accounts in the accounts receivable subsidiary ledger.
Sales Taxes P1 Governmental agencies often require sellers to collect sales taxes from customers and to periodically send these taxes to the appropriate agency.
P1 Cash Receipts Types Cash from credit customers Cash from cash sales Cash from other sources
Proving the Ledger P2 A schedule of accounts payable lists each supplier and the balance owed to them. The balance of the Accounts Payable controlling account in the general ledger should equal the accounts in the accounts payable subsidiary ledger.
General Journal Transactions P1 Adjusting Entries Closing Entries Purchase Returns & Allowances Sales Returns & Allowances
