AUTOMATED ENTERPRISE BUSINESS SYSTEMS

Question
Automated ENTERPRISE BUSINESS SYSTEMS

X420.18

Journal Entry Exercise

Introduction:

This exercise focuses on Journal Entries.

Assignment:

Enter the Journal Entries in 2, or 3, different systems.
Enter the Recurring Journal Entries in 2, or 3, different systems.
Compare entering Journal Entries and setting up Recurring Journal Entries in the different systems. Answer the following questions:

? How are the systems similar? Identify 5 similarities.

? How are the systems different? Identify 5 differences.

? Which system do you prefer? Why?

General Instructions:

Embed your name or initials in all computer print outs so your work can be easily distinguished from the work of others.
Embed your name or initials by adding them to the entities you create or by adding them to transaction descriptions.

Use screen prints or print reports to document your work.
I. Journal Entries:

Enter the following Journal Entries in at least 2 different systems. You can split the journal entries between the systems, i.e. half of the entries in one system andthe other half in the second system.

Use existing account numbers in the sample company?s default account number structure. If these specific accounts are not available, pick accounts close to them.

xxxxx Other Assets $ 25,000

xxxxx Prepaid Expenses $ 25,000

To reclassify organization expense ? include your name or initials

xxxxx Bank Charges ? Bank A $ 100

xxxxx Bank Charges ? Bank B $ 125

xxxxx Cash in Bank $ 225

To record bank charges ? include your name or initials

xxxxx Cash in Savings $ 10,000

xxxxx Cash in Bank $ 10,000

To record cash transfer ? include your name or initials

xxxxx Bad Debt Expense $ 32,500

xxxxx Allowance for Doubtful $ 32,500

To accrue allowance for bad debt ? include your name or initials

xxxxx Long-term Debt $ 50,000

xxxxx Note Payable $ 50,000

To record current portion of long-term debt ? include your name or initials

xxxxx Inventory $ 5,600

xxxxx Cost of Sales $ 5, 600

To record physical inventory adjustment ? include your name or initials

II. Recurring Journal Entries:

Enter the following Recurring Journal Entries in each system. (One per system is fine.)

find the cost of your paper