AUTOMATED ENTERPRISE BUSINESS SYSTEMS
Automated ENTERPRISE BUSINESS SYSTEMS
Journal Entry Exercise
This exercise focuses on Journal Entries.
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?
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.)