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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Increasingly, source documents are electronic files creating a “paperless” system.
Subsidiary ledgers are a listing of individual accounts with common characteristics.
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.
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.
Governmental agencies often require sellers to collect sales taxes from customers and to periodically send these taxes to the appropriate agency.
Cash Receipts Types
Cash from credit customers
Cash from cash sales
Cash from other sources
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.
Purchase Returns & Allowances
Sales Returns & Allowances