LO 7.1Provide an example of how paper-based accounting information systems are different from computerized systems.
LO 7.1Why are there so many different accounting information system software packages?
LO 7.1The American Institute of Certified Public Accountants (AICPA) has stated that accountants will need to have an even better understanding of computer systems in the future. Why do you think computer skills will be more important?
LO 7.4What is a schedule of accounts receivable?
LO 7.4The schedule of accounts payable should equal what?
LO 7.4Why are special journals used?
LO 7.4A journal entry that requires a debit to Accounts Receivable and a credit to Sales goes in which special journal?
LO 7.4Can a sales journal be used to record sales on account and a cash sale? Why or why not?
LO 7.4We record a sale on account that involves sales tax in which journal?
LO 7.4Should the purchases journal have a column that is a debit to Accounts Payable?