AO2-principal of accounting 1
Question 1
In an accounting system, there are five main components. Each part has a different job and accomplishes a different step in the financial reporting process. The five components are source documents, input devices, information processors, information storage, and output devices. During this Module, we have also focused on the special journals including the sales, cash receipts, purchases, cash payments and general journal.
For this assignment, you have been asked to analyze the sales journal specifically, and create a PowerPoint presentation explaining the process of journalizing, posting to the subsidiary ledger and posting to the general ledger. Be sure to include in your summary, the process for proving the ledgers.
Question 2
Bad debts for accounts receivables are something that every organization needs to prepare for and also understand how to estimate and record the uncollectible accounts receivables for a certain period. Generally Accept Accounting Principles (GAAP) allows businesses two option to write off bad debts: 1.) Direct Write-Off Method or 2.) Allowance Method.
Create a PowerPoint presentation that provides the procedures for using both of the methods. In addition, you should provide your reasoning for which method that you believe the organization should use. Providing specific examples of how the methods are completed is also required. Your presentation should be a minimum of slides that does not include the cover slide or the references slide.
