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Word Count: 698 Accounting Reflection Paper.docx

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Manual Accounting Systems: Decision-Making and Reflection

Zach King

Columbia Southern University

BBA 2301

Prof. Casey

August 20, 2021

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Manual Accounting Systems: Decision-Making and Reflection

Manual accounting systems are usually complex. Ermler and Trump in the Decision-Making across the Organization case on pages 7-43 is a small appliance

and parts wholesaler who uses one of the versions of manual accounting systems. Ermler and Trump’s accounting system comprises two tools, namely special

journals and subsidiary ledgers. The present essay explores these tools. Holistic critical thinking and decision-making perspectives are crucial in developing a better understanding of these tools; hence, the ability to identify control system and subsidiary accounts correctly for Ermler and Trumps. Special Journals

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Special journals break down general journals into categories. Equally, subsidiary ledgers are simpler units of the general ledgers. Special journals include

purchases, cash receipts, and cash payments. They mainly play a vital role in streamlining recording and reporting. Special journals mainly lessen the absolute entries’ quantity in the general ledger. According to Ramli (2015), a holistic breakdown of the journal groups requires their effective listing with appropriate column headings. Sales journals cater for the products and services on account that a business sells. On the contrary, cash receipts journals captures all the incoming cash encompassing cash sales (Ndubuisi, Chidoziem & Chinyere, 2019). The purchases journal covers all commodities’ purchases on account. The last special

journal column contains cash payments journals, which list all cash received, including cash purchases (Weygandt et al., 2018). General journal entries also have some sections for inclusion, which caters for transactions that have no slots in special journals, including correcting, adjusting, and closing entries. Journal Entries

One special journal that Ermler and Trump should embrace in their manual accounting system is the sales journal. The company should also include in the

system purchase journal and cash disbursement journal. Other relevant tools are cash receipts journal and general journal entries. The firm should also consider labeling each entry with suitable column headings. For the sales journal, the columns would include customer account debited (Weygandt et al., 2018). The

tools’ inclusion is pertinent because the sales of appliances increase the credits in sales. The company bills the consumers on renumbered sales invoices and offers them constant credit terms of net/30 days. Next is the purchase journal of the products and services that customers acquire on account from suppliers. Usually,

the majority of them make cash payments to the suppliers by check issued. According to Ramli (2015), some corporations incorporate columns for identifying the invoice date, a context in which many businesses usually entice customers with cash discounts for prompt payments. Because they are cash receipts, as

Ndubuisi, Chidoziem, and Chinyere (2019) illustrate, Ermler and Trump should capture such transactions in the cash receipts journal in the debit column, alongside the appliance parts. Lastly, the cash disbursement journal would cater for fixed salaries, which the business compensates the salaried technician twice in a month, alongside their cash withdraws. Accounting Systems

The subsidiary ledgers break down the general ledger. The main sub-groups are accounts payable and accounts receivable. Together, the sub-groups are known as control accounts because they contain customers' and creditors' data. However, Ramli (2015) opines that the totals reflect in the general ledger. Ermler and Trump should have the control accounts. In the subsidiary accounts, the company would capture credit sales such as the 75% of sales in an appliance to retails. On

the other hand, in the control account, the business would record the money owed or accounts payable (Weygandt et al., 2018). Among them would be liabilities,

including fixed salary paid to one of Ermler and Trump's employees.

References

Ndubuisi, A. N., Chidoziem, A. F., & Chinyere, O. J. (2019). Comparative analysis of computerized accounting system and manual accounting system of

quoted Microfinance banks (MFBs) in Nigeria. International Journal of Academic Research in Accounting, Finance and Management Sciences, 7(2).

https://doi.org/10.6007/ijarafms/v7-i2/2787

Ramli, A. (2015). The Status of Accounting Information Systems (AIS) Adoption in the Hotel Industry. Journal of Entrepreneurship and Business, 3(1), 46 - 59..

https://doi.org/10.17687/JEB.0301.04

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Decision-Making and Reflection

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Manual accounting systems are usually complex.

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Manual Accounting Systems

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Ermler and Trump in the Decision-Making across the Organization case on pages 7-43 is a small appliance and parts wholesaler who uses one of the versions of manual accounting systems.

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Through reviewing the Decision-Making across the Organization case in the textbook, Ermler and Trump is a wholesaler of small appliances and parts using a manual accounting system

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Ermler and Trump’s accounting system comprises two tools, namely special journals and subsidiary ledgers.

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Special journals and subsidiary ledgers are the two tools within an accounting system

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Special journals include purchases, cash receipts, and cash payments.

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Examples of special journals include sales, cash receipts, purchases, and cash payments

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The purchases journal covers all commodities’ purchases on account.

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The purchases journal comprises all purchases of merchandise on account

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The last special journal column contains cash payments journals, which list all cash received, including cash purchases (Weygandt et al., 2018).

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The last special journal column includes cash payments journals that are used for listing all cash paid including cash purchases

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One special journal that Ermler and Trump should embrace in their manual accounting system is the sales journal.

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Journal Entries The special journals that Ermler and Trump should have in its manual accounting system include

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For the sales journal, the columns would include customer account debited (Weygandt et al., 2018).

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For the sales journal, the columns would include customer account debited (Weygandt et al., 2018)

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The tools’ inclusion is pertinent because the sales of appliances increase the credits in sales.

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The logic behind this is that sales of appliances increase credits in sales

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Usually, the majority of them make cash payments to the suppliers by check issued.

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Most cash payments are made by check issued to the suppliers, even for advertising

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Because they are cash receipts, as Ndubuisi, Chidoziem, and Chinyere (2019) illustrate, Ermler and Trump should capture such transactions in the cash receipts journal in the debit column, alongside the appliance parts.

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This would be recorded in the debit column of the cash receipts journal, alongside the appliance parts and repairs as they are cash receipts

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In the subsidiary accounts, the company would capture credit sales such as the 75% of sales in an appliance to retails.

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In the subsidiary accounts, all sales made on credit such as the seventy-five percent of sales in an appliance to retails would be

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On the other hand, in the control account, the business would record the money owed or accounts payable (Weygandt et al., 2018).

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In the control account of accounts payable debt or money owed would be recorded (Weygandt et al., 2018)

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Among them would be liabilities, including fixed salary paid to one of Ermler and Trump's employees.

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This would include liabilities such as the fixed salary paid to Ermler and Trump's one employee

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N., Chidoziem, A.

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N., & Chidoziem, A

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F., & Chinyere, O.

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and Chinyere, O

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Comparative analysis of computerized accounting system and manual accounting system of quoted Microfinance banks (MFBs) in Nigeria.

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Comparative analysis of computerized accounting system and manual accounting system of quoted Microfinance Banks (MFBs) in Nigeria

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International Journal of Academic Research in Accounting, Finance and Management Sciences, 7(2). https://doi.org/10.6007/ijarafms/v7-i2/2787

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International Journal Of Academic Research In Accounting, Finance And Management Sciences, 7(2) 10.6007/ijarafms/v7-i2/2787

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The Status of Accounting Information Systems (AIS) Adoption in the Hotel Industry. Journal of Entrepreneurship and Business, 3(1), 46 - 59.. https://doi.org/10.17687/JEB.0301.04

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The status of accounting information systems (AIS) adoption in the hotel Journal of Entrepreneurship and Business, 3(1), 46-59 doi:10.17687/JEB.0301.04