big business: Business ethics: sititation #3

Friday, November 16, 2007

Business ethics: sititation #3

Situation:

LynnetteTillar and Bod Rebold are co-workers and good friends. Their supervisor,George Parton, has previously reprimanded them for spending too much time chatting on the phone and visiting. George has decided to access their e-mail to see if they are wasting company time with personal online communications as well.

Our assignment was to determine if this situation was following business ethics.

We determined that George Parton was not following business ethics because...

George should not go through other peoples e-mail accounts without their permission
Personal e-mail accounts don't have anything to do with the company so George should have no reason to look through it.
Lynnette and Bob have the right to talk to each other whenever they want to as long as they are doing their work.

1 comment:

DIVA said...: Today you will begin to post Purchases and Sales transactions to the general ledger and Subsidiary ledgers. This process is nothing new. Proving the journal, proving cash..........You have done it all before. The new task will be to create a Schedule of Accounts Payable and Receivable. Let me know if you have questions.; November 26, 2007 at 11:12 AM

Post a Comment

ch 12: posting to general and subsidiary ledgers

Q1: Explain what a subsidiary ledger is and list the ones that we will be using as we post transactions from the journal to the ledgers.
A1: They are a ledger that is summarized in a single general ledger account. We will be using A/R costumers name and A/P vendors name
Q2: Explain what a controlling account is and list the ones we will be using.
A2:An account in the general ledger that summarizes acounts in a subsidiary ledger.

Q3:Explain where controlling accounts are maintained.
A3:in the Subsidairy ledger

Q4:What is the relationship between a controlling account and a subsidairy ledger?
A4:Both accounts hold the same information. the only difference is that a controlling accounts is more specific and a subsidairy ledger is more general.

Q5: Identify in writing the two schedules that we will prepare.
A5: Schedule of accounts payable and Schedule of accounts receivable

Q6: List the rules for posting a journal’s column totals
A6: General amount columns are not posted. Special amount columns are posted

Q7: Explain why the 3-column account form used in an accounts receivable ledger has a debit balance column.
A7: Because they are assets.

Q8: What is the title of the balance amount column of the accounts payable ledger form and why is that title used?
A8: Credit because it is a liability

Q9: List the steps for starting a new page in the accounts payable ledger.
A9: 1:Write the vendor mane on the Vendor line
2: Write the vendor # in the Vendor No. line
3: Write the date on the date column
4: Write the word balance in the Item column
5: Put a check mark in the Post. Ref. column
6: Write the balance in the proper column

Q10: List the steps for posting to the accounts receivable ledger.
A10: 1:Write the date in the Date column
2: Write the journal page # in the Post. Ref. column
3: Write the amount in the proper column
4: Add the amount in the debit/credit column to the previous debit/credit column and write the new amount in the debit/credit balance column
5: Write the customer # in the Post. Ref. column of the journal.

big business

Friday, November 16, 2007

Business ethics: sititation #3

1 comment:

Blog Archive

About Me

ch 12: posting to general and subsidiary ledgers