I need help with completing a transaction cycle chart for the accounting for inventory portion only. I completed the other three sections. Attached is the scenario and a final blank chart template for completion of accounting for inventory.© BrainMass Inc. brainmass.com October 25, 2018, 4:50 am ad1c9bdddf
Transaction cycle inventory
Accounting Tables for Revenue Recognition Cycle
The partially completed tables are in the Excel doc attached.
Complete the cell entries in the first table which list the various activities performed in the Revenue Cycle and the journal entries, documents, data, and control issues associated with them. The second table lists the various activities performed in the Expenditure Cycle and the journal entries, documents, data, and control issues associated with them.
Essentially these two tables form a 'Sales Cycle' and an 'Expense cycle' for a business. Each stage of the cycle is in the column headers - contact customer, etc. From a 'computer' / AIS perspective, do any of those rows have an activity for that column / stage? Example, contacting a customerâ?¦would a journal entry be created? Noâ?¦ but later on when BILL the customer, yes (what is the JE?).
So you will fill out each cell with what happens and about a third the answer is N/A or none, etcâ?¦ the cells already have a few items filled out so you can see what they are supposed to look like.View Full Posting Details