(Solution) 14 ESM 330 - Accounting Information Systems Module 1 - Assignment: This Part Is Included As Background Information And I Believe 2 Journal Entry... | Snapessays.com

(Solution) 14 ESM 330 - Accounting Information Systems Module 1 - Assignment: This part is included as background information and I believe 2 journal entry...

I need answer that14


The first part of this assignment has been completed and recorded in an Excel spreadsheet,


which is attached. This part is included as background information and I believe 2 journal


entry adjustments will come from the following information. Page 8 of this document begins


the journal entries that need to be added to the Excel spreadsheet.




This assignment is a review of general financial accounting principles and procedures.




assignment is broken into two parts.


In the first part of the assignment you will create general


journal entries for a series of transactions.


You will also show the impact of these transactions on a


set of t-accounts and create an interim trial balance. The second part of the assignment continues


the review of accounting procedures with additional journal entries and the adjusting journal entries


for month end close.


You will again show the impact of the transactions on t-accounts and create a


trial balance. For the last part of the assignment you will explore how your journal entries might be


created in an automated system by entering your “manual” journal entries into the SAP/R3 system.


The SAP system will then be used to produce a set of financial statements (balance sheet and


income statement).


The following company information will be used for both parts of the assignment:


Cottonwood Distribution, Inc.


Cottonwood Distribution, located in Red Bluff, CA was the “brain child” of two California State


University, Chico graduates. Cottonwood purchases products from local producers and distributes


them to rodeo event organizers throughout the United States, Australia, Canada, and South


America. Cottonwood has two main product lines: “resale merchandise”, which includes belt


buckles, apparel, posters, and other items purchased by the event organizer and re-sold to


customers at the rodeo stores; and “event merchandise”, which includes any promotional materials,


tools, tack, gloves, chaps, and so on used by rodeo participants and organizers. Sales tax of 7.25%


must be charged on event merchandise sold and delivered or shipped within the state of California.


(Resale merchandise is taxed when sold to the end consumer.)


Cottonwood Distribution began business on January 1, 2004. Cottonwood’s fiscal year begins on


January 1 and ends on December 31.


The company is organized as an S-corporation under


California Corporations Code section 100 and both owners own equal shares in the corporation.


The company currently rents a “complex” of two large warehouses linked to a 4000 sq.ft. office


building, located off highway 99. The company plans to build a new facility within the next five


years, but needs to make some improvements to the rented facilities in the meantime. In 2006,


owners and managers of Cottonwood agreed to a 2007 budget, which included adding industrial


shelving in one of the warehouses for inventory storage and new shrink-wrap equipment for


packaging their products.


When the company first started, a manual accounting system was put in place.


However, the


©SAP AG 2009 / SAP University Alliances


ESM 330 – Accounting Information Systems


Module 1 – Assignment: Part 1


Financial Accounting Review


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This question was answered on: May 23, 2022

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May 23, 2022





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