Information Systems homework help

Systems Development (IS451)
ERP Journal Entry Exercise
Background:
The ability to make General Journal Entries in a General Ledger is a core feature of accounting systems.
Keep in mind that Journal Entries come in three (3) variations: Regular or Singe use Journal Entries, Recurring Jour Entries and Reversing Journal Entries. This exercise includes an example of each type of journal entry.
Note: Up to this point, you have mostly entered all of the information required by the exercise. In this case, use existing demo accounts. If the exact account you are looking for does not exist in the chart of accounts, pick another account.
Exercise:
Prepare and enter the following Journal Entries:
Regular, Single Use Journal Entries:
• Transfer $25,000 from Savings to Cash. (debit Cash, credit Savings)
• Accrue $50,000 additional Allowance for Doubtful Accounts (debit Bad Debt Expense, credit Allowance for Doubtful Accounts)
• Reclassify $10,000 into Prepaid Expenses and $5,000 into another Prepaid Expense account crediting Other Assets $15,000.
Recurring Journal Entry:
• Set up a Recurring Journal Entry to amortize monthly insurance expense of $2,500. (debit Insurance Expense, credit Prepaid Expenses – Insurance)
Reversing Journal Entry:
• Set up a Reversing Journal Entry to accrue $100,000 in payroll expense in the current period and reverse that out in following period.
Instructions:
a. Perform this exercise in two different ERP systems. Extra credit is available for doing the exercise in a third system.
b. Compare and Contrast the systems in which you did the exercises answering the following comparative questions:
• How are the two systems similar?
• How are the two systems different?
• Which system has better Internal Controls?
• Which system has more “headroom”? Explain your answer. (In this case, I am using headroom to refer to additional features and functions that could be helpful in the future.)
• Which system do you prefer? Why?
• Identify something that caught your attention in both systems. Explain your answer.
c. Think in precise short sentences or phrases; lengthy narratives are not necessary.
Note: Since this is a shared environment, put your initials in the Journal Entry description to identify uniquely your work.
Workproduct Format:
• Regular Journal Entry
‒ Screen print Regular Journal Entry
• Recurring Journal Entry
‒ Screen print Recurring Journal Entry
• Reversing Journal Entry
‒ Screen print Reversing Journal Entry
• Answer the five questions listed above.