c. A purchase requisition follows a purchase order. d. It is important for a company to verify all numbers on a supplier's invoice e. In general, cash discounts are so minor they can be ignored.
c. A purchase requisition follows a purchase order. d. It is important for a company to verify all numbers on a supplier's invoice e. In general, cash discounts are so minor they can be ignored.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Review Questions Chapter 2
1.Which of the following statements are true?
a. Recording purchase transactions in a general journal is
considered efficient.
b. Most businesses will carefully enter all purchase orders using
the purchase order
journal.
c. A purchase requisition follows a purchase order.
d. It is important for a company to verify all numbers on a
supplier's invoice
e. In general, cash discounts are so minor they can be ignored.
2. From the following, prepare a Schedule of Accounts
Payable for Digital Co. for September 30, 2022.
Accounts Payable 210
L. Von Co.
Dr. Cr.
Dr.
Cr.
100 9/5 GJ4
100 9/5 GJ4
200 9/7 GJ5
300 9/15 GJ6
Xon Co.
800 9/18 GJ6
Dr.
Cr.
300 9/15 GJ6
J. Bee Co.
Zero Co.
Dr.
Cr.
Dr.
Cr.
800 9/18 GJ6
200 9/7 GJ5
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