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.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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
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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