Sales Documents Select whether each of the following documents or procedures is for a retail business or for a wholesale business, as described im 1. A cash register receipt is given to the customer. 2. Credit approval is required since sales are almost always "on account." 3. Three copies of the sales invoice are prepared: one for shipping, one for the customer (as a bill), and one for accounting. 4. A sales ticket is given to a customer and another copy is sent to accounting. 5. The sales process begins with a customer purchase order. 6. The sales invoice itemizes what is sold, its cost, and the total amount owed. Feedback Check My Work Think about how transactions are documented for retailers and wholesalers. Retailers usually sell to final consumers, whereas wholesalers tend te

Sales Documents Select whether each of the following documents or procedures is for a retail business or for a wholesale business, as described im 1. A cash register receipt is given to the customer. 2. Credit approval is required since sales are almost always "on account." 3. Three copies of the sales invoice are prepared: one for shipping, one for the customer (as a bill), and one for accounting. 4. A sales ticket is given to a customer and another copy is sent to accounting. 5. The sales process begins with a customer purchase order. 6. The sales invoice itemizes what is sold, its cost, and the total amount owed. Feedback Check My Work Think about how transactions are documented for retailers and wholesalers. Retailers usually sell to final consumers, whereas wholesalers tend te

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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he internal control questionnaire for purchases and accounts payable includes the following questions. Next to each of the questions, indicate the letter of the related transaction assertion.A. OccurrenceB. CompletenessC. AccuracyD. ClassificationE. Cutoff_______ 1. Are vendor's monthly statements reconciled with individual accounts payable accounts?_______ 2. Are all purchases made only on the basis of approved purchase requisitions?_______ 3. Are vendors' invoices listed immediately upon receipt?_______ 4. Are vendors' invoices matched against purchase orders and receiving reports before a liability is recorded?_______ 5. Is the accounts payable customer ledger balanced periodically with the general ledger control account?_______ 6. Does the accounting manual give instructions to date purchase entries on the date of receipt of goods?_______ 7. Are shipping documents authorized and prepared for goods returned to vendors?_______ 8. Is the accounts payable department notified of goods…
Which of the following should be done first when a customer order is received? Pull the items from the warehouse and prepare them for shipping Check to see if the items orders are available in the warehouse Prepare a bill of lading Approve the customer's credit
Use the following sales journal to record the transactions. All credit sales are terms of n/30. (If a box is not used in the journal leave the box empty; do not select information or enter a zero.) i (Click the icon to view the transactions.) Jun Date 2024 Invoice No. Account Debited More info Jun. 1 Jun. 8 Customer Jun. 13 Jun. 28 Sales Journal Post. Ref. Accounts Receivable DR Sales Revenue CR Sold merchandise inventory on account to Ford Junk, $1,250. Cost of goods, $960. Invoice no. 101. Page Cost of Goods Sold DR Merchandise Inventory CR Sold merchandise inventory on account to Iris Fray, $2,250. Cost of goods, $1,650. Invoice no. 102. Sold merchandise inventory on account to Jack Tremane, $400. Cost of goods, $240. Invoice no. 103. Sold merchandise inventory on account to Gail White, $810. Cost of goods, $650. Invoice no. 104. Print Done X
Credit Card Sales Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system). 1. Sold $20,000 of merchandise, that cost $15,000, on MasterCard credit cards. The net cash receipts from sales are immediately deposited in the seller's bank account. MasterCard charges a 5% fee. 2. Sold $5,000 of merchandise, that cost $3,000, on an assortment of credit cards. Net cash receipts are received 5 days later, and a 4% fee is charged. 1
Accounting Information System Provide an analysis/explanation of the flow of the payment flowchart of a bookstore who's ordered books from suppliers. Step 1: Payment Step 2: Number of items and type Step 3: Match order form with receiving report Step 4: Prepare voucher for payment Step 5: Owner approves payment
Enter the following transactions in the appropriate journal (purchases journal and cash payment journal) *October 11 Purchased merchandise from Lafferty Company, $500 on account, credit terms 1/15, n/45. Invoice No. 65. *15 Purchased merchandise from Alsted, Inc., $400 cash. Check No. 751. * 21 Paid amount due Lafferty Company, less discount. Check No. 752.
In the sales 3-way match control procedure, which of the following invoice details are agreed to the customer purchase order and shipping document? O Invoice price, vendor, delivery date, quantity. O Invoice date, customer, description, quantity. O Invoice price, customer, delivery date, description, quantity. O Invoice price, vendor, date, description, quantity.