Identify the department responsible for initiating the purchase of materials.

Question

Please provide the correct answer to this general accounting problem using valid calculations.

Answer 1

Question

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Chapter 5, Problem 11P

a.

To determine

Identify the department responsible for initiating the purchase of materials.

b.

To determine

Identity the departments which should receive copies of the purchase order to achieve control. In case, where multiple copies of a purchase order are prepared and assuming one copy goes to the vendor, and one is retained in the purchasing department.

c.

To determine

Identify the documents which the AP clerk reviews before setting up a liability.

d.

To determine

Identify the document which transfers responsibility for goods sold to a common carrier.

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Please provide the correct answer to this general accounting problem using valid calculations.

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Sarah is the president and general manager of the operation. Sarah has been very proactive in growing the business. She has met with her banker to discuss expanding the facilities and equipment with another $150,000 loan. Their first loan for $150,000 was secured by the industrial-size food production equipment purchased with the loan. The banker now demands an audit of the corporate financial statements before releasing another loan to the company. Sarah has offered to place the corporate account receivables up as collateral to secure the second loan. Based on revenue projections by her sister Jillian's sales team, Sarah believes that the company will not have trouble paying down the loan in a short period of time. Kim's assistant, Henry, monitors the production and shipment of Smackey Dog Food's regular line of products. Henry takes pride in his work and is involved in every facet of the operation. With only one other warehouse employee to help, Henry personally is involved in…

Answer 2

Question

100%

Chapter 5, Problem 11P

a.

To determine

Identify the department responsible for initiating the purchase of materials.

b.

To determine

Identity the departments which should receive copies of the purchase order to achieve control. In case, where multiple copies of a purchase order are prepared and assuming one copy goes to the vendor, and one is retained in the purchasing department.

c.

To determine

Identify the documents which the AP clerk reviews before setting up a liability.

d.

To determine

Identify the document which transfers responsibility for goods sold to a common carrier.

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Answer 3

Question

100%

Chapter 5, Problem 11P

a.

To determine

Identify the department responsible for initiating the purchase of materials.

b.

To determine

Identity the departments which should receive copies of the purchase order to achieve control. In case, where multiple copies of a purchase order are prepared and assuming one copy goes to the vendor, and one is retained in the purchasing department.

c.

To determine

Identify the documents which the AP clerk reviews before setting up a liability.

d.

To determine

Identify the document which transfers responsibility for goods sold to a common carrier.

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Answer 4

Question

100%

Chapter 5, Problem 11P

a.

To determine

Identify the department responsible for initiating the purchase of materials.

b.

To determine

Identity the departments which should receive copies of the purchase order to achieve control. In case, where multiple copies of a purchase order are prepared and assuming one copy goes to the vendor, and one is retained in the purchasing department.

c.

To determine

Identify the documents which the AP clerk reviews before setting up a liability.

d.

To determine

Identify the document which transfers responsibility for goods sold to a common carrier.

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Answer 5

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Answer 6

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Answer 7

Chapter 5, Problem 11P

a.

To determine

Identify the department responsible for initiating the purchase of materials.

b.

To determine

Identity the departments which should receive copies of the purchase order to achieve control. In case, where multiple copies of a purchase order are prepared and assuming one copy goes to the vendor, and one is retained in the purchasing department.

c.

To determine

Identify the documents which the AP clerk reviews before setting up a liability.

d.

To determine

Identify the document which transfers responsibility for goods sold to a common carrier.

Answer 8

Chapter 5, Problem 11P

a.

To determine

Identify the department responsible for initiating the purchase of materials.

Answer 9

Chapter 5, Problem 11P

a.

To determine

Identify the department responsible for initiating the purchase of materials.

Answer 10

b.

To determine

Identity the departments which should receive copies of the purchase order to achieve control. In case, where multiple copies of a purchase order are prepared and assuming one copy goes to the vendor, and one is retained in the purchasing department.

Answer 11

b.

To determine

Identity the departments which should receive copies of the purchase order to achieve control. In case, where multiple copies of a purchase order are prepared and assuming one copy goes to the vendor, and one is retained in the purchasing department.

Answer 12

c.

To determine

Identify the documents which the AP clerk reviews before setting up a liability.

Answer 13

c.

To determine

Identify the documents which the AP clerk reviews before setting up a liability.

Answer 14

d.

To determine

Identify the document which transfers responsibility for goods sold to a common carrier.

Answer 15

d.

To determine

Identify the document which transfers responsibility for goods sold to a common carrier.

Answer 16

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Ch. 5 - Prob. 1RQ Ch. 5 - What purpose does a purchasing department serve?Ch. 5 - Prob. 3RQ Ch. 5 - Prob. 4RQ Ch. 5 - Prob. 5RQ Ch. 5 - Prob. 6RQ Ch. 5 - Prob. 7RQ Ch. 5 - Prob. 8RQ Ch. 5 - Prob. 9RQ Ch. 5 - Some organizations do not use an AP subsidiary...

Identify the department responsible for initiating the purchase of materials.

Solution Summary: The author identifies the department responsible for initiating the purchase of materials, the Purchasing Department, and the Receiving Department.

Identify the department responsible for initiating the purchase of materials.

Identity the departments which should receive copies of the purchase order to achieve control. In case, where multiple copies of a purchase order are prepared and assuming one copy goes to the vendor, and one is retained in the purchasing department.

Identify the documents which the AP clerk reviews before setting up a liability.

Identify the document which transfers responsibility for goods sold to a common carrier.

Chapter 5 Solutions