Chapter 7, Problem 7.8P

The 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…

A buyer uses a perpetual inventory system, and it purchases merchandise on terms of FOB shipping point. On December 20, the shipping company sends an invoice for $125 to the party responsible for the freight charges, and cash payment is made immediately.

determine the correct amount of the end-of-month posting the sales journal to the Account Receivable control account. Amount of the end-of-month posting from the sales journal to the Account Receivable $ Pharoah Products uses both special journals and a general journal. Pharoah also posts customers accounts in the accounts receivable subsidiary ledger. The postings for the most recent month are included in the subsidiary T-accounts below. Estes Bal. 290 215 195 Truong Bal. 300 300 Gehrke Bal. 215 215 340 Weiser Bal. 170 170 150

I've included the answer to part three, so you should be able to fill in the general ledger this time.

Each time an entry is recorded in the purchases journal, the credit would be entered in the accounts payable column accounts receivable column purchases column supplies column

Journalize, record, and post when appropriate, the following transactions into the general journal (p. 2) for Joshua's Clothing. All purchases offer credit terms of 4/10, n/30. Assume the perpetual inventory system. View the April 202X transactions. View the accounts payable subsidiary ledger. View the partial general ledger. Journalize the transactions. (Record debits first, then credits. Exclude explanations from journal entries.) April 1: Issued check no. 20 to A. Morris Company in payment of its March 28 invoice no. 522. Date Apr. 1 Account Titles Debit April 8: Issued check no. 21 to D. Corde in payment of his March 9 invoice no. 821. Date Apr. 8 Account Titles Debit Credit Credit April 15: Issued check no. 22 to B. Nardella in payment of his March 25 invoice no. 488. Date Apr. 15 Account Titles Debit Credit Next

The three-column purchases journal handles the purchase of merchandise on account and freight charges that are prepaid by the seller and included in the invoice total. Amounts in the Accounts Payable credit column are posted daily to the accounts payable ledger. At the end of the month, the totals are posted to the general ledger as a debit to Purchases, a debit to Freight In, and a credit to Accounts Payable. Record the following purchases of merchandise on account on page 65 of the purchases journal and then post to the general ledger. (The company uses the same account numbers as Whitewater Raft Supply.) • Feb. 5 Bought merchandise on account from Nancy Corporation, invoice no. A552, $752; terms net 30 days; dated January 3; FOB destination. • Feb. 21 Bought merchandise on account from Allen Company, invoice no. 8545, $1,524.41; n/30; dated February 19; FOB shipping point, freight prepaid and added to the invoice, $150 (total $1,674.41). If required, round your answers to the…

In its annual report, American Eagle Outfitters states that its “e-commerce operation recordsrevenue upon the estimated customer receipt date of the merchandise.” Is this FOB shipping pointor FOB destination? If American Eagle were to change to the other terms of shipment, would itreport its Sales Revenues earlier or later?

Guardian Services Inc. had the following transactions during the month of April: a. Record the June purchase transactions for Guardian Services Inc. in the following purchases journal format: b. What is the total amount posted to the accounts payable and office supplies accounts from the purchases journal for April? c. What is the April 30 balance of the Officemate Inc. creditor account assuming a zero balance on April 1?