College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Chapter 7A, Problem 3SEA
To determine
Identify the documents, records and procedures that illustrate the purchasing process in a voucher system.
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Define purchases Journal.
Differentiate between source documents and vouchers.
Distinguish between source and voucher papers.
Chapter 7A Solutions
College Accounting, Chapters 1-27
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- Explain the posting process of the sales journal?arrow_forwardWho is responsible for releasing an order? Describe what happens to the inventory records andto PAC and purchasing.arrow_forwardBriefly describe each of the following documents or records: purchase requisition, purchase order, receiving report, vendor invoice, and voucher. Why would an entity combine all documents related to a purchase transaction into a “voucher packet”?arrow_forward
- A. What document is used to create the Purchase Order in the Expenditure Cycle and wheredoes it come from?B. Who creates the Purchase Order?C. Who gets copies of the Purchase Order?In the space below, please answer parts A, B, and C.arrow_forwardWhen goods are received, the receiving clerk should match the good with_____? A. The vendor invite and the vendor shipping document B. The purchase order and the requisition form C. The vendor shipping document and the purchase order D. The vendor invite and the purchase orderarrow_forwardUsing the following purchases journal, identify each of the posting references, indicated by a letter, as representing (1) a posting to a general ledger account, (2) a posting to a subsidiary ledger account, or (3) that no posting is required:arrow_forward
- Explain the purpose of sales journal.arrow_forwardIn a good internal control system, which of the following sets of documents is required for proper approval of a payment to a supplier? A. a journal entry, a supplier invoice, and a description of the goods being purchased B. a supplier invoice, a bill of lading, and the supplier's financial statements C. a purchase order, a journal entry, and a price catalog D. a receiving report, an invoice, and a purchase orderarrow_forwardIn the Purchasing Process - Level 0 Diagram, a data flow called "inventory's purchase requisition" most likely would be sent by the inventory management process to which of the following processes? Group of answer choices a. order goods and services b. receive goods and services c. determine requirements d. none of the above.arrow_forward
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