Distinguish between the packing slip, a shipping notice, and a bill of lading.

Q: What is the posting procedure for the sales journal?

A: Sales journal is used to record the entries related to only credit sales includes goods and services…

Q: In a manual system, after which event in the sales process should the customer be billed?

A: Sales Process: Sales Process can be defined as trade of goods and services provided by the trader of…

Q: Which function should the billing department NOT perform? a. record the sales in the sales journal…

A: Accounting Information System: The system which helps to gather, store and process the accounting…

Q: Record the sale of receivable.

A: Sometimes companies require funds and they too have the assets like the accounts receivables for…

Q: Seller is notified of goods returned by the buyer when he receives a

A: Accounting:   Accounting is a system, or a process of collecting and organizing economic…

Q: n which journal is the receipt of a promissory note from a customer on account recorded ? a.…

A: Revenue journal is used for recording sales income. When sales are made Revenue a/c is credited and…

Q: Which document helps to ensure that the receiving clerks actually count the number of goods…

A: Option b is the answer

Q: Describe the flow of data in the purchasing process that is initiated when the purchasing…

A: Purchasing process refers to the process of procurement of goods or inventory. It starts with the…

Q: Describe the nature of the following documents and records andexplain their use in the sales and…

A: Bill of lading: Bill of lading refers to the written contract between the carrier and the seller for…

Q: When preparing the invoices, the prices come from the A. packing slips B. shipping notices C.…

A: Answer: Invoice is one of the most important document to identify the actual sales or purchases…

Q: Distinguish between an accounts payable file and a vouchers payable file.

A: Accounts Payable system:   The accounts payable system looks over the due payments to be processed…

Q: Differentiate between a purchase requisition and a purchase order.

A: Difference between purchase requisition and purchase order The difference between the purchase…

Q: Distinguish between the sales order, billing, and AR departments. Why can’t the sales order or AR…

A: The sales order, billing and AR department are responsible for placing the orders from the…

Q: Which document authorizes the purchase of the inventory from an approved vendor? the petty cash…

A: A company purchases inventory works on it and sells them as finished product. So purchase plays an…

Q: What purpose is served by prenumbering sales orders, shipping documents, and sales invoices?

A: Revenue Cycle: Revenue cycle records all the transactions that originate from selling a product and…

Q: Sales are normally recorded on the date of thea. Customer purchase order.b. Bill of lading.c. Sales…

A:

Q: What are the columns that are typically used in the purchases journal?

A: A Purchase Journal records all purchases made on credit during a period. In other words, this is the…

Q: Which duties should be segregated? a. matching purchase requisitions, receiving reports, and…

A: Cash Disbursement System:   The cash disbursement system carries out the responsibility of…

Q: t happens after the shipping department verifies that the quantities and descriptions of goods…

A: The sale order may be defined as the order which is generated by the seller of the goods to the…

Q: Read the following statements carefully:   Recalculate the allowance of accounts receivables.…

A: Type of Audit Procedures It is preliminary assessment an auditor is required to identify and…

Q: Describe and use the sales journal. What steps are followed in posting from the sales journal to the…

A: Sales Journal: A journal is a book of original entry where all journal entries are recorded on the…

Q: In a good internal control​ system, which of the following sets of documents is required for proper…

A: Solution: In a good internal control system, for approval of payment we should do 3 way matching…

Q: the entry to record the purchase of supplies on account includes a credit to what?

A: Journal entries are prepared to record the financial and non-financial transactions of the business.

Q: Which one of the following documents is used to record notes receivable? Register Voucher Promissory…

A: Note means an instrument acknowledging as debt due from one party to another party. It carry defined…

Q: Which statement about the Expenditure Cycle is correct? The blind copy of the purchase order goes…

A: Step 1 The expenditure cycle is the flow of activities related to the acquisition of and payment for…

Q: The bill of lading is prepared by the a. sales clerk. b. warehouse clerk. c. shipping clerk. d.…

A: Bill of Lading:   A contract occurs between two parties which contain some important details such…

Q: Record the following purchase transactions of Money Office Supplies.

A: Journal:   Journal is the book of original entry. Journal consists of the day today financial…

Q: What document is the source for (a) debiting the accounts in the materials ledger and (b) crediting…

A: a.

Q: Describe and use the purchase journal. What steps are followed in posting from the purchases journal…

A: Purchase Journal: Purchase journal records all the merchandise purchase on credit. In a single…

Q: What accounts are affected when a bill from a vendor supplying you products is recorded

A: when vendors supply products to the company the following accounts will be affected -   1) if we are…

Q: What general ledger journal entries does the purchases system trigger? From which departments do…

A: Purchasing System: The identification and procurement of the inventory needs for the organization is…

Q: The individual amounts in the “Accounts Payable" column of the purchases journal are posted to the…

A: Answer: Option C Accounts Payable Subsidiary ledger is Correct.

Q: Which document is NOT prepared by the sales department? a. packing slip b. shipping notice c. bill…

A:

Q: Why does billing receive a copy of the sales order when the order is approved but does not bill…

A:

Q: The following are normally included in the line item traple and other receivables, except

A: Trade and other receivables: Trade and other receivables is a current asset of a company which means…

Q: Explain the purpose of the Allowance for Overvaluation of Inventories: Branch ledger account and the…

A: Allowance for overvaluation The head office sells merchandise to branch at profit (more than selling…

Q: what steps are followed in posting from the purchases journal to the accounts payable ledger?

A: Purchase journal indicates the account corresponding to the orders or purchase initiated or made on…

Q: What source document is used to summarize/document each receipt of goods? A. packing slip B. picking…

A: A source document is the original documents that the details of a business transaction. a source…

Q: Describe and put the sales notebook to use. What procedures are involved in submitting sales journal…

A: The Answer

Q: A furniture store debits purchases for a purchase of a

A: In any business, Purchases Account is debited for the purchases of those goods that are meant to be…

Q: What steps are followed in posting from the sales journal to the accounts receivable ledger?

A: Sales Journal A journal is a book of original entry where all journal entries are recorded on the…

Q: Explain how to record the purchase of supplies.

A: Supplies are the consumable assets, which are ordinarily consumed in an organization. Supplies…

Q: Post to general ledger

A: General ledger is the ledger book in which all the respective accounts of parties as well as the…