Explanation Purchasing System: The identification and procurement of the inventory needs for the organization is called purchasing system. All the aspect related to the purchasing procedure is identified by the purchasing systems. It also includes the recognition of liability which an organization is obligated to pay. The basic purchase system includes the purchase department, inventory control, accounts payables department and the receiving department. The general ledger journal entries triggered by purchase function are as follows: The account payable summary reports received by the general ledger department from the account payable department. The cash disbursement system providing the journal voucher which consists of the authorized checks is provided to the general ledger department...

10th Edition

ISBN: 9781337619202

Author: Hall, James A.

Publisher: Cengage Learning,

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Question

Chapter 5, Problem 5RQ

To determine

Explain how the purchase system triggers the general ledger journal entries and also from which department these journal entries arise.

Expert Solution & Answer

Chapter 5 Solutions

Accounting Information Systems

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...

Ch. 5 - What is the purpose of the blind copy of a PO?Ch. 5 - Prob. 12RQ Ch. 5 - Prob. 1DQ Ch. 5 - Prob. 2DQ Ch. 5 - Prob. 3DQ Ch. 5 - The level of day-to-day department activity in...Ch. 5 - Prob. 5DQ Ch. 5 - What is central to a successful EDI...Ch. 5 - Discuss the objective of eliminating the receiving...Ch. 5 - What purpose does multilevel security control play...Ch. 5 - Prob. 9DQ Ch. 5 - Prob. 10DQ Ch. 5 - Which of the following statements is correct? a....Ch. 5 - Which of the following represents incompatible...Ch. 5 - Prob. 3MCQ Ch. 5 - Prob. 4MCQ Ch. 5 - Prob. 5MCQ Ch. 5 - Prob. 6MCQ Ch. 5 - Prob. 7MCQ Ch. 5 - Which of the following tasks should the cash...Ch. 5 - Which ledger can be updated solely from the...Ch. 5 - Prob. 10MCQ Ch. 5 - Prob. 1P Ch. 5 - INVENTORY ORDERING ALTERNATIVES The flowchart for...Ch. 5 - Prob. 3P Ch. 5 - Prob. 4P Ch. 5 - Prob. 5P Ch. 5 - Prob. 6P Ch. 5 - Prob. 7P Ch. 5 - Prob. 8P Ch. 5 - Prob. 9P Ch. 5 - Prob. 10P Ch. 5 - Prob. 11P Ch. 5 - UNRECORDED LIABILITIES You are auditing the...Ch. 5 - SMITHS MARKET (SMALL BUSINESS ACCOUNTING SYSTEM)...Ch. 5 - POSAVEK REMODELING AND BUILDING SUPPLY COMPANY...Ch. 5 - GREEN POND NURSERY (STANDALONE PC-BASED ACCOUNTING...Ch. 5 - Prob. 4ICC Ch. 5 - Prob. 5ICC Ch. 5 - Prob. 6ICC Ch. 5 - Prob. 7ICC Ch. 5 - Prob. 8ICC

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Similar questions

When should entries from the sales journal be posted?
Record the following transactions in the purchases journal:
Using 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:

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