Exam 23: The Voucher System

For each of the following, identify in Column 1 the category to which the account belongs, in Column 2 the normal balance for the account, in Column 3 the financial statement in which the account balance is reported, and in Column 4 the account's nature (permanent/temporary). - Column 1 Column 2 Column 3 Column 4 Petty cash

Using the gross method,record the payment of the following transaction in time to take the discount.Clip Company bought $7,000 of merchandise,terms 1/15,n/45.The company uses the voucher system and the periodic inventory method.

Alex returned all of the $2,000 purchase of equipment to James.The company uses the voucher system.The entry to record this is:

Paid voucher #426,payment was after the discount period. Debit ________ & ________ Credit ________

When a purchase is made under the periodic system,the business will:

The voucher register in a voucher system is known as the:

After payment is made,a notation is made on the:

The entry to record payment of a voucher for an invoice after the discount period under the gross method and the periodic method will include:

A voucher register is:

Paid voucher #424. Debit ________ Credit ________

In a voucher system,the cash payments journal:

For each of the following, identify in Column 1 the category to which the account belongs, in Column 2 the normal balance for the account, in Column 3 the financial statement in which the account balance is reported, and in Column 4 the account's nature (permanent/temporary). - Column 1 Column 2 Column 3 Column 4 Purchase discounts

Received an invoice in the amount of $80 for repairs to the store equipment,voucher #423 was prepared. Debit ________ Credit ________

What is the internal control advantage of using the net method of accounting for merchandise purchases?

Kitchen Supply purchased $2,000 of merchandise,terms 2/10,n/60 on July 2,and prepared voucher #1001.Kitchen Supply paid the invoice on August 31. Prepare journal entries to record the above transactions.Assume Kitchen Supply uses the gross method and the periodic inventory system for recording purchases.Omit explanations.

Paid vouchers may be filed in the paid voucher file according to:

Which of the following is not a part of internal control?

In a voucher system,a schedule of vouchers payable is not the same as a schedule of accounts payable.

Each entry in a voucher register includes a:

Another name for the unpaid voucher file is the: