Exam 23: The Voucher System

Lynn Corporation bought $8,000 of merchandise from Woods Corporation, terms 2/10, n/30. The company uses the periodic inventory system and the voucher system. The journal entry to record the payment under the net method after the discount period would be to:

In the voucher register, "miscellaneous accounts" are classified as ________ accounts.

In a voucher system, the source documents include the invoice, receiving report, and a purchase order.

A voucher register is:

The check register replaces the voucher journal.

Kieth Printing purchased $8,000 of supplies from Paul's Wholesale, terms 2/10, n/30 on July 25, and prepared voucher #611. Kieth paid the voucher on July 31. Required: Prepare journal entries to record the above transactions assuming Kieth uses the net method and the periodic inventory system for recording purchases.

Supporting documents for a voucher system are:

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). -

In a voucher system, the cash payments journal:

Which of the following sequences of events is in the correct order for a voucher system?

Which of the following business documents would originate with the selling company?

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

A voucher is made for every:

Martin Corporation used the gross method of recording purchases, the voucher system and the periodic inventory method. A purchase of $10,000, 2/15, n30 would be recorded as:

Toy Bots Company bought $8,000 of merchandise, terms 2/10, n/30. The company uses the periodic inventory system and the voucher system. The journal entry to record the transaction under the net method would be to:

A voucher system is designed to control a company's:

Alex returned all of the $6,000 purchase of equipment to James. The company uses the voucher system. The entry to record this is: D) None of these answers is correct.

Given the following accounts: -Prepared and recorded voucher #426 for the purchase of merchandise (net method) of $4,200 with credit terms of 2/10, n/30. Debit ________ Credit ________

The company uses the periodic inventory system and the voucher system. If the net method is applied, the purchase of $9,000 of merchandise with terms 2/10, n/30 is recorded by:

If an account is not paid on time using the net method, the account ________ must be recorded.