Exam 23: The Voucher System

If the net approach method is applied, the purchase of $6,500 of merchandise with terms 3/20, n/60 is recorded by:

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

Given the following accounts: Indicate the account(s)to be debited and credited to record the following transactions. -Prepared and recorded voucher #425 for the purchase of merchandise (net method)of $2,000 with credit terms of 2/10, n/30. Debit ________ & ________ & ________ Credit ________ & ________ & ________

The check register is:

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). -

To maintain good internal control procedures, the person filing a purchase requisition should never approve the payment.

A schedule of vouchers payable is prepared from the check register.

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

Given the following accounts: Indicate the account(s)to be debited and credited to record the following transactions. -Prepared and recorded voucher #422 for the purchase of merchandise (gross method)of $5,000 with credit terms of 2/10, n/30. Debit ________ & ________ & ________ Credit ________ & ________ & ________

The check register replaces the voucher journal.

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

If a partial payment is made after the voucher is prepared:

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). -