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Chapter 7: Q3TI (page 390)

Fill in the missing information.

a. The vendor ships the inventory and sends a(n) __________ back to the purchaser.

b. After approving all documents, the purchaser sends a(n) __________ to the vendor.

c. When ordering merchandise inventory, the purchaser sends a(n) __________ to the vendor.

d. The purchaser receives the inventory and prepares a(n) __________.

Short Answer

Expert verified

In the first part, the blank space is filled with invoice.

Step by step solution

01

Definition of invoice

An invoice is a document that is sent by the vendor to the purchaser. The invoice contains the details about the order.

02

The blank space filled with

  1. After the shipping of the inventory the vendor sends an invoice to the purchaser.
  2. After approving all the documents, the purchaser makes the payment by sending a check.
  3. When ordering the merchandise inventory, the purchaser sends a purchase order to the vendor.
  4. After receiving inventory the purchaser prepares a receiving report.

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Most popular questions from this chapter

Applying internal control over cash payments by check

A purchasing agent for Franklin Office Supplies receives the goods that he purchases

and also approves payment for the goods.

Requirements

1. How could this purchasing agent cheat his company?

2. How could Franklin avoid this internal control weakness?

When are the only times the Petty Cash account is used in a journal entry?

Identifying internal controls. Consider each situation separately. Identify the missing internal control procedure from these characteristics:

鈥� Assignment of responsibilities

鈥� Separation of duties

鈥� Audits

鈥� Electronic devices

鈥� Other controls (specify)

a. While reviewing the records of Quality Pharmacy, you find that the same Team member orders merchandise and approves invoices for payment.

b. Business is slow at Amazing Amusement Park on Tuesday, Wednesday, and Thursday nights. To reduce expenses, the business decides not to use a ticket taker on those nights. The ticket seller (cashier) is told to keep the tickets as a record of the number sold.

c. The same trusted team member has served as a cashier for 12 years.

d. When business is brisk, Fast Mart deposits cash in the bank several times during the day. The manager at one store wants to reduce the time employees spend delivering cash to the bank, so he starts a new policy. Cash will build up over weekends, and the total will be deposited on Monday.

e. Grocery stores such as Convenience Market and Natural Foods purchase most merchandise from a few suppliers. At another grocery store, the manager decides to reduce paperwork. He eliminates the requirement that the receiving department prepare a receiving report listing the goods actually received from

the supplier.

What are some common controls used with a bank account?

List internal control procedures related to e-commerce.
See all solutions

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