Invoice

we book the accounts payable invoice. PART C: (2 points) Show the accounting entry when we pay the invoice from the vendor. PART D: (2 points) Explain how the accounting is integrated with the business processes in your own words. Answer: A. B. C. D. When we receive the goods, inventory ledger increases and the offsetting entry--GR/IR account also increases. When invoice has come, account payable increases and GR/IR account decreases. When we pay the invoice, Bank account decreases and account

MANUFACTURING INDUSTRY:- Manufacturing industry refers to those industries which involve in the manufacturing and processing of items and indulge in either creation of new commodities or in value addition. The manufacturing industry accounts for a significant share of the industrial sector in developed countries. The final products can either serve as a finished good for sale to customers or as intermediate goods used in the production process. Evolution of the manufacturing industry: Manufacturing

Evaluation Through Henry’s strengths, her knowledge and experience, she has a successful present strategy. Though through our conversations Henry acknowledged taking a class and completing a business plan at one point, with her many responsibilities she does not have the time to create or update a plan. Though, without a completed business plan most of the ideas and the research conducted by Henry is not documented and organized. However, as she identifies priority goals they become more concrete

Discovered that a $84.40 journal entry for advertising printing charges had been recorded in error to the Miscellaneous Expense account rather than the Advertising Expense account. The date of the original cash transaction entry is December 2 and the invoice number is 23339. Follow instructions 1-5 below: The entry correction procedure for the Rebel Ridge Snowmobile accounting system requires that each error entry be backed out and then reentered correctly. 1. Using the December 2 date, debit the Cash

AQ 1.1 Match the description in the right column with the information characteristic in the left column. |1. Relevant |f. An accounts receivable aging report used in credit granting decisions | |2. Reliable |e. A report checked by 3 different people for accuracy | |3. Complete |d. An accounts receivable aging report that included all customer accounts |

the orders on the agreed date. iii) Credit collection practice. An invoice is a document that shows how much a buyer owes to the seller. Sales invoice indicates that the sale has been done but the company has not received the cash yet (Conjecture Corporation, 2013). Mrs. Sally prepared her customer invoices at the end of each month. This method is considered as inefficient as taking a longer time to issue invoice will result in poor cash flow. The income statements may show a high sales but

related liability, and (4) depreciating assets purchased.    True    False   2. Purchases are requisitioned by a purchasing department that seeks the best prices and quality.    True    False   3. The accounts payable department reconciles the vendor invoice, purchase order, and receiving report prior to approving the payment to the vendor.    True    False   4. Bill of ladings for goods shipped from a vendor to the purchasing company should always include the company's purchase order number.    True    False

INTRODUCTION Smart Talk Company has been engaging in mobile accessories business from 1995. The main head office is located in Melbourne. The main operation of the company to purchase mobile phone accessories from Asian market and then sell them to retailers in Melbourne. The company was founded by two Australian Brothers Ben and Gary. Firstly they started their business with a small shop but due to technological advancement their business started to grow at a peak level. So they found a new company

in the credit-granting function are separated from the sales function C.(1)- Prelistings and predetermined totals are used to control postings. D.(2)- As goods leave the shipping dock, the system generates a bill of lading and associated sales invoice, which is automatically recorded in the sales journal. 14-23 A.

AUDIT PROGRAM DESIGN PART II Sales and Collection Cycle The objective in the audit of the sales and collection cycle is to evaluate whether the account balance affected by the cycle are fairly presented in accordance with accounting standards. There are five classes of transactions in the sales and collection cycle. • Sales • Cash Receipts • Sales returns and allowances • Write-off of uncollectible accounts • Estimate of bad debt expense (Arens, 2012, p.442) The Key control