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1. Answer the following questions related to the source document below a. What business document is it? b. What is the purpose of the document?

1. Answer the following questions related to the source document below a. What business document is it? b. What is the purpose of the document? c. Where does the information come from to prepare the list? d. Why is a list prepared? e. In the list, what does "on account" mean, compared to "Invoice 4502" f. Give the journal entry that would be made as a result of the list. g. Who is G. Smalley? SAYERS AND ASSOCIATES CASH RECEIPTS DAILY SUMMARY Degagne Machine Shop Kivella Bake Shop Molner Paints Robitaille Taxi G. Smalley MARCH 14, 20- on account Inv. 4502 $ 500.00 315.43 Inv. 3909 214.60 on account 200.00 Total $1 230.03

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