Chapter 3 Acun Payable: Parche Order Procinad Inventory Control Chapter 3 Student Exercises Name I. Matching Directions: For each of the definitions, write the letter of the appropriate term in the space provided a. purge invoices and purchase i. quantity on order orders j. purchase invoice b. Account Maintenance/Inventory k receiving report c. computerized purchase order 1. retail price processing system m. purchase invoice transaction d. unit of measure n. purchases return transaction e. purchase requisition o. vendors f. reorder point p. cash payment transaction g. purchase order transaction 4. check h. quantity on hand A two-character abbreviation that indicates how the item is sold (each, by the dozen, by the box, etc.). A count of the quantity of this particular item currently contained in the merchandise inventory. 2. A A transaction that creates and posts an entry in the general journal, updates the vendor account balance, and decreases an inventory item's quantity on hand. A transaction that increases an inventory item's quantity on order. A transaction that creates and posts an entry in the purchases journal, updates the vendor account balance, decreases inventory item(s) quantity on order, increases an inventory item(s) quantity on hand, and generates an internal purchase invoice document. The current selling price per unit for this item. The window used to enter additions, changes, and deletions to inventory items. DO . A document sent to the business's accounting department by a vendor containing the vendor's name, original purchase order number, quantity, description, and price of the merchandise sent, and terms of the order. When the quantity on hand reaches this point, additional items are to be ordered The process in which previously entered transactions are erased when capacity is exceeded 10. 11. A document prepared by the receiving department, containing the description, quantity, and condition of the merchandise received. Accounts Payable: Purchase Order Processing and Inventory Control purchase of merchandise. A formal document requesting a purchase of merch ut not yet received automatically integrating the ursement data into the in ne the pur- the inven. vendor in payment of pur. 13. ___ The quantity of this item for which stock is ordered but 14. Comprises the procedures involved in automatica urchase invoice, and cash disbursement de tory and general ledger. A computer-generated output given to each vendor chases owed. 16._ Businesses from which merchandise is purchased on assets are bought. 17. Any type of transaction involving the payment (disburseme ased or supplies and other (disbursement) of cash