Examining the flowchart on page 22 of Instructions and Flowcharts book of the SUA case - Purchases on Account, which ledger and/or journal did Waren sport use to record purchases from Velocity Sporting Goods? Short Answer Toolbar navigation I v s. K2 lul iii A tab Q JAZ PURCHASES ON ACCOUNT Purchase Order (Nancy Ford) Receiving (Nancy Ford) Accounting (Jim Adams) Receive from vendor Receive oral requisition Receive goods from vendortreturns from customer Vendor invoice See note A below Receiving report 2 Aproved purchase order Prepare prenumbered purchase order Prepare prenumber receiving report Note and resolve differences in quantities and pries, adjust documents and initial invoice Purchase order 2 Retum receipt a purchase or returned sale? Receiving report for returned sale Purchase order Approved P.O. 2 Receiving report Purchase . p. 20 Vendor invoice Purchase order approved and signed by Kramer Receiving report for purchase Purchases journal Make entry in purchases journal and acc. pay, sub ledger VTC VTC Approved P.O. 2 1 Approved purchase order Accounts payable subsidiary ledger Yes Prepare fped asset sub. ledger record Is acquisition a foed asset? No To supplier (vendor) Fixed asset sub. ledger record Approved P.O. 2 Receiving report File Description VT = Vendor, temporary, by due date VTC = Vendor, temporary, chronological Vendor invoice Documents attached together VT Note A To show evidence of a transfer of ownership, a copy of a bill of lading normally would accompany goods received. This copy is not included for merchandise received in this project because the document would have been prepared by the vendor rather than any Waren personnel. However, a bill of lading is prepared for each of Waren's shipments to customers. . p. 23 22 Examining the flowchart on page 22 of Instructions and Flowcharts book of the SUA case - Purchases on Account, which ledger and/or journal did Waren sport use to record purchases from Velocity Sporting Goods? Short Answer Toolbar navigation I v s. K2 lul iii A tab Q JAZ PURCHASES ON ACCOUNT Purchase Order (Nancy Ford) Receiving (Nancy Ford) Accounting (Jim Adams) Receive from vendor Receive oral requisition Receive goods from vendortreturns from customer Vendor invoice See note A below Receiving report 2 Aproved purchase order Prepare prenumbered purchase order Prepare prenumber receiving report Note and resolve differences in quantities and pries, adjust documents and initial invoice Purchase order 2 Retum receipt a purchase or returned sale? Receiving report for returned sale Purchase order Approved P.O. 2 Receiving report Purchase . p. 20 Vendor invoice Purchase order approved and signed by Kramer Receiving report for purchase Purchases journal Make entry in purchases journal and acc. pay, sub ledger VTC VTC Approved P.O. 2 1 Approved purchase order Accounts payable subsidiary ledger Yes Prepare fped asset sub. ledger record Is acquisition a foed asset? No To supplier (vendor) Fixed asset sub. ledger record Approved P.O. 2 Receiving report File Description VT = Vendor, temporary, by due date VTC = Vendor, temporary, chronological Vendor invoice Documents attached together VT Note A To show evidence of a transfer of ownership, a copy of a bill of lading normally would accompany goods received. This copy is not included for merchandise received in this project because the document would have been prepared by the vendor rather than any Waren personnel. However, a bill of lading is prepared for each of Waren's shipments to customers. . p. 23 22
