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Hello there, I need help with finance homework assignment. Please see attachment for detail information. Thanks, MSFS 670 - Summer 2016 Individual HW-S1 Instructions Jones

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Hello there,

I need help with finance homework assignment. Please see attachment for detail information.

Thanks,

image text in transcribed MSFS 670 - Summer 2016 Individual HW-S1 Instructions Jones Memory Lane, Inc. restores photos for its clients and creates electronic images from the restored photos. The company also frames restored photos and creates sophisticated custom artworks. Artworks include materials such as glass and frames that are purchased from local suppliers. In addition to supplies for displays, the company purchases ofce supplies and packaging materials from several vendors. The company uses an off-the-shelf accounting software package to prepare internal documents and reports. As employees note a need for supplies and materials, they send an e-mail to Amy, who acts as the ofce manager and company accountant. Either Amy or her assistant Mary enters order information into the accounting system and creates a purchase order that is faxed to the supplier. Amy or Mary may also call the supplier if there is something special about the product ordered. When ordered materials and supplies arrive, either Amy or Mary checks the goods received against a copy of the purchase order and enters the new inventory into the computer system. Amy pays bills twice each month, on the rst and the fteenth. She checks the computer system for invoices outstanding and veries that the goods have been received. She then enters any information needed to produce printed checks from the accounting system. The company mails checks and printed remittance advices (portions of the vendor bill to be returned) to suppliers. Requirements Create a systems owchart for the purchase and payment processes

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