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Need help classifying what each type of transaction is. Either: 1) Sales & Cash Receipts 2) Purchases & Cash Disbursements 3) Payroll 4) Other Thank
Need help classifying what each type of transaction is. Either:
1) Sales & Cash Receipts
2) Purchases & Cash Disbursements
3) Payroll
4) Other
Thank you!
Received the 11-inch tablets ordered on Waren's purchase order No. 325 (Doc. No. tablets were received in new and undamaged condition and taken directly to the office. 29 16) and vendor invoice No. 2423 (Doc. No. 18) from Chicago Office Supply. The December The estimated useful life is 5 years with no salvage value. Received vendor invoice No. 72654 (Doc. No. 18) from University Athletic News for advertisements Waren ran during the Christmas season and immediately issued a check (Doc. No. 20) for payment in full. Yes Yes 29 Purchase orders are not issued for services that Waren purchases. MONTH-END PROCEDURES - After you have recorded all the transactions, go to page 12 of the Instructions, Flowcharts, and Ledgers book and complete all the month-end procedures. An additional month-end requirement for this project is: Yes Monthly Statement - Prepare a monthly statement (Doc. No. 15) for Eastern Wisconsin University. YEAR-END PROCEDURES - After completing all the month-end procedures, go to page 14 of the Instructions, Flowcharts, and Ledgers book and complete all the year-end procedures. Additional information for the year-end procedures is: No Ending Inventory - A physical inventory was taken 1/1/18, before business began for the new year. Merchandise on hand cost $191,967.00. No Bad Debt Expense - The expense for bad debts is estimated at the end of the year as one-fifth of one percent (0.002) of net sales. No Marketable Securities At December 31, 2017, the market value of marketable securities held by Waren approximated the cost of the securities. The project is now complete. Good work! Review your materials to make certain everything is finalized. Complete the filing of documents, records, and working papers using the file tabs and the envelope in which the Aid is packaged. File all materials as indicated in the flowchartsStep by Step Solution
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