Question 23 (5 points) The payments department at Slick Sales has issued a cheque for an invoice it has received from Office Supplies Ltd. The payables clerk has three documents, (1) a receipted purchase order (Figure 3); (2) a receiving report (Figure 4), and (3) an invoice (Figure 5). The clerk has prepared the accompanying cheque and had it signed, ready for sending (Figure 6). PURCHASE ORDER No. 64971 Slick Sales 45 Westend Road Melbourne ABN: 57 999 888 777 : SENT 05 MAY 15 Office Supplies Ltd 5 Broadway Road East Melbourne Date odred: 5/5/2015 Purchase Reg No: 54937 Product No Description Price Quantity 101-A1 A4 Copy Pants 5.50 10 202-04 Printer cartridge 09.00 5. 054-82 Electric per 75.00 2 391 Paper PC 100 35.50 4 452.3 BidHAIDA 8.75 TOTAL HOH Prepared By Approved By Sam Tomis Times Total 55.00 340.00 150.00 12.00 13:50 200:50 RECEIVING REPORT Slick Sales NO.68431 Purchase Order No: 64971 Entered By: Louise Hanninton Goods Received From: Office Supplies Ltd Receipt Date: 12/5/15 Product No. 101-A1 202-04 054-B2 391-18 452-23 Description A4 Copy Paper 500 sheets Printer cartridge Laserjet Electronic stapler Paper files pack of 100 Binder A4 ingle Quantity 10 5 2 4 2 Comments Condition OK Box damaged, item OK Condition OK Condition OK Condition OK Report Prepared By Goods Received By: Julie Mantini ale Ross Scambly Figure 4. Receiving Report NA 159473 TAX INVOICE Office Supplies Ltd 5 Broadway Road East Melbourne AN To: thle 45 W Netbe Acet No. 11:19 Terms Payment Dus 2015 DOS Punch put Det Ontity TH 350 Invoice Date: 25/6/2015 Parche Order No.54937 Product No Description Price 101 A1 A Copy Paper 500 she 202-CA Printer cartridge 69.00 OSB2 Electronic stapler 75.00 391-23 Paper pack of 100 3350 452-P3 BA42mg largo 16.25 Quantity 10 5 13 HT TON $5.00 140.00 7500 122.00 13.50 775.50 27.55 853.06 SUB TOTAL GST TOTAL PLEASE QUOTE YOUR ACCOUNT NUMBER WHEN ENQUIRING ABOUT INVOICE DETAILS K REMITTANCE ADVICE Pewth Account Number: S1149 Due Date: 2015 Account Name: Slick Sales Invoice No: 59973 Amount Owing: 853.05 OFFICE USE ONLY Date Received Date Entered Received By: Entered By: Amount Received: Che Number: Figure 5. Tax Invoice 30-05-15 Cheque 101 TRIMOND BANKING GROUP 349 Victor Aven Melbourne East Payee CA SANH For: Office SU 5458 Pay Cinde arter Theme antired and the dollars its Back NARE Amount REMITTANCE ADVICE Nun with payment Account Number: S1149 Account Name: Sick Sales Amou Owin 853.05 Due Date: 2006/15 Invoice Nos 159473 Date Receive Received By Amount Received OFFICE USE ONLY Date Entered: Entered By Cheque Number Figure 5. Tax Invoice Cheque 101 Date 30-05-15 TRIMOND BANKING GROUP 349 Victoria Avenue Melbourne East Payee: Office Supples Ltd For Office Suppe 150073 $5.05 Pay Office Supplies Ltd Or bearer The sum of Eight hundred and lite three gorers widers Slick Sies Date: 30-05-15 Rud Amount: 164311 Figure 6. Cheque Required a) Explain how the purchase order, receiving report and invoice play an important role in the authorisation of payments to accounts payable. As a guide, write about one half of a page in the text box provided. A Question 24 (5 points) b. Analyse the documents and determine if the clerk should have prepared the cheque and if it should be sent off to the supplier. Justify your conclusion. As a guide, write about one-half of a page in the text box provided. Format V B TU A > Eq Question 25 (20 points) c. What risks are involved with this process, and what controls should be in place to reduce these risks during and subsequent to cheque preparation? Are any of these controls present? As a guide, write about one page in the text box provided. D Paragraph B T U Question 23 (5 points) The payments department at Slick Sales has issued a cheque for an invoice it has received from Office Supplies Ltd. The payables clerk has three documents, (1) a receipted purchase order (Figure 3); (2) a receiving report (Figure 4), and (3) an invoice (Figure 5). The clerk has prepared the accompanying cheque and had it signed, ready for sending (Figure 6). PURCHASE ORDER No. 64971 Slick Sales 45 Westend Road Melbourne ABN: 57 999 888 777 : SENT 05 MAY 15 Office Supplies Ltd 5 Broadway Road East Melbourne Date odred: 5/5/2015 Purchase Reg No: 54937 Product No Description Price Quantity 101-A1 A4 Copy Pants 5.50 10 202-04 Printer cartridge 09.00 5. 054-82 Electric per 75.00 2 391 Paper PC 100 35.50 4 452.3 BidHAIDA 8.75 TOTAL HOH Prepared By Approved By Sam Tomis Times Total 55.00 340.00 150.00 12.00 13:50 200:50 RECEIVING REPORT Slick Sales NO.68431 Purchase Order No: 64971 Entered By: Louise Hanninton Goods Received From: Office Supplies Ltd Receipt Date: 12/5/15 Product No. 101-A1 202-04 054-B2 391-18 452-23 Description A4 Copy Paper 500 sheets Printer cartridge Laserjet Electronic stapler Paper files pack of 100 Binder A4 ingle Quantity 10 5 2 4 2 Comments Condition OK Box damaged, item OK Condition OK Condition OK Condition OK Report Prepared By Goods Received By: Julie Mantini ale Ross Scambly Figure 4. Receiving Report NA 159473 TAX INVOICE Office Supplies Ltd 5 Broadway Road East Melbourne AN To: thle 45 W Netbe Acet No. 11:19 Terms Payment Dus 2015 DOS Punch put Det Ontity TH 350 Invoice Date: 25/6/2015 Parche Order No.54937 Product No Description Price 101 A1 A Copy Paper 500 she 202-CA Printer cartridge 69.00 OSB2 Electronic stapler 75.00 391-23 Paper pack of 100 3350 452-P3 BA42mg largo 16.25 Quantity 10 5 13 HT TON $5.00 140.00 7500 122.00 13.50 775.50 27.55 853.06 SUB TOTAL GST TOTAL PLEASE QUOTE YOUR ACCOUNT NUMBER WHEN ENQUIRING ABOUT INVOICE DETAILS K REMITTANCE ADVICE Pewth Account Number: S1149 Due Date: 2015 Account Name: Slick Sales Invoice No: 59973 Amount Owing: 853.05 OFFICE USE ONLY Date Received Date Entered Received By: Entered By: Amount Received: Che Number: Figure 5. Tax Invoice 30-05-15 Cheque 101 TRIMOND BANKING GROUP 349 Victor Aven Melbourne East Payee CA SANH For: Office SU 5458 Pay Cinde arter Theme antired and the dollars its Back NARE Amount REMITTANCE ADVICE Nun with payment Account Number: S1149 Account Name: Sick Sales Amou Owin 853.05 Due Date: 2006/15 Invoice Nos 159473 Date Receive Received By Amount Received OFFICE USE ONLY Date Entered: Entered By Cheque Number Figure 5. Tax Invoice Cheque 101 Date 30-05-15 TRIMOND BANKING GROUP 349 Victoria Avenue Melbourne East Payee: Office Supples Ltd For Office Suppe 150073 $5.05 Pay Office Supplies Ltd Or bearer The sum of Eight hundred and lite three gorers widers Slick Sies Date: 30-05-15 Rud Amount: 164311 Figure 6. Cheque Required a) Explain how the purchase order, receiving report and invoice play an important role in the authorisation of payments to accounts payable. As a guide, write about one half of a page in the text box provided. A Question 24 (5 points) b. Analyse the documents and determine if the clerk should have prepared the cheque and if it should be sent off to the supplier. Justify your conclusion. As a guide, write about one-half of a page in the text box provided. Format V B TU A > Eq Question 25 (20 points) c. What risks are involved with this process, and what controls should be in place to reduce these risks during and subsequent to cheque preparation? Are any of these controls present? As a guide, write about one page in the text box provided. D Paragraph B T U