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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 TO: SENT 05 MAY 15 Office Supplies Ltd 5 Broadway Road East Melbourne Date Ordered: 5/5/2015 Purchase Reg No.: 54937 Product No. 101-A1 202-C4 054-B2 391-J8 452-P3 Description A4 Copy Paper 500 sheets Printer cartridge - Laserjet Electronic stapler Paper files - pack of 100 Binder - A4 2 ring large Price Quantity Total 5.50 10 55.00 68.00 5 340.00 75.00 2 150.00 35.50 4 142.00 6.75 2 13.50 TOTAL 700.50 Timatan Approved By: Tim Lees Prepared By: lam Sam Toms RECEIVING REPORT Slick Sales No. 68431 Purchase Order No: 64971 Entered By: Louise Hanninton Receipt Date: 12/5/15 Goods Received From: Office Supplies Ltd Quantity 10 5 Product No. 101-A1 202-C4 054-B2 391-J8 452-P3 Description A4 Copy Paper 500 sheets Printer cartridge - Laserjet Electronic stapler Paper files - pack of 100 Binder - A4 2 ring large Comments Condition OK Box damaged, item OK Condition OK Condition OK Condition OK 2 4 2 Report Prepared By: IM Goods Received By: Julie Mantini Ross Scambly No. 159473 TAX INVOICE Office Supplies Ltd 5 Broadway Road East Melbourne ABN: 10 567 893 111 To: Slick Sales 45 Westend Road Melbourne Acct No.: S1149 Terms: 2/10, 1/35 Payment Due: 29/06/15 Invoice Date: 25/5/2015 Purchase Order No.: 54937 Product No. 101-A1 202-C4 054-B2 391-J8 452-P3 Description A4 Copy Paper 500 sheets Printer cartridge - Laserjet Electronic stapler Paper files - pack of 100 Binder - A4 2 ring large Price 5.50 68.00 75.00 35.50 6.75 Quantity 10 5 3 4 2 SUB TOTAL GST TOTAL Total 55.00 340.00 225.00 142.00 13.50 775.50 77.55 853.05 PLEASE QUOTE YOUR ACCOUNT NUMBER WHEN ENQUIRING ABOUT INVOICE DETAILS X REMITTANCE ADVICE Please return with payment Account Number: S1149 Due Date: 29/06/15 Account Name: Slick Sales Invoice No: 159473 Amount Owing: 853.05 OFFICE USE ONLY Date Received: Date Entered: Received By: Entered By: Amount Received: Cheque Number: Date 30-05-15 Cheque 101 TRIMOND BANKING GROUP 349 Victoria Avenue Melbourne East Negotiable Payee: Office Supplies Ltd For: Office Supplies Invoice 150473 $853.05 Pay Office Supplies Lid Or bearer The sum of Eight hundred and fifty-three dollars and five cents Slick Sales Date: 30-05-15 - Blut Amount: 853.05 648 317 101 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. 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. A. 1 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