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Exam 23: The Voucher System

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Question 21

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The company uses the periodic inventory system and the voucher system. If the net method is applied, the purchase of $8,000 of merchandise with terms 4/15, n/60 is recorded by:

A) debit Cash $8,000; credit Accounts Payable $8,000.
B) debit Accounts Payable $8,000; credit Purchases $8,000.
C) debit Purchases $7,680; credit Accounts Payable $7,680.
D) debit Purchases $7,680; credit Vouchers Payable $7,680.

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Question 22

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Each entry in a voucher register includes a:

A) debit to Cash.
B) credit to Vouchers Payable.
C) credit to Purchases.
D) debit to Vouchers Payable.

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Question 23

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The entry to record payment of a voucher, for an invoice after the discount period, under the net method and the periodic inventory system will include:

Given the following accounts: -Paid voucher #422, payment was within the discount period. Debit ________ Credit ________ & ________

Given the following accounts: -Prepared voucher #424 in the amount of $6,300 in reply to the payroll department's request for payment of last week's wages. Debit ________ Credit ________

A company uses the gross method of recording purchases. An invoice was paid after the discount date. The full amount of the invoice would be recorded in the:

The entry to record payment of a voucher for an invoice after the discount period under the gross method and the periodic method will include:

If a purchase return or allowance occurs after the posting of the original voucher, the original voucher is cancelled.

Using the voucher system when paying an invoice outside the discount period, assuming the gross method, the entry would be to debit Vouchers Payable, credit Sales Discounts, and credit Cash.

Separation of duties in a voucher system leads to a more effective ________ for the management of cash payments.

Using the gross method, record the payment of the following transaction in time to take the discount. Clip Company bought $15,000 of merchandise, terms 1/15, n/45. The company uses the voucher system and the periodic inventory method.

For each of the following, identify in Column 1 the category to which the account belongs, in Column 2 the normal balance for the account, in Column 3 the financial statement in which the account balance is reported, and in Column 4 the account's nature (permanent/temporary). -

Any change in an already recorded voucher dictates the ________ of that voucher.

Booker Company purchased $8,000 of merchandise with terms of 2/10, n/60 and paid the invoice within the discount period. The company uses the periodic inventory method and the voucher system. If Booker's uses the net method of recording merchandise purchases, the $160 purchases discount is:

Items are listed in the voucher register in the order liabilities are paid.

Ebony Corporation uses a voucher system and completed the following transactions: Dec. 31 Prepared voucher #301 to replenish the petty cash fund based on the following receipts: supplies $52, postage $33, and cash over $5. 31 Issued check #1003 in payment of voucher #301. Required: Prepare general journal entries to record the above transactions. Omit explanations.

Which situation would NOT result in a separation of duties?

A schedule of vouchers payable is prepared from the unpaid voucher file.

Which of the following is an element in a voucher system?

For each of the following, identify in Column 1 the category to which the account belongs, in Column 2 the normal balance for the account, in Column 3 the financial statement in which the account balance is reported, and in Column 4 the account's nature (permanent/temporary). -