Match each description with a document in a voucher system

1)

NetPerks Co. establishes a $200 petty cash fund on January 1. On January 8, the fund shows $28 in cash along with receipts for the following expenditures: postage, $64; transportation-in, $19; delivery expenses, $36; and miscellaneous expenses, $53. NetPerks uses the perpetual system in accounting for merchandise inventory.

2)

Match each description with a document in a voucher system.

  Description Document

A.

A document used to notify the appropriate persons that ordered goods have arrived, including a description of the quantities and condition of goods.

B.

An internal file used to store documents and information to control cash disbursements and to ensure that a transaction is properly authorized and recorded.

C.

A document used to place an order with a vendor that authorizes the vendor to ship ordered merchandise at the stated price and terms.

D.

A checklist of steps necessary for the approval of an invoice for recording and payment; also known as a check authorization.

E.

A document used by department managers to inform the purchasing department to place an order with a vendor.

F.

An itemized statement of goods prepared by the vendor listing the customer's name, items sold, sales prices, and terms of sale.

Frederick Clinic deposits all cash receipts on the day when they are received and it makes all cash payments by check. At the close of business on June 30, 2011, its Cash account shows a $15,141 debit balance. Frederick Clinic's June 30 bank statement shows $14,275 on deposit in the bank.

a. Outstanding checks as of June 30 total $2,500.

b.

The June 30 bank statement included a $125 debit memorandum for bank services.

c.

Check No. 919, listed with the canceled checks, was correctly drawn for $645 in payment of a utility bill on June 15. Frederick Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $654.

d.

The June 30 cash receipts of $3,250 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement.

Prepare the adjusting journal entries that Frederick Clinic must record as a result of preparing the bank reconciliation. (Omit the "$" sign in your response.)

[The following information applies to the questions displayed below.]

USA Imports uses the perpetual system in accounting for merchandise inventory and had the following transactions during the month of October.

Oct. 2

Purchased merchandise at a $4,000 price, invoice dated October 2, terms 2/10, n/30.

  10

Received a $400 credit memorandum (at full invoice price) for the return of merchandise that it purchased on October 2.

  17

Purchased merchandise at a $4,400 price, invoice dated October 16, terms 2/10, n/30.

  26

Paid for the merchandise purchased on October 17, less the discount.

  31

Paid for the merchandise purchased on October 2. Payment was delayed because the invoice was mistakenly filed for payment today. This error caused the discount to be lost.

(a) Prepare entries to record the above transactions assuming that USA Imports records invoices at gross amounts. (Omit the "$" sign in your response.)

(b)

Prepare entries to record the above transactions assuming that USA Imports records invoices at net amounts. (Omit the "$" sign in your response.)