Advanced Accounting Chapter 5

check register

which journal helps keep an up to date record of the balance of cash in the checking account?

check register

which journal is a purchased discount recorded in?

1-3 before 4-5 after

which sections of the voucher are prepared before the check is written and which are prepared after the check is written?

few

In a voucher system, few/many (choose one) individuals authorize and approve cash payments

Cash

Which asset is most likely to be misused because ownership is easily transferred?

voucher

a business form used to show an authorized person's approval for a cash payment

Voucher check

a check with space for writing details about a cash payment

verified

after an invoice has been _____________, a voucher is prepared for each invoice received from a vendor.

name of the payee ( vendor name)

if only the voucher number is known, a paid voucher can be found in the paid vouchers file by locating what?

vouchers payable

in a voucher register, every entry includes a credit to what account?

voucher number

in what order are voucher recorded in the voucher register?

Order of payment date

in what order are vouchers filed in the unpaid vouchers file?

payee information, accounts affected, voucher approval, where the voucher is recorded, payment of voucher

the outside of a voucher shows what information?

vouchers payable

what account replaces accounts payable?

accounts that don't have special amount columns

what are the general columns of the voucher register used for?

Checking account balance (after each check and deposit are recorded in the check register)

what does the bank balance column show?

Voucher system

what type of system requires that no check can be issued without being authorized?

vouchers payable

when a check is issued what account is debited?

canceled

when a purchase return or allowance transaction occurs, what happens to the original voucher?

same as original

when a voucher is canceled due to a return what is the date for the new voucher?

unpaid vouchers file

where are vouchers needing to be paid kept? This eliminates posting to the accounts payable ledger

vouchers payable debit, purchases discount credit, cash credit

which columns in the check register are totaled at the end of the month?

cash payments

which journal does the check register replace?

purchases journal

which journal does the voucher register replace?