TransLists_Fall2010 - Document No 1 Transactions List...

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Document No. 1 Transactions List December 16-31, 2009 Complete each of the following transactions in accordance with the seven-step process on pages 11-12 of the Instructions, Flowcharts and Ledgers Book. Remember the importance of the systems flowcharts on pages 18-24 for details as to (a) documents to prepare, (b) approvals and other internal control procedures, (c) accounting entries, and (d) filing. Also, remember from the requirements that some of the following events require the preparation or modification of systems documents and some do not. You are to perform the roles of Ray Kramer, Nancy Ford and Jim Adams. Hints are provided in boxed areas like this. December 16 Received validated deposit receipt (Doc. No. 11) from the bank for $7,931.96 for deposit made December 15. Follow flowchart on page 21. No recording occurs at this time. Cash receipts prelist is Doc. No. 9. File Doc. No. 9 and Doc. No. 11 in the Temporary file tab. 16 Ordered the following inventory on account from Velocity Sporting Goods, using purchase order No. 328 (Doc. No. 16). Units Description 120 Basketball pole pad 50 Basketball bag 60 Portable inflation pump 75 Trainer’s first aid kit Vendor address: 1285 Colgrove Ave., Pierre, SD 57501 Freight carrier: Interstate Motor Freight Freight charges: Collect (i.e., paid by Waren Sports Supply) Allowances: None Follow flowchart on page 22. Use purchase order No. 325 (Doc. No. 16) as a guide. Use the price list (Doc. No. 3). No receiving or recording occurs at this point for this transaction. Tear document apart and file following the flowchart guidance. A Yes Yes
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December 16 Borrowed $70,000 from First American Bank and Trust by issuing a two-year note payable (Doc. No. 14) with a stated annual interest rate of 7%. Check No. 545 (Doc. No. 8) for $70,000 was received from the bank and deposited. Reviewed the terms and conditions of the note and signed it (Ray Kramer) as the borrower. Restrictively endorse means to write the following on the back of the check: “For deposit only. Waren Sports Supply.” See flowchart, page 21, for recording and depositing. Detach the bottom portion of the check and file in the Shipping/Banking file tab. File the note in the Shipping/Banking file tab. 19 Received customer purchase order No. 38607 (Doc. No. 4) in the mail from University of Southern Iowa, approved their credit and shipped the goods. All goods ordered were shipped, except that only shoulder pad sets were available for shipment.
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This note was uploaded on 07/08/2011 for the course ACG 3481 taught by Professor Dickinson during the Fall '08 term at University of Florida.

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TransLists_Fall2010 - Document No 1 Transactions List...

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