Question 1
Explain each of the following types of documents and indicate the class of transactions in which they are commonly used.
| 4. | sales returns and allowance journal |
| 5. | uncollectible account authorization form |
Question 2
Match seven of the terms for documents and records (a-k) with the descriptions provided below (1-7).
| f. | accounts receivable master file |
| i. | prelisting of cash receipts |
| k. | uncollectible account authorization form |
________ 1. A list prepared when cash is received by someone who has no responsibility for recording sales, accounts receivable, or cash, and has no access to the accounting records. It is used to verify whether cash received was recorded and deposited at the correct amounts and on a timely basis.
________ 2. A document indicating a reduction in the amount due from a customer because of returned goods or an allowance.
________ 3. A document prepared to initiate shipment of goods, indicating the description of the merchandise, the quantity shipped, and other relevant data. It is a written contract between the carrier and seller of the receipt and shipment of goods.
________ 4. A document for communicating the description, quantity, and related information for goods ordered by a customer. This is frequently used to indicate credit approval and authorization for shipment.
________ 5. A document mailed to the customer and typically returned to the seller with the cash payment.
________ 6. A document used internally to indicate authority to write-off an account receivable as uncollectible.
________ 7. A document or electronic record indicating the description and quantity of goods sold, the price, freight charges, insurance, terms, and other relevant data.
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