Question 2 (10 marks) Financial Reporting System The following are journal entri

Question

Question 2 (10 marks) Financial Reporting System The following are journal entries forwarded to a typical General Ledger department, assuming perpetual inventory stock the 10 items from A to J (1 mark each). recording is used. Please complete the following table by answering Doeument used by the GL department to verify against Journal Entry Journal Voucher Event prepared by this Journal Voucher Dr. Account Receivable Upon shipping to customers 2B r.Sales Upon sending invoices to customers Upon receiving payments from customers 2C Inventory Control 2D AR summaries supplied by AR 2E 2F Dr. Inventory Stock Summaries supplied by 2G 2H Inventory Control Cr. Accounts Payable Upon payments to suppliers Cash Disbursement 2i 2J or Treasury

Explanation / Answer

2A- Accounts and finance department

2B- Sales invoice

2C- No entry as sale has already been recorded in the books at the time of shipping the product to the customers.

2D- Stock summaries

2E- Dr. Cash

      Cr. Accounts Receivables

2F- Accounts Receivables department

2G- Purchase of inventory

2H- Inventory Control

2I- Dr. Accounts payable

    Cr. Cash

2J- Remittance advise

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