Acct. 1-Ch. 15-Processing Forms

This form, used in the Purchasing process, is designed to let suppliers/vendors know that your company wants to order items from them.

• Purchase Order
• Purchase Requisition
• Purchase Invoice
• Packing Slip

This form, used in the Purchasing process is inside the box with the ordered items.

• Purchase Order
• Purchase Requisition
• Packing Slip
• Purchase Invoice

This form, used in the Purchasing process is the bill for the delivered goods.

• Purchase Order
• Purchase Requisition
• Packing Slip
• Purchase Invoice

This form, used in the Purchasing process is used to request items needed.

• Purchase Order
• Purchase Requisition
• Packing Slip
• Purchase Invoice

Purchases Account is classified as what type of account?

• Asset
• Liability
• Stockholder's Equity
• Cost of Merchandise

The Transportation In Account is classified as what type of account?

• Asset
• Contra Cost of Merchandise
• Stockholder's Equity
• Cost of Merchandise

The Purchases Returns & Allowances Account is classified as what type of account?

• Asset
• Contra Cost of Merchandise
• Stockholder's Equity
• Cost of Merchandise

The Purchases Discount Account is classified as what type of account?

• Asset
• Contra Cost of Merchandise
• Stockholder's Equity
• Cost of Merchandise

The terms 2/10, n 60 means:

• Your bill dated Feb. 10 is due in 60 days.
• You can only pay the full amount in 60 days.
• You have 10 days to pay 60% of the bill.
• You have 10 days to receive a 2% discount, or pay the full amount in 60 days.

A debit memo means:

• The company is returning an item.
• The customer is returning an item.