Chapter 5	Name: Click here to enter text.

Section 5.3 Notes: Fill in the blanks after reviewing Section 5.3 PowerPoint.

True and False

Purchases Returns and Allowances INCREASE the amount owed for an invoice.

☐True

☐False

When a business has a purchase return or allowance, they must cancel the original voucher and prepare a new voucher.

☐True

☐False

The first step in canceling a voucher is to remove it from the unpaid voucher file and write “cancel” across section #5.

☐True

☐False

Fill in the blanks

List two situations where transactions will be handled differently when using the voucher system:

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What accounts are affected, and how, when a debit memorandum is issued for the return of merchandise purchased and the original voucher is canceled?

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Information to prepare the voucher for payroll is obtained from the Click here to enter text. register.

Unpaid vouchers are filed by their Click here to enter text. dates. This ensures payment of vouchers within discount periods.

An unpaid voucher file and a paid voucher file eliminate the need of posting to an Click here to enter text. file.

A paid vouchers file provides three different and easy ways to find information about a paid voucher:

If only the voucher number is known, look in the Click here to enter text. register

If only the check number used to pay the voucher is known, look in the Click here to enter text. register

If only the name of the payee is known, looked in the paid Click here to enter text. File.