Question

Identify the source documents for the following financial transactions:

Immediate payment received for sale of old surveillance equipment
Sanjeev withdrew $200 cash for his private use
Sent a document to Layby Stores for goods sold to them, $2250 less 20% trade discount
Received from DD Ltd a document showing the value of goods bought for resale at $7500 less 25% trade discount.
Received a document from DD Ltd for goods that were delivered but not according to the requirements of the order and which showed a value of $800 less 25% trade discount.
End of day cash sales report totaled $3680
Sent a document to Layby Stores for goods damaged in transit, $200 less 20% trade discount
Banked $5000 of the cash on hand
For bank payment to Jeff's Air-Con Inc. in settlement of an account of $7500, less a 5% cash discount
Deposited a check received from Layby stores in settlement of their account to date, less a cash discount of $150.
a) Sales invoice
b) Withdrawal slip
c) Sales invoice with trade discount
d) Purchase invoice

Answer 1

The source documents for the mentioned financial transactions include sales invoices, withdrawal slips, purchase invoices, end of day cash sales report, bank deposit slips, and bank checks or payment slips.

Step-by-step explanation:

The source documents for the financial transactions mentioned are:

1. Sales invoice: Immediate payment received for sale of old surveillance equipment
2. Withdrawal slip: Sanjeev withdrew $200 cash for his private use
3. Sales invoice with trade discount: Sent a document to Layby Stores for goods sold to them, $2250 less 20% trade discount
4. Purchase invoice: Received from DD Ltd a document showing the value of goods bought for resale at $7500 less 25% trade discount
5. Purchase invoice: Received a document from DD Ltd for goods that were delivered but not according to the requirements of the order and which showed a value of $800 less 25% trade discount
6. End of day cash sales report: totaled $3680
7. Sales invoice: Sent a document to Layby Stores for goods damaged in transit, $200 less 20% trade discount
8. Bank deposit slip: Banked $5000 of the cash on hand
9. Bank check or payment slip: For bank payment to Jeff's Air-Con Inc. in settlement of an account of $7500, less a 5% cash discount
10. Bank deposit slip: Deposited a check received from Layby stores in settlement of their account to date, less a cash discount of $150