Buzz Corporation Uses a Voucher System and the Periodic Inventory

question 41

Essay

Buzz Corporation uses a voucher system and the periodic inventory method. Record the following transactions in general journal format. Omit the explanations.
Nov. 8 Purchased office equipment from Bell Company, $1,500; voucher no. 200 was prepared.
Nov. 12 Established a petty cash fund of $200; voucher no. 101 was prepared.
Nov. 14 Purchased merchandise from Kelly Corporation, $2,100; voucher no. 102 was prepared.

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Definitions:

Standing Plans

Pre-established procedures and guidelines designed to be implemented repeatedly in situations that occur frequently within an organization.

Single-use Plans

Plans developed to achieve a set of goals that are unlikely to be repeated in the future. They are specific, unique, and not intended for recurring use.

Functional Plans

Functional plans are detailed strategies developed for specific areas within an organization, such as sales, marketing, or HR, outlining how goals will be achieved in those areas.

Operational Plans

Detailed, short-term strategies designed to achieve specific objectives within a business.