Explain Each of the Following Types of Documents and Indicate

question 80

Essay

Explain each of the following types of documents and indicate the class of transactions in which they are commonly used.
1.Customer order
2.Shipping document
3.Remittance advice
4.Sales returns and allowance journal
5.Uncollectible account authorization form

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Definitions:

Net Pay

The amount of money that an employee takes home after all deductions, such as taxes and retirement contributions, have been subtracted from their gross pay.

FICA-OASDI

A U.S. payroll tax that funds the Social Security and Medicare programs, officially known as the Federal Insurance Contributions Act - Old Age, Survivors, and Disability Insurance.

FICA-Medicare

A federal tax deducted from employees' paychecks and matched by employers to fund the Medicare program.

SUTA Payable

A liability account showing the amounts due to the state for state unemployment taxes, payable by employers based on established rates.