OTA Corporation Completed the Following Events as Part of Its

question 33

Essay

OTA Corporation completed the following events as part of its acquisition/payment process.For each event, indicate the document(s) OTA would use.(Some events may require more than one document; other transactions may require no documents.)
a.Received request to order 300 units of inventory with an expected cost of $1,400.
b.Purchased inventory on account, $1,500.Terms: 2/10, n/30.
c.Paid freight bill on inbound inventory, $300.
d.Received previously ordered inventory.
e.Returned previously purchased merchandise to supplier, $200.
f.Paid vendor total amount owed on the 15^th day after purchase.

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Definitions:

Contingency Planning

The process of preparing for unexpected events by developing strategies to mitigate their potential impact on operations.

Future States

Future States refer to the potential conditions or scenarios that an organization, system, or individual could experience in the future, considering various planning and strategy approaches.

Zero-based Budget

A budgeting technique where all expenses must be justified for each new period, starting from a "zero base," rather than basing budgets on the previous year's expenditures.

Fixed Amount

A specific, unchanging quantity of money, goods, or services.