Which of These Items Is the Source Document for the Purchase

question 5

Multiple Choice

Which of these items is the source document for the purchase journal?

• A) Purchase order
• B) Invoice from supplier
• C) Duplicate of invoice sent to customer
• D) Copy of receipt sent to customer

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Definitions:

Accord And Satisfaction

A legal contract whereby two parties agree to discharge a tort claim, contract, or disputed claim by an agreement (the accord) and payment (the satisfaction) that differs from the original agreement.

Liquidated Debt

A fixed and settled debt amount that is acknowledged by both the debtor and the creditor.

Preexisting Duty

A legal principle that states a promise to do something that one is already legally obligated to do is not sufficient consideration for a new contract.

Unilateral Contract

A promise made by one party in exchange for the performance of a task or action by another party.