AIS Reviewer Midterm
AIS Reviewer Midterm
AIS Reviewer Midterm
Billing
compiles and reconciles the relevant facts and
Journal Vouchers/Entries How do we get them? issues an invoice to the customer and updates
the sales journal. Information is transferred to:
Billing Department prepares a journal voucher: a. Accounts Receivable (A/R)
Accounts Receivable xx b. Inventory Control
Sales xx 7. A/R records the information in the customer's
account in the accounts receivable subsidiary
Inventory Control Dept. prepares a journal voucher: ledger.
Cost of Goods Sold xx 8. Inventory Control adjusts the inventory
Inventory xx subsidiary ledger.
9. Billing, A/R, and Inventory Control submits
Cash Receipts prepares a journal voucher: summary information to the General Ledger
Cash xx dept., which then reconciles this data and posts
Accounts Receivable xx to the control accounts in the G/L.
Asset Disposal
❖ At the end of an asset's useful life (or earlier
disposition), the asset must be removed from
the records and depreciation schedule
❖ Disposals require disposal request forms and
disposal reports as source documents.