CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

LESSON 5-3LESSON 5-3

Selected Transactions in a Voucher System

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LESSON 5-3CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

PURCHASES RETURNS AND PURCHASES RETURNS AND ALLOWANCESALLOWANCES page 155

August 12. Issued Debit Memorandum No. 98 to Ramsey, Inc. for return of merchandise purchased, $85.00. Cancel Voucher No. 652. Voucher No. 655.

1. Cancel the original voucher.2. Prepare a new voucher.3. In the voucher register, reference

the new voucher number.4. Record the new voucher.5. File the new voucher by its

payment date in the unpaid vouchers file.

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LESSON 5-3CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

RECORDING PAYROLL IN A RECORDING PAYROLL IN A VOUCHER REGISTERVOUCHER REGISTER pages 156 and 157

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LESSON 5-3CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

A PAYROLL VOUCHERA PAYROLL VOUCHER page 156

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LESSON 5-3CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

ADVANTAGES OF A VOUCHER ADVANTAGES OF A VOUCHER SYSTEMSYSTEM

1.1. Only a few people can authorize and approve all cash payments.

2.2. A voucher jacket provides a convenient way to file invoices and related business papers for future reference.

3.3. Unpaid vouchers are filed by their payment dates to help ensure payment of invoices within the discount periods.

4.4. An unpaid vouchers file and a paid vouchers file eliminate posting to an accounts payable ledger.

5.5. A paid vouchers file provides three different and easy ways to find information about a paid voucher.

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