61) After paying a voucher, the voucher document is marked paid.
62) Items are listed in the voucher register in the order liabilities are incurred.
63) Unpaid vouchers are arranged by the due date in a tickler file.
64) A schedule of vouchers payable is prepared from the check register.
65) When merchandise is purchased, the entry in the vouchers register is a debit to Purchases and a credit to Vouchers Payable.
66) The check register replaces the voucher journal.
67) Using the voucher system when paying an invoice within the discount period, assuming the gross method, the entry would be to debit Vouchers Payable, credit Purchases Discount, and credit Cash.
68) Vouchers are recorded in alphabetical order.
69) Fox Company uses a voucher system. The following transactions were completed:
May 3 Purchased $4,750 of merchandise; terms 2/10, n/30.
Prepared voucher #205.
May 13 Paid voucher #205.
Required: Prepare journal entries to record the above transactions. Assume Fox Company uses the gross approach method for recording purchases. Omit explanations.
70) Kitchen Supply purchased $1,900 of merchandise, terms 4/10, n/60 on July 2, and prepared voucher #1001. Kitchen Supply paid the invoice on August 31.
Prepare journal entries to record the above transactions. Assume Kitchen Supply uses the gross approach method for recording purchases. Omit explanations.