Answered Essay: Record the transactions in a general journal. Number the first journal as page 1. Provide brief explanations after each journal entry

INSTRUCTIONS Record the transactions in a general journal. Number the first journal as page 1. Provide brief explanations after each journal entry Critical Thinking Problem 8.2 Internal Control Dora Alexander, owner of Passions Linen Shop, was preparing checks for payment of the current months purchase invoices when she realized that there were two invoices from Sensuous Linen Company, each for the purchase of 100 red, heart-imprinted king size linen sets. Alexander thinks that Sensuous Linen Company must have billed Passions Linen Shop twice for the same shipment because she knows the shop would not have needed two orders for 100 red linen sets within a month 1. How can Alexander determine whether Sensuous Linen Company billed Passions Linen Shop in error or whether Passions Linen Shop placed two identical orders for red, heart-imprintec linen sets? two orders were placed, how can Alexander prevent duplicate purchases from happening in the future? 2. If

Record the transactions in a general journal. Number the first journal as page 1. Provide brief explanations after each journal entry. Internal Control Dora Alexander, owner of Passions Linen Shop, was preparing checks for payment of the current month’s purchase invoices when she realized that there were two invoices from Sensuous Linen Company, each for the purchase of 100 red, heart-imprinted king size linen sets. Alexander thinks that Sensuous Linen Company must have billed Passions Linen Shop twice for the same shipment because she knows the shop would not have needed two orders for 100 red linen sets within a month. How can Alexander determine whether Sensuous Linen Company billed Passions Linen Shop in error or whether Passions Linen Shop placed two identical orders for red, heart-imprinted linen sets? If two orders were placed, how can Alexander prevent duplicate purchases from happening in the future?

Expert Answer

 

1) To check whether Passion linen shop ordered twice or were billed twice erroneously, Alexander should check passion’s order book details where he will find all the order that has been placed by the company or the inventory details of the company, from which he will get to know whether the items came twice or not.

2) If two orders have been placed, then he should check whether they were actually done by mistake or the items were needed more. So, if done by mistake; he should make sure that before ordering, there is always an inventory check done i.e. checking of how many items are already there when the order is getting placed and also a check should be done by looking into the orders i.e. whether the similar order has already been placed for the month or not and if required then only the next order should be placed.

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