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copy being retained by the Inventory Department. It is stapled to the first copy of the sales
invoice and placed in a permanent file, by bill of lading number.
When the third copy of the bill of lading is received by Ms. Luck in the Controllers
Office, the quantity of inventory, its description, the bill fo lading number, which has been
manually recorded on the document. Lakeside uses the services of an outside computer center to
maintain a perpetual inventory record. At the end of each week, Luck forwards information on
all sales and purchases to the center, which processes the data and returns updated records to the
company. When the fourth copy of the bill of lading is received in the Sales Division, Land
matches it with the three approved copies of the sales invoice. He compares the quantity and
description of the order with the items that were shipped. If they agree, he prices each sale from
an updated price list that is maintained by the Sales Division. The sales invoices are then
extended and footed, and the due date is added. The fourth copy of the bill of lading is attached
to the second copy of the sales invoice and filed in a temporary file by due date. The third copy
of the approved sales invoice is sent to Miller, Assistant to the President, while the fourth copy
goes to the Controllers Office. Miller uses his copy to update the accounts receivable subdiary
ledger and then files the sales invoice in a permanent file by sales invoice.
The Controllers Office matches the sales invoice to the bill of lading, verifies the pricing
against an update price list, and mathematically checks the extensions and footings. The sales
invoice is then recorded in the Sales Journal as debit to accounts receivable and a credit to Sales.
Sales figures are also classified by geographic district so that commissions can be appropriately
accrued. Lakeside representatives receive a percentage of every sale made within a specified
territory. After recording the sale, the bill of lading is placed in apermanent file by customer
name.
The controller then mails the sales invoice, which informs the customer of the amount
payable, the due date, and the discount terms. According to the invoice, payment should be made
by check (payable to Lakeside Company). The customer is also asked to return the bottom
portion of the sales invoice, in which indicates the customers name, the sales invoice number,
the gross amount payable, the discount, the discount terms, and the due date.