Sales clerk receives customer orders

Assignment Help Financial Accounting
Reference no: EM13924288

Mister Rogers Industries specializes in manufacturing and selling low-end sweaters - the neighborly sort. Amazingly they manufacture and carry over 450 different types of neighborly sweaters - mostly red. The sales to cash collections cycle at Mister Rogers Industries is conducted by five employees. The five employees are the sales clerk, warehouse clerk, credit clerk, accountant, and the collection clerk. A description of their duties is as follows:

The sales clerk receives customer orders by phone. She prepares a four-copy sales order form. She files one copy, one copy goes to the warehouse clerk, one copy goes to credit clerk, and one copy is mailed to the customer.

After receiving a sales order, the warehouse clerk prepares a packing slip, takes the proper items from the warehouse, and ships them with the packing slip enclosed. The sales order is stamped with the ship date, and the shipping log is updated. The sales order is filed by customer number.

After receiving the sales order from the sales clerk, credit clerk reviews the customer records and either approves or disapproves customer credit. If he approves the customer's credit, he stamps the sales order "approved" and forwards it to the accountant. The, the credit clerk prepares a three-copy invoice. One copy is mailed to the customer, one copy is forwarded to the accountant, and one copy goes to the collection clerk.

The accountant matches the approved sales order to the invoice and files these by customer number.

After receiving a copy of the invoice, the collection clerk posts the sale to the sales journal and the accounts receivable subsidiary ledger. Daily totals from the sales journal are sent to credit clerk, and she posts these sales summaries to the general ledger.

A mail clerk forwards customer checks to the collection clerk. The collection clerk stamps the check "For Deposit Only" and records it in the accounts receivable subsidiary ledger. The check is also recorded in the cash receipts journal by the collection clerk. The collection clerk deposits checks in the bank account weekly. A weekly summary of cash receipts is forwarded to the accountant, and she records these summaries in the general ledger.

Requirements

On the following pages, create the 1) context diagram, 2) physical DFD, and 3) flowchart.

Reference no: EM13924288

Questions Cloud

Communicating with classmates, coworkers : This happens when you receive, construct meaning from, and respond to the sender's message.
Bertha estimated that warranty : At the time of sale, Bertha estimated that warranty claims would amount to 7% of sales. During the year, she replaced defective merchandise for $6,000
List the range of normal vlan : List the range of Normal VLANs. What VLANs are reserved in that range? List the Extended VLAN range. What, if any, VLANs are reserved in that range?
Compute the estimated eps for s and p industrials index : Compute the estimated EPS for 2013. Assume that a member of the research committee for your firm feels that it is important to consider a range of operating profit margin (OPM) estimates.
Sales clerk receives customer orders : The sales clerk receives customer orders by phone. She prepares a four-copy sales order form. She files one copy, one copy goes to the warehouse clerk, one copy goes to credit clerk, and one copy is mailed to the customer.
Challenges in the global business environment : According to the textbook, ongoing challenges in the global business environment are mostly attributed to unethical business practices, failure to embrace technology advancements, and stiff competition among businesses. Imagine that you have been ..
Communication channel involves its own abbreviations : This preparation process involves looking at the characteristics of the receivers of the sender's message.
Define social media and social networking : Define social media and social networking . Describe how these concepts have contributed to the death of newspapers and could affect the distribution of other paper products such as books? (hint: also mention e-readers)
Fundamentals of occupational health : Fundamentals of occupational health- Choose a journal article that addresses some aspect of lockout/tagout. The article itself must be more than one page in length. The EBSCO Database (Business Source Complete) is a good source of journals for saf..

Reviews

Write a Review

 

Financial Accounting Questions & Answers

  Calculate the amount of phantom profit that would result

then 200 for $7 and finally 150 units for $8. at the end of the month 180 remained. Calculate the amount of phantom profit that would result if the companyused FIFO rather than LIFO periodic method

  Examine by the accumulated benefits approach

Examine by the accumulated benefits approach the amount of Davenport’s annual retirement payments earned as of the end of 2011.

  Generates a substantial loss for the company

The appropriate value for the stag horn buttons inventory in total and per 100 buttons- show calculations to justify your answer.

  Hugo was planting a tree when he unearthed 100000

hugo was planting a tree when he unearthed 100000 certificates of itt bearer bonds with a existing value of 4 million.

  Determine the implied fair value of goodwill

Prepare an aging analysis and show how accounts receivable and the related allowance for doubtful accounts would appear in the balance sheet at December 31, 2009.

  Question a review of selected financial activities of

question a review of selected financial activities of viscontis throughout 20xx disclosed the

  John must recognize of gain on the transfer

John organized Toucan Corporation 10 years ago. He contributed property worth $1,000,000 (basis of $200,000) for 2,000 shares of stock in Toucan (representing 100% ownership). John later gave each of his children, Julie and Rachel, 500 shares of the ..

  Financial accounting standards board statement

Multiple Choice Questions-Amortization and valuation of intangibles - How should research and development costs be accounted for, according to a Financial Accounting Standards Board Statement?

  Supplier of instrument gauge clusters uses a kanban system

A supplier of instrument gauge clusters uses a kanban system to control material flow. The gauge cluster housings are transported five at a time. A fabrication center produces approximately 10 gauges per hour. It takes approximately two hours for the..

  What are the roles and objective of fasb and iasb

What are the roles and objective of FASB and IASB and what are the main reason for the joint project undertaken by the FASB and IASB?

  How does the automated system improve the efficiency

How does the automated system improve the efficiency and timeliness of financial statements and how does the automated system enhance the relevance of the information provided

  Purpose a post-closing trial balance

Purpose a post-closing trial balance and Journalize and post the adjusting entries.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd