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1. XYZ A/P received utility invoice # WATER15 on Jan 15th, 2019 for $ XXXXXXXXXXThe detail on the invoice notes $250 is for January 2019 and $250 is for February 2019. How would A/P record invoice #...

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1. XYZ A/P received utility invoice # WATER15 on Jan 15th, 2019 for $ XXXXXXXXXXThe detail on the invoice notes $250 is for January 2019 and $250 is for February 2019. How would A/P record invoice # Water15 into the A/P subledger?

2. What is the journal entry resulting from A/P when making the $500.00 payment for invoice # WATER15 on Jan 20th?

3. XYZ France received invoice #15 related to Office Supplies, on March 31, 2018 for €50,000. The invoice includes VAT of €1,000. What is the journal entry to record this invoice into A/P?

4. Employee B has been consistently late with submitting their Corporate Card Expense Reports. Please draft a sample email of how to best escalate & resolve this matter.

5. A $600 invoice for Q1 2019 Office Maintenance dated 2/5/19 is received during the month-end close process in January. Please book the accrual needed for January Maintenance.

6. Walk us through your ideal step-by-step process of month-end close for the AP department.

Answered Same Day Jun 09, 2021

Solution

Kalaivani answered on Jun 10 2021
133 Votes
Answer to Question 1 , 2 and 3
    Date
    Particulars
    Debit Amount
    Credit Amount
    15.01.2019
    Prepaid Water Bill A/c
    250
    
    
    Water Bill A/c
    250
    
    
    To Water Bill Accounts Payable
    
    500
    
    (Being Water Bill Received for Jan and Feb)
    
    
    
    
    
    
    20.01.2019
    Water Bill Accounts Payable
    500
    
    
    To Bank / Cash
    
    500
    
    (Being Water Bill Paid)
    
    
    
    
    
    
    31.03.2018
    Office Supplies A/c
    49000
    
    
    VAT on purchases
    1000
    
    
    To Office Supplies Accounts Payable
    
    50000
    
    (Being Bill received for office supplies including VAT)
    
    
Answer to Question 4
Dear B,
We have been noticing for a while, that the bill submissions for your corporate credit card (Mention Credit Card Number) has been consistently delayed. We would like to know, if you are facing any issues while the submissions, if so we will be...
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