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Question 1 Read the Chen Automotive scenario and answer the following question. Upon review, how would...

Question 1

Read the Chen Automotive scenario and answer the following question.

Upon review, how would you recommend the prepayment be recorded?

  • Continue handling the prepayment in the same way.
  • Enter a bill for only 75% of the inventory.
  • Create a bill and post to purchases until inventory arrives.
  • Set up a Vendor Prepayment account and item, and use that.
  • Enter a purchase order against Accounts Payable.
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Answer #1

The answer is to set up a vendor prepayment account and item, and use that. Prepayments to the vendor is recorded in Vendor prepayment account as an asset. PO is raised with the prepayments terms and conditions and acknowledged by the vendor. Invoice is received from the vendor for full value of the items supplied and prepayments adjusted. The invoice is sent for booking in accounts only after the material is received.   

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