fable- Classes of Transactions Accounts Business functions and Related Documents and records for the acquisition and Payment Cycle Classes of transactions Accounts Business functions Documents and records Acquisitions Inventory Processing purchase orders Purchase requisition Property, plant, and equipment Purchase order Prepaid Leasehold improvements Accounts payable Manufactu Selling expenses Administrative expense Receiving goods and services Receiving report Recognizing the liability Acquisitions journal Summary acquisitions report Vendor' s invoice Debit memo Accounts payable master file Accounts payable trial balance Vendor' s statement Cash disbursements Cash in bank(from cash Processing and recording cash Check disbursements) disbursements Cash disbursements journal Accounts payable Purchase discounts @2000 Prentice hall. IncArens, Loebbecke; Auditing, 8/E ©2000 Prentice Hall, Inc. FABLE 18 -1 Classes of Transactions, Accounts, Business Functions, and Related Documents and Records for the Acquisition and Payment Cycle