During the Purchasing and Disbursements Cycle, what does the company submit after receiving a vendor's product?

In the Purchasing and Disbursements Cycle, after receiving a vendor's product, the company typically submits a purchase order and invoices.

This process involves the verification of the received goods against the purchase order that was initially placed. The purchase order serves as a formal document requesting the goods or services from the vendor, while the invoice provides a detailed account of what has been received and outlines the payment due. By comparing these documents, the company ensures that it is paying for what it actually received, thereby maintaining control over its purchasing process and safeguarding against potential discrepancies or fraud. This dual documentation is crucial for accuracy in accounting and helps facilitate the payment process once the goods are validated.

The other options, while relevant in their contexts, do not fit as the standard submissions made after receipt of a vendor's product in this cycle. Payment confirmations are typically generated after the payment is processed, inventory reports may be created for stock management but are not part of the immediate submission process, and transaction summaries are usually internal documents summarizing activities rather than formal submissions related to vendor interactions.