Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

14. Some of the special journals we learned include the following except for: A. Cash Disbursements Journal B. Sales Journal C. Cash Receipts Journal D.

14. Some of the special journals we learned include the following except for:

A. Cash Disbursements Journal

B. Sales Journal

C. Cash Receipts Journal

D. Inventory Journal

15. Items get posted from the Purchase and the Sales Journal to the General Ledger and to the:

A. Subsidiary Ledger for each vendor or customer

B. Income Statement

C. Balance Sheet

D. Substantive Ledger

16. The procedure of reconciling a businesss cash account to the bank statement is called:

A. Bank Reconciliation

B. Bank to Book Reconciliation

C. Cash Internal Control Reconciliation

D. General Ledger Reconciliation

17. One of the Internal Controls discussed include:

A. Separation of duties

B. Having the companys bookkeeper handle the cash deposits

C. Keep the accounting records unlocked

D. Allow the companys bookkeeper to skip vacations

PART V FILL IN THE PROPER ANSWER IN THE BLANKS

18. Two methods for calculating uncollectable accounts receivable are: the ________ off method and the ________ method.

19. Under the Direct Write off method for uncollectable accounts receivable, the journal entry for $200 owed by a customer that wont pay would be:

__________ Debt Expense $200

Accounts Receivable $200

20. Under one of the Allowance Methods, the computation of the Allowance for Bad Debts is calculated by using the ______ method, often based upon receivables that are 30 days, 60 days or 90 days outstanding.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

TS 16949 Insights From A Third Party Auditor With A Process Approach Audit Checklist

Authors: Karen Welch

1st Edition

0873896548, 978-0873896542

More Books

Students also viewed these Accounting questions