40) The number of days' sales uncollected is used to: 40) A) Measure how many days of sales remain until the end of the year B) Determine the number of days that have passed without collecting on accounts receivable ) Estimate how much time is likely to pass before the current amount of accounts receivable is received in cash. D) Measure the amount of cash sales during a period. E) Identify the likelihood of collecting sales on account. 41) A company had net sales of $21,500 and ending accounts receivable of $2,700 for the 4) current period. Its days' sales uncollected equals: (Use 365 days a year.) 45.8 days. A) B) 45.2 days. c) 58.9 day:s. D) 7.4 days. E) 8.0 days. 42) Freeman Co. had net sales of $4.2 million and ending accounts receivable of S0.8 42) million. Its days' sales uncollected equals: A) 69.5 days. B) 5.3 days. C 19.2 days. D) 11.5 days. E) 292 days. 3) Internal control procedures for cash receipts do not require that: 43) A) All collections for sales are received immediately upon making the sales. B) Custody over cash is kept separate from its recordkeeping. O Cash sales should be recorded on a cash register at the time of each sale. D) An employee with no access to cash receipts should compare the total cash recorded by the register with the record of cash receipts reported by the cashier E) Clerks having access to cash in a cash register should not have access to the register tape or file 44) At the end of the day, the cash register tape shows $1,000 in cash sales but the count of 44) cash in the register is S1,010. The proper entry to account for this excess is: A) Debit Cash $1,000; credit Sales $1,000. B) Debit Cash $1,010, credit Sales $1,000; credit Cash Over and Short $10. C Debit Cash $1,010; credit Sales $1,010. D) Debit Cash Over and Short $10; credit Cash $10. E) Debit Cash $1,000; debit Cash Over and Short for $10, credit Sales $1,010 45) Spencer Co. has a $200 petty cash fund. At the end o the first month the accumulated45 receipts represent $43 for delivery expenses, $127 for merchandise inventory, and $12 for miscellaneous expenses. The fund has a balance of SI8. The journal entry to record the reimbursement of the account includes a A) Debit to Petty Cash for $200 B) Credit to Inventory for $127 C Debit to Cash Over and Short for $18. D) Credit to Cash Over and Short for $18. E) Credit to Cash for $182