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Suppose The Right Rig Dealership is opening a regional office Cary Regal, the office manager, is designing the internal control system. Regal proposes the following procedures for credit checks on new customers, sales on account, cash collections, and write-offs of uncollectible receivables: The credit department runs a credit check on all customers who apply for […]

Tutor Tots performs tutoring services on account, so virtually all cash receipts arrive by mail and are then placed in the petty cash box for a week. Average daily cash receipts are $24,000. Jennifer Swanson, the owner, has just returned from a meeting with new ideas for the business. Among other things, Swanson plans to […]

The labs reports must be done in words. my deadline the 10/18/13 at 2 PM Pacific time. Lab 1 contain the informatiom to a software which need to be download to complete the labs. Document Preview: ELEC360 Generation and Transmission of Electrical Power Module 3 Lab: Building and Testing a 6 Bus System In this […]

Sullivan Company sells ndustrial cleaning supplies and equipment to other businesses. During the first quarter of 2009, the following transactions occurred: a. On January 10, Sullivan sold on credit 50 cases of paper towels to the WMT Manufacturing Company at a list price of $800 for the entire lot of 50 cases. b. On January […]

Sue and Sam Ristic own Club Fab. From its inception, Club Fab has sold merchandise on either a cash or credit basis, but no credit cards have been accepted. During the past several months, the Ristics have begun to question their credit-sales policies. First, they have lost some sales because of their refusal to accept […]

Spangler Company wrote off the following receivable as uncollectible for the first year of its operations ending December 31, 2012: Customer Amount Will Boyette …………. $10,000 Stan Frey ………………. 8,000 Tammy Imes ……………. 5,000 Shana Wagner …………. 6,000 Total ………………… $29,000 Spangler Company wrote off the following a. Journalize the write-offs for 2012 under the […]

The president, vice president, and sales manager were discussing the company’s present credit policy. The sales manager suggested that potential sales were being lost to competitors because of Moorer Corporation’s tight restrictions on granting credit to consumers. He stated that if credit policies were loosened, the current year’s estimated credit sales of $3,000,000 could be […]

The trial balance of Sparkling Jewelry Company at the end of its 2012 fiscal year included the following account balances: Account Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . […]

The records of Derma Derma Corporation show the following bank statement information for December: a. Bank balance, December 31, 2012, $87,450 b. Service charges for December, $50 c. Rent collected by bank, $1,000 d. Note receivable collected by bank (including $300 interest), $2,300 The records of Derma e. December check returned marked NSF (check was […]

The ledger of Molina Company the end of the current year shows Accounts Receivable $86,000; Credit Sales $780,000; and Sales Returns and Allowances $40,000. Instructions (a) If Molina uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Molina determines that Banner’s $900 balance is uncollectible. The […]