The special journal that an accounts receivable clerk would use most often would be the ________ journal

QUESTION

.9px;=”” currentcolor;=”” 0px=”” 12px=”” sans-serif;=”” sans”,=”” “open=”” 24px=”” 14px=””>1.The special journal that an accounts receivable clerk would use most often would be the ________ journal. (Points : 20) general sales cash disbursements cash receipts.9px;=”” currentcolor;=”” 0px=”” 12px=”” sans-serif;=”” sans”,=”” “open=”” 24px=”” 14px=””>Question 2.2.Jeezy Inc. had a bank balance of $6,500 at the end of the month. They also had the following reconciling items:Deposits in transit$2,300Interest revenue earned on the account$12Outstanding checks$1,400Bank service charge$25Bookkeeping error (check for $500 was recorded as $50)$450NSF checks$150What is the adjusted bank balance for Jeezy Inc.? (Points : 20) $5,887 $6,800 $8,200 $7,400.9px;=”” currentcolor;=”” 0px=”” 12px=”” sans-serif;=”” sans”,=”” “open=”” 24px=”” 14px=””>Question 3.3.________ provide(s) useful information to management by delineating which customers are current and which customers are overdue on their accounts, and by reporting how long the account has been outstanding. (Points : 20) Net realizable value of accounts receivable The allowance method The aged receivables report Interim financial statements.9px;=”” currentcolor;=”” 0px=”” 12px=”” sans-serif;=”” sans”,=”” “open=”” 24px=”” 14px=””>Question 4.4.ABC Company requires that all checks over $1000 be signed by two corporate officers. This required review of large checks by upper management is an internal control focusing on ________. (Points : 20) safeguarding assets promoting operational efficiency encouraging employees to follow company policy ensuring accurate and reliable accounting records.9px;=”” currentcolor;=”” 0px=”” 12px=”” sans-serif;=”” sans”,=”” “open=”” 24px=”” 14px=””>Question 5.5.Mapco had the following information related to accounts receivable during the year:Accounts receivable balance on January 1st$15,000Net credit sales$150,000Collections on accounts receivable$144,000Allowance account balance on January 1st$3,200Write-offs during the year$3,500Mapco uses the percentage-of-sales method of estimating uncollectible accounts. Historically, 2.5% of net credit sales will be uncollectible. What will be the balance in the allowance account for Mapco at the end of the year? (Points : 20) $3,450 $6,950 $4,125 $3,750

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