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SusanneS28
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Days sales uncollected ratio
current a/r divided by the net sales x's 365
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Journalize short on cash drawer
Cash Debit 1142, Cash over short 28, Sales Total 1172
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The internal control feature that is specific to petty cash is
the inprest system
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Journalize petty cash
Beginning month Petty Cash debit, cash credit' end of month: Expenses debit, cash over short and cash credit
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What is the control advantage of the net method of accounting for inventory purchases
it highlights the inefficiency of losing purchase discounts
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The party that holds a note receivable is called the
maker
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The function of the credit department is to
evaluate customers who apply for credit
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Compute a/r turnover
netsales 754000, divided by a/r current yr + last yr/2
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The purposed for recording the bad debts expense and allowance for doubtful accounts
record bad debt expense
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