(a) processing and recording sales returns and allowances‚ (b) writing off uncollectible accounts receivable‚ and (c) providing for bad debts (Arens‚ Elderly‚ & Beasley‚ 2012)‚ these business functions are absent from the Apollo Shoes work paper control systems and these deficiencies require identification. For instance there appear to have been some discrepancies discovered in the sales and accounts receivable area and Darlene Wardlaw indicated that some sales transactions were missing the
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2012 Instructor Name Introduction The following will outline the procedures and steps necessary to detect irregularities that can occur in the accounts receivable‚ inventory and fixed assets of Apollo Shoes. The flowcharts will show how the use of internal controls is integral to the overall success of the organization. In the accounts receivable‚ the sales and billing processes are an area that would require attention. With the inventory representing a large portion of the assets at Apollo
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quantities‚ prices‚ extensions and footing‚ and freight allowances and checked with customers’ orders? Yes. Accounts receivable clerk 13. Is there an overall check for errors in arithmetic accuracy of period sales data by a statistical or product-line analysis? Yes. Marketing vice president 14. Are periodic sales data reported directly to general ledger accounting independent of accounts receivable accounting? No.
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ACCOUNTING INFORMATION SYSTEM FOR THE MUNICIPALITY OF SAN DIONISIO ILOILO ============== A Thesis Presented to the Faculty of the Department of Information Technology College of Arts and Sciences University of San Agustin ============== In Partial Fulfillment of the Requirements for the Degree Bachelor of Science in Computer Science (BSCS) ============== by Centina‚ Mensie Camagan‚ Christian Elbert Gayo‚ Gerald James Gumboc‚ Jopepard Tauro‚ Christian Chapter I INTRODUCTION
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December 31‚ 2010 you are called upon to verify the accounts payable transactions. You find that the company does not make use of a voucher register but enters all merchandise purchases in a Purchases Journal‚ from which posting are made to a subsidiary accounts payable ledger. The subsidiary ledger balance of P1‚500‚000 as of December 31‚ 2010 agrees with the accounts payable balance in the company’s general ledger. An analysis of the account disclosed the following: Trade creditors‚ credit
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THEME: ACCOUNTS PAYABLE By John W. Day‚ MBA ACCOUNTING TERM: Accounts Payable An account payable is normally an unsecured‚ non-interest bearing current liability‚ owed by the company to a vendor for the purchase of trade goods or services. FEATURE ARTICLE: Accounts Payable Accounting If you are a small business owner or manager and you are having trouble keeping track of all those outstanding bills that have to be paid each month‚ perhaps you need to set up an accounts payable system. Some small
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the last 4 years: 2010‚ 2009‚ 2008‚ and 2007. This portion of the McDonalds essay will cover the company’s account amounts for the 2 most recent year end reporting period which are 2010 and 2009. This report will cover the actual numbers from McDonald’s Corp balance sheet. The balance sheet lists each individual account that applies as a liability account. Accounts payable‚ notes payable‚ short term debt‚ accrued liabilities‚ and other current liabilities added together will give you the actual
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land for cash (increase land and decrease cash). b) Paid amount due a creditor (decrease cash‚ decrease accounts payable). c) 1. Owner withdrew cash (decrease cash‚ decrease owner’s capital). 2. Paid rent (decrease cash‚ decrease owner’s capital). 3. Reflected supplies expense (decrease supplies on hand‚ decrease owner’s capital). d) Borrowed money from a bank (increase cash‚ increase notes payable). Q2 a) b) c) d) e) f) g) No effect Decrease Decrease No effect Increase Increase Increase Q3 Use accounting
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Course Project VI ∫ 1. Comparison of current listing of accounts payable with that of the previous audit date‚ noting significant changes in amounts and makeup. 2. Ratios: * Gross profit ratio * Overhead/material cost * Overhead/direct labor * Accounts payable/ purchases * Units purchased/units sold * Material/total production cost * Specific expense items/sales 3. Trends * Purchases by month * Gross profit by month * Other recurring expenses
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organization issued shares of stock to stockholders for $20‚000 cash 2. The organization bought $5‚000 machines on account with $1‚000 paid in cash accruing a balance of $4‚000 3. The organization paid $750 for materials 4. The organization receives $4‚100 of cash in return for services provided‚ together with charging $5‚400 from 5. The organization paid $1‚500 with cash on accounts payable. 6. The organization paid a $2‚000 dividend. 7. The organization paid $800 for this month rent. 8. The organization
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