manufactured by other companies. The following six-column table contains the company’s unadjusted trial balance as of December 31‚ 2011. BUG-OFF EXTERMINATORS December 31‚ 2011 Unadjusted Trial Balance Cash 17‚000 Accounts receivable 4‚000 Allowance for doubtful accounts 828 Merchandise inventory 11‚700 Trucks 32‚000 Accum. depreciation-Trucks - Equipment 45‚000 Accum. depreciation-Equipment 12‚200 Accounts payable 5‚000 Estimated warranty liability 1‚400 Unearned services revenue - Interest
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The transactions completed by Franklin Company during January‚ its first month of operations‚ are listed below. Assume that Franklin Company uses the following journals: Cash Receipts (CR)‚ Cash Payments (CP)‚ Revenue (R)‚ Purchases (P)‚ and General (G). Assume that it uses Accounts Receivable and Accounts Payable Subsidiary Ledgers as well as a General Ledger. Indicate by letters which journal would be used for each transaction. Also indicate if the entry requires a posting to a subsidiary ledger
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On September 1‚ the balance of the Accounts Receivable control account in the general ledger of Montgomery Company was $10‚960. The customers’ subsidiary ledger contained account balances as follows: Hurley $1‚440‚ Andino $2‚640‚ Fowler $2‚060 and Sogard $4‚820. At the end of September‚ the various journals contained the following information. Sales journal: Sales to Sogard $800‚ to Hurley $1‚260‚ to Giambi $1‚330‚ and to Fowler $1‚600. Cash receipts journal: Cash received from Fowler $1‚310‚ from
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Accounts receivable is a legally enforceable claim for payment from a business to its customer/clients for goods supplied and/or services rendered in execution of the customer’s order. These are generally in the form of invoices raised by a business and delivered to the customer for payment within an agreed time frame. Accounts receivable is shown in a balance sheet as an asset. It is one of a series of accounting transactions dealing with the billing of a customer for goods and services that the
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Background of the Project The company was founded on February 11‚ 2009 with the Mission: To change the riding culture of a sports motorcycle enthusiast‚ and Vision: To become the number one sports motorcycle distributor in the country. With Filipino sports motorcycle enthusiasts’ desire and with VAMA’s realization‚ the company is using its engineering skills to make sports motorcycles reachable and affordable for everybody. Inspired by its Mission and Vision and supported by its engineering profession
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Accounting for Receivables Definition Receivables are amounts due from other persons or entities. Receivables are highly liquid‚ which means it is expected that they will be converted into cash quickly‚ and are classified as current assets. Types of Receivables Accounts Receivable: amounts due from customers for sales on credit. Businesses sell to customers on credit in an attempt to increase their sales. Also called Trade Debtors. Bills Receivable: similar to accounts receivable but bills receivable
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Accounts Receivable: There are several controls in accounts receivable. A thorough audit should be daily comparing the checklist and the system records in customers’ accounts. This is to ensure the payment received is applied to the right customer. A second control is to check if customers’ balances in record are true. One simple way is to send current statements to customers monthly. Customers can help identify if there is any discrepancy between their record and the account statement. A
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and Social Sciences Shahid Chamran University Ahvaz‚ I. R. of Iran Abstract - In this study the effectiveness of accounting information systems of finance managers of listed companies at Tehran Stock Exchange is evaluated. The results indicate that implementation of accounting information systems at these companies caused the improvement of managers’ decision-making process‚ internal controls‚ and the quality of the financial reports and facilitated the process of the company’s transactions
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Would you‚ or any organization‚ ever produce information if its expected costs exceeded its benefits? If so‚ provide some examples. If not‚ why not? Most organizations produce information only if its value exceeds its cost. However‚ there are two situations where information may be produced even if its cost exceeds its value. a. It is often difficult to estimate accurately the value of information and the cost of producing it. Therefore‚ organizations may produce information that they
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Chapter-V Accounts Receivable Management • Introduction • Goals of Receivable Management • Credit Management • Optimum Credit Policy • Credit of Account Receivable 155 Introduction Accounts receivable represent the amount due form customers (book debts) or debtors as a result of selling goods on credit. “The term debtors is defined as ‘debt’ owned to the firm by customers arising from sale of goods or services in the ordinary course of business.” The three characteristics of
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