Petty cash reimbursement requires a journal entry that involves a debit to the appropriate expenses and a credit to Cash.

The following selected amounts are reported on the year-end unadjusted trial balance report for a company that uses the percent of sales method to determine its bad debts expense.           Accounts receivable $ 435,000 Debit Allowance for Doubtful Accounts   1,250 Debit Net Sales   2,100,000 Credit All sales are made on credit. Based on past experience, the company estimates 1% of credit sales to be uncollectible. What adjusting entry should the company make at the end of the current year to record its estimated bad debts expense?  

Basic bank services do not include:

Pelcher Co. maintains a $400 petty cash fund. On January 31, the fund is replenished. The accumulated receipts on that date represent $110 for office supplies, $140 for merchandise inventory, and $70 for miscellaneous expenses. There is a cash overage of $4. Based on this information, the amount of cash in the fund before the replenishment is:

Under the net method, when a company uses a perpetual inventory system, an invoice for $2,000 with terms of 2/10, n/30 should be recorded with a debit to Merchandise Inventory and a credit to Accounts Payable of $2,000.

A receivable is an amount due from another party.

Sales Discounts is added to the Sales account when computing a company’s net sales.

Pepperdine reported net sales of $8,600 million, net income of $126 million and average accounts receivable of $890 million. Its accounts receivable turnover is:

Technologically advanced accounting systems rarely need monitoring for errors because computers always process transactions correctly.

A promissory note is a written promise to pay a specified amount of money either on demand or at a definite future date.