Which internal control activity is followed when management authorizes the purchasing department to order goods and services for the company?

Academy Grill Supply On October 1, 2020, the company received a $50,000 promissory note from a customer. The annual interest rate is 6%. Principal and interest will be collected in cash at the maturity date of September 30, 2021.   Refer to Academy Grill Supply. If the company’s year ends December 31, 2020, an adjusting entry is needed to

The journal entry necessary to update the Cash account after a bank reconciliation for a bank service charge would include:

Which of the following statements is true regarding the two allowance procedures used to estimate bad debts?

Action Signs recorded credit sales of $10,000 on the net method. Terms are 2/20, n/30. Select the correct statement below:

Dance Town AcademyThe items listed below were identified while preparing a bank reconciliation for the company’s checking account as of March 31. Cash balance according to the general ledger ? Bank statement balance $18,500 Outstanding checks 2,700 Customer’s NSF check 350 Bank service charges 100 Deposits in transit 1,000 Interest earned on the checking account 60   Refer to Dance Town Academy. How will the interest earned on the checking account be handled on a bank reconciliation?

Sales returns and allowances:

Which of the following items would be added to the balance per the company on a bank reconciliation?

A-One ConstructionThe following data are from the company’s records for the year ended December 31: Accounts Receivable–January 1 $455,000 Credit sales during the year 900,000 Collections from credit customers during the year 825,000 Customer accounts written off as uncollected during the year 15,000 Allowance for Doubtful Accounts        (After write-off of uncollected accounts) 2,100 Estimated uncollected accounts based on an aging analysis 29,200   Refer to A-One Construction. If the aging approach is used to estimate bad debts, what should the balance in the Allowance for Doubtful Accounts be after the bad debts adjustment?

Net sales equals: