The account which records differences between amounts of cash deposited and amounts from the cash register tapes is called

AT&U CompanyData for the year ended December 31 are presented below: Sales (credit) $2,500,000 Accounts Receivable (December 31) 640,000 Allowance for Doubtful Accounts (before adjustment December 31) – credit balance  20,000 Estimated amount of uncollected accounts based on aging analysis 45,000   Refer to AT&U Company. If the company estimates its bad debt to be 2% of credit sales, what will be the balance in the Allowance for Doubtful Accounts account after the adjustment for bad debts?

The amount of cash in the cash register from sales totals $534.  The amount for sales recorded on the cash register tape was $530.  Which journal entry is required?

Which of the following statements is true concerning factoring of receivables?

AT&U CompanyData for the year ended December 31 are presented below: Sales (credit) $2,500,000 Accounts Receivable (December 31) 640,000 Allowance for Doubtful Accounts (before adjustment December 31) – credit balance 20,000  Estimated amount of uncollected accounts based on aging analysis 45,000   Refer to AT&U Company. If the company estimates its bad debts at 1% of credit sales, what amount will be reported as bad debt expense?

A2Z EventsThe following data are from the company’s records for the year ended December 31: Credit sales during the year $2,400,000 Accounts Receivable–December 31 410,000 Allowance for Doubtful Accounts–December 31 55,000 Bad debt expense for the year 70,000   Refer to A2Z Events. What are the effects on the accounting equation when the company writes off a bad debt under the allowance method?

Which of the following statements is true about the Allowance for Doubtful Accounts?

Which internal control activity is followed when inventory storage areas are secured with limited access?

Ace Computing Company On January 1, the Accounts Receivable and the Allowance for Doubtful Accounts carried balances of $40,000 and $1,500 respectively. During the year, the company reported $80,000 of credit sales. There were $500 of receivables written off as uncollected during the year. Cash collections of receivables amounted to $78,200. Refer to the Ace Computing Company. What effect will the write-off have on the accounting equation using the allowance method?

A treasurer preparing the October bank reconciliation identified the following items: Balance per the company’s records $32,800 Deposits in transit 4,300 Outstanding checks 2,200 Interest earned on the checking account 100 NSF check from customer 400 What is the company’s actual (true) cash balance at October 31?