Company Balance Sheet

a. According to the bank statement, how many checks were written from this account during the statement period? (0.5 points)

a. According to the bank statement, how many checks were written from this account during the statement period? (0.5 points)

We conducted several processes to test the accounts receivable of Wealthy Watches Inc. At the beginning, we agreed the balance of the accounts receivable detail listing to the trial balance and subsequently to the financial statements to ensure completeness of the population.

a. According to the bank statement, how many checks were written from this account during the statement period? (0.5 points)

DUE Friday November 1, 2013– This project is due on November 1st before 4:00 pm and is to be submitted in the Accounting Lab – room 200 in the Rands House. The hours for submission of and help with the project will be posted on the class Blackboard site. You will sign your project in to create a record of its being submitted. Be sure your name and the name of your TA are on the front page of the project.

If Allowance for Doubtful Accounts has a credit balance of $1,100 in the trial balance, journalize the adjusting

in order to obtain stronger or more persuasive evidence, the “bank balance” reported by the

Uncollectible accounts expense is estimated by the aging-of-accounts-receivable method. Management estimates that $35,000 of accounts receivable will be uncollectible. Which of the following will be the amount of Uncollectible accounts expense? 35000 -4500 = 30,500

Accounts Receivable, Other Receivables, Allowance for Doubtful Accounts, Bad Debt ExpenseInventories and Reserve for Inventory Obsolescence

Conditions that must be met for a transfer of receivables to be accounted for a sale are as follows:

Given the data in this worksheet, what do the aging schedules tell you about customers’ payment patterns at the end of March and June? Explain.

The company accounts for these transactions as sales in accordance with Statement of Financial Accounting Standards No. 77, ‘’Reporting

Name: ________________________________ Date: _________________ [1]BASIC BANK01 - BAT 003 Which of the following statements is true? A. An asset account is increased by a credit B. An expense account is increase by a credit C. A revenue account is decreased by a credit D. An equity account is decreased by a debit [2]BASIC BANK02 - BAT 010 The Income Summary account contains: A. Total revenues and total expenses for the year B. Total assets and total liabilities at year end C. Total revenues, expenses, assets, and liabilities

Trace a transaction through the system, noting segregation of functions and access to assets (walk-through) (S‑1).

d. Trace the date, check number, and amount of outstanding item – Occurrence & Completeness. (AU-C 315.A114 a.i-ii)