Century 21 Accounting General Journal
11th Edition
ISBN: 9781337680059
Author: Gilbertson
Publisher: Cengage
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What is the billing and collection process flow?
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1. If the customer is a new one or its existing credit is not sufficient, contact the customer and send a credit application. 2. Upon receipt of the completed application, obtain a credit report and decide if you will grant credit, and how much. 3. If you grant sufficient credit for the order, stamp the order as approved and send it to the shipping department.
1. A customer contacts the company with an order. 2. If the customer is an existing one, then you verify the amount of credit available. If the credit is sufficient, stamp the order as approved and send it to the shipping department. If the credit is not sufficient, go to the next step.
1. A customer contacts the company with an order. 2. If the customer is an existing one, then you verify the amount of credit available. If the credit is sufficient, stamp the order as approved and send it to the shipping department. If the credit is not sufficient, go to the…
A patient who received collection letter has called to demand proof he/she has a balance at that office how to you handle this call?
As a consultant explain to your staff how the absence of Trial Balance will affect the preparation of the financisal statement?
Discuss, using practical example how to the absence of double entry principles will affect the preparation of financial statement?
Demonstrate, using practical example how to prepare accounts from the Sales day book and Sales return day book?
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- For each of the following, indicate if the statement reflects an input component, output component, or storage component of an accounting information system. A. A credit card scanner at a grocery store. B. A purchase order for 1,000 bottles of windshield washing fluid to be used as inventory by an auto parts store. C. A report of patients who missed appointments at a doctors office. D. A list of the days cash and credit sales. E. Electronic files containing a list of current customers.arrow_forwardWhich of the following is true about T accounts? Please explain with full explanation. a. The left side of a T account is called the debit side. b. The left side of a T account is called the credit side. c. The right side of a T account is called the debit side. d. Transactions are first recorded in T accounts and then posted to the journal.arrow_forwardIn your opinion, why would an accountant be interested in adjusting some transactions before the Final Accounts are prepared? In financial accounting, if a supplier has sold you goods on credit, take us through the process you would go through to get it recorded in the Trial balance.arrow_forward
- Jensen Cleaning Service uses the listed accounts. Prepare two T accounts for each transaction. On each T account, select the account title of one of the accounts affected by the transaction. Enter the debit or credit amount in each T account to show the transaction’s effect.arrow_forwardHow does this transaction look in the T-Accounts for Piedmont Builders? What are the two accounts to be recorded in the general journal for this transaction? Which account will be debited and which account will be credited?arrow_forwardSee the image below. Please provide some solutions so that I can verify that I solved the problem correctly. Question: The accounts receivable from Silang isarrow_forward
- Put your knowledge of the double-entry accounting system to the test Choose one transaction and show which accounts are affected by the transaction, according to the double entry system.arrow_forwardAfter preparing the trial balance, the accountant finds that the total of debit side is OMR 125,600 and Total of Credit Side OMR 126,500. This difference should be treated before rectification of errors was a. Debit Suspense account with OMR 900 b. Suspense account should be cancelled with OMR 1800 c. Debit Suspense account OMR 125,600 and Credit Trial Balance OMR 126,500 d. Credit Suspense account with OMR 900arrow_forwardWhich of the following is false? Select one: a. Recording transactions in separate special journals provides users with a more efficient system and access to specific information. b. Source documents provide evidence for journal entries, which are then posted to the general ledger accounts. c. The opening balances from the general ledger accounts are used to create a trial balance, the financial statements and other reports. d. All of the choices are truearrow_forward
- Why did you select those customer accounts? also how to use a cell reference to enterthe answer for the 1st question? ( Whatis the dollar amount of total receivables? Use a cell reference to input your answer)arrow_forwardPrepaid expenses are normally created as a part of the purchasing process. Prepaid energy bills, insurance premiums, rent, and maintenance contracts are some of the transactions that result in prepaid expense account entries. Thinking about insurance, discuss the control activities, processes, and documentation that you would examine to determine the accuracy of the remaining prepaid account balance. Discuss at least two examples of those activities, processes, and documents and identify the one which you believe is the most reliable evidence to support the prepaid transactions. Provide an explanation of your choices using terms learned from the Live Session Lecture(s) or the textbook. No hand written and fast answer with explanationarrow_forwardPrepaid expenses are normally created as a part of the purchasing process. Prepaid energy bills, insurance premiums, rent, and maintenance contracts are some of the transactions that result in prepaid expense account entries. Thinking about insurance, discuss the control activities, processes, and documentation that you would examine to determine the accuracy of the remaining prepaid account balance. Discuss at least two examples of those activities, processes, and documents and identify the one which you believe is the most reliable evidence to support the prepaid transactions. Provide an explanation of your choices using terms learned from the Live Session Lecture(s) or the textbook.arrow_forward
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