Elaborate and discuss the following quetions 1. While you are working as a bookkeeper in retail company, Sage 50 is giving you a warning message that the customer has exceeded his credit limit. What would you do? How would you advice your manager as a professional? 2. What is overdraft and how does it happen? 3. What is a Cash Flow Report? What does it help us? 4. Explain the concept of aging in customer accounts? 5. How do you record a Senior's Discount?

Answer the following questionsYou were hired to assist Oman based Company in designing an accounting system for Oman Co., Ltd. has developed a list of the journals, ledgers, reports and documents that he thinks Oman Co., Ltd. The company asks you to complete the following tasks:c) Design a report to assist in managing credit sales and cash collections.d) What types of journals, ledgers and blank forms for various documents ( Sales invoices, purchase orders etc)

Prepare a Three Column Cash Book from the following transactions Explain the primary goal of maintaining a cash book. Use a case study company of your own choice to demonstrate how such a goal (Your arguments must only relate to the main goal of a cash book) can be attained. Provide examples as approperiate Clearly explain how a cash book can be integrated in the extraction/development of the Trial Balance Are trade discounts included in the cash book? If not or if yes, explain why Are credit transactions included in the cash book? If not or if yes, explain why following are the transactions of Taki traders for the month of June 2020: June 01: The business owner paid €40,000 into the business account. June 01: Bought goods for resale €7,000 paying by cheque. June 01: Bought a vehicle for €15,000 paying by cheque. June 02: Paid rent €3,000 paying by cheque. June 03: Paid insurance €2,200 paying by cheque. June 04: Bought goods for resale €6,000 paying by cheque. June 05: Sold goods…

This problem challenges you to apply your cumulative accounting knowledge to move a step beyond the material in the chapter. Days cash is outstanding for merchandise: 54.04 days Combining the information provided by various ratios can enhance your understanding of the financial condition of a business. Review the information provided for Na Pali Coast Company in the Mastery Problem. Using this information, respond to the following questions: REQUIRED 1. Compute the average number of days required to sell inventory and collect cash from customers buying on account. 2. Note that Na Pali Coast Company also buys inventory on account. On average, how many days pass before Na Pali pays its creditors? 3. Using the information from your answers to parts (1) and (2), compute the number of days from the time Na Pali Coast pays for inventory until it receives cash from customers on account.

Codification Situation You are conducting an accounting research project for your boss. Your boss has asked you to determine the appropriate U.S. GAAP that specifies how your company should recognize revenues from the sales of products in a retail store. Your boss is confused because most customers pay cash, but some customers purchase on credit terms, and pay in cash 30 days later. Your manager also wants you to determine the GAAP guidance for how revenue should be recognized in income. Your manager has a lot of knowledge and experience in accounting and has heard about, but has never used, the FASB Accounting Standards Codification system. Directions Use the FASB Accounting Standards Codification system to conduct the research your manager has assigned to you. Use the Codification to determine how to recognize revenue from retail sales, including the right to return. Be prepared to show your manager the specific FASB ASC references that provide the appropriate guidance. Also prepare a brief memo explaining to your manager the different levels of the Codification and how to use the Codification system.

On June 1, 2021, Alan Harper buys a copier machine for his business and finances this purchase with cash and a note. When journalizing this transaction, he will   a .make a compound entry.   b make a simple entry.   c use two journal entries.   d list the credit entries first, which is proper form for this type of transaction.

If a client is on a cash basis, how should you enter beginning Accounts Receivable? Assume that you are using the "Forms" method to enter the opening balances. ACash basis clients cannot use QuickBooks BRecord all open invoices on the original date using the original items CRecord all invoices as Sales Receipts using an item linked to Opening Balance Equity DRecord one lump sum invoice on the Start Date using an item linked to Opening Balance Equity

1. Cash purchases can be recorded only in the cash payments journal. 2. Special journals are intended to accommodate large number of transactions of frequent occurrence and of the T F T F same nature. T F 3. The purchase of furniture and fixture on account should be recorded in the purchases journal. F 4. Initial investment of cash is recorded in the general journal. T F 5. A general journal is necessary while the special journal is optional. T F 6. If the business wants to use the four (4) special journals, it is not necessary for the business to maintain a general journal. T F T F 8. The design of special journals should fit the individual need of a particular business. T F 9. Subsidiary ledgers are maintained as support to the general ledger balances. T F T F T F 7. Merchandise inventory counted should be reflected in the general journal. 10. The cash payments journal is alternatively called cash disbursements journal. 11. The cash account in the cash payments journal is a debit…

Question: Eagle Company sells its single product to all customers on a credit basis. All mail often opened by Mr. Omar who is the youngest employee in the company. Consequently, he can bring new perspective and a unique way of thinking to the company, After receiving the cash from customers, he constructs a listing of the cash receipts and duplicate deposit slip. In addition, Mr. Omar often deposits cash into bank account daily. He also utilizes the listing of the cash receipts to journalize and record the business transactions in the accounting information system. Furthermore, Mr. Omar send WhatsApp messages to customers to remind them paying their bills quickly. Lately, he is given additional duties such as perform ing credit approval for new customers and authorizing sales returns and allowances. The manager of Eagle com pany is satisfied with the performance of Mr. Omar. He plans to increase Omar salary by the new year. Over a 2-year period, Mr. Omar did not take any vacation or…