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The Connecting company uses the percent of sales method of accounting for uncollectible accounts receivable. During the current year, the following transaction occurred:
Sept 7 connecting Company determined that $8,100 account receivable of the Helena company was uncollectible, and wrote it off.
Oct 15 Connecting Company determined that the $2,500 account receivable of the Tree Company was uncollectible and wrote it off.
Nov 9 Helen Company paid $6,000 of the amount owned to the connecting Company. Connecting company does not expect further collections from the Helena company.
Dec 31 Connecting Company estimates the 0.5% of its $1,900,000 of credit sales would be uncollectible.
Prepare the general journal entries to record these transactions.
Assume the following comments were recently overheard at an international management accounting conference. For each group of comments below, state whether or not you agree with each set of comments, and provide a 2- to 3-paragraph rational for yo..
Ernie's executor elects to claim the marital deduction for the QTIP transfer. At the time of the surviving spouse's death, the value of the QTIP trust is $3.6 million. The amount of the QTIP trust included in the surviving spouse's gross estate is..
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The following standards for variable manufacturing overhead have been established for a company that makes only one product:
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Adams Sporting Goods sells bicycles throughout the southeastern United States. The following data were taken from the most recent quarterly sales forecast:
Summarize your ideas about internal controls. An introduction to internal controls, explaining in your own words the two primary goals of internal control. A description of how the Sarbanes-Oxley Act of 2002 has affected internal controls
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