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Common Internal Controls for Accounts Receivable Would Not Include

Question 55
Multiple Choice

Common internal controls for accounts receivable would not include: A) sending invoices and monthly statements to customers. B) developing procedures that ensure that all credit sales are recorded and customers' account are debited. C) allowing all sales personnel to charge-off any accounts deemed uncollectible. D) authorizing all credit sales.

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Q 56
On December 31,2016,prior to adjustments,Accounts Receivable has a debit balance of $356,000 and the Allowance for Doubtful Accounts has a credit balance of $1,200.The firm estimates its losses from uncollectible accounts to be 4% of accounts receivable at the end of the year.The amount of the adjusting entry needed to record the estimated losses from uncollectible accounts is: A) $13,040 B) $14,240 C) $15,440 D) $17,800
Q 57
On December 31,2016,prior to adjustments,Accounts Receivable has a debit balance of $356,000 and the Allowance for Doubtful Accounts has a credit balance of $1,200.The firm estimates its losses from uncollectible accounts to be 4% of accounts receivable at the end of the year.The balance in the Allowance for Doubtful Accounts after the adjusting entry for the estimated losses from uncollectible accounts is: A) $13,040 B) $14,240 C) $15,440 D) $17,800
Q 58
On December 31,2016,prior to adjustments,Accounts Receivable has a debit balance of $356,000 and the Allowance for Doubtful Accounts has a debit balance of $1,200.The firm estimates its losses from uncollectible accounts to be 4% of accounts receivable at the end of the year.The amount of the adjusting entry needed to record the estimated losses from uncollectible accounts is: A) $13,040 B) $14,240 C) $15,440 D) $17,800
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