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Nitella [24]
3 years ago
8

What is a good way to guard against disorderly cash records or cash loss?

Business
1 answer:
ANEK [815]3 years ago
6 0
<span>What is a good way to guard against disorderly cash records or cash loss? Prompt reconciliation of the bank statements. By reconciliation the bank statements quickly, it allows for quick correction of incorrect money dispersement to make sure the statements balance each other out. Making sure the accounting records are accurate is vital to a company and their cash on hand amount.  </span>
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The sales returns and sales allowances accounts are classified as
Harlamova29_29 [7]

These two Sales Revenue accounts (the sales returns and sales allowances) are classified as <em>Contra accounts.</em>  They have debit balances unlike the Sales Revenue account.

  • The purpose of their creation is to maintain the Sales Revenue account at its gross amount for measure purposes.

  • The Sales Returns account is the General Ledger account for recording goods returned by customers.  It reduces the Accounts Receivable account, which is credited with Sales Returns.

  • The Sales Allowances account records allowances granted to customers for defective goods, which reduce their balances.

Thus, the two sales accounts are contra accounts and they have debit balances.

Read more: brainly.com/question/14869899

6 0
2 years ago
Total revenue (TR) is:
poizon [28]
I think it’s d. but im so sorry if im wrong!
3 0
2 years ago
Prepare journal entries to record the following transactions and events, based on the assumption that the nonprofit uses a singl
stira [4]

Answer:

1. Apple Stocks             Dr. $75,000

  Deferred Donation Income   Cr. $75,000

2. Apple Stocks Dr. $1,500

        Gain on Apple Stocks   Cr. $1,500

3. Cash         Dr. $ 76,000

   Gain/Loss on Apple stocks Dr.$1,500

                      Apple Stocks             Cr.$76,500

Explanation:

1. when stocks are received subject to a condition that we can't recognize donation income. therefore it is recorded as liability. please note that deferred income is called as liability.

2. When value of stocks increase, asset stock of apple also increase by differential amount.

3. when asset is sold, the loss is recognized and assets are knocked off from books and cash asset is recorded.

5 0
3 years ago
Winston churchill's stamp collection was valued at $14 million when he died. at auction, it brought in only $4 million. what was
katrin2010 [14]

$4 million.

An item is worth what the market is willing to pay for it, which is sometimes different than the estimated value.

6 0
3 years ago
Your company has a cost differentiation strategy regarding its products. there are several new entrants into your saturated mark
gtnhenbr [62]

1) Change the nature of the product

2) Give away discounts

3) Reduce the price of the product compared to the competitiveness of the market

7 0
3 years ago
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