Question: Consider internal control over receivables collections What job must be
Consider internal control over receivables collections. What job must be withheld from a company’s credit department in order to safeguard its cash? If the credit department does perform this job, what can a credit department employee do to hurt the company?
Answer to relevant QuestionsRestaurants do a large volume of business by credit and debit cards. Suppose Chocolate Passion restaurant had these transactions on January 28, 2015: National Express credit card sales ....... $ 9,300ValueCard debit card ...The Accounts Receivable balance for Clark, Inc. at December 31, 2014, was $ 18,000. During 2015, Clark earned revenue of $ 447,000 on account and collected $ 324,000. Clark wrote off $ 5,000 receivables as uncollectible. ...Match the terms with their correct definition.1. Accounts receivable 2. Other receivables 3. Debtor 4. Notes receivable 5. Maturity date 6. Creditora. The party to a credit transaction who takes on an obligation/payable. b. ...On September 30, 2013, Synergy Bank loaned $ 88,000 to Kendall Kelsing on a one-year, 12% note. Synergy’s fiscal year ends on December 31.Requirements 1. Journalize all entries for Synergy Bank related to the note for 2013 ...Kelly Realty loaned money and received the following notes during 2014.Requirements 1. Determine the maturity date and maturity value of each note. 2. Journalize the entry to record the inception of each of the three notes ...
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