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?

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?

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter10: Cash Receipts And Cash Payments

Section: Chapter Questions

Problem 3A

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Similar questions

Why do you think businesses extend credit to customers thereby creating accounts receivable?
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A credit card is which of the following? Is nothing more than a tool Is one part of a comprehensive strategy to managing a person's finances Is a huge convenience Makes it extremely easy for a person to mess up their finances All of the answers are correct
If a cash payments journal is supposed to save time spent writing, why are there so many entries in the Other Accounts Debit column?
Multiple choice: 1. The measure of how quickly an item can be converted into cash is referred to as A. Leverage B. Solvency C. Liquidity D. Profitablity 2. A customer bought goods from your business, on credit. The customer orally promised to pay the sale price next week. Which of the following accounts is increased and therefore debited? A. Cash B. Accounts Receivable C. Notes Receivable D. Sales
What do you mean by Duration theory? a. Bank customer must have maximum balance in his account b. Bank customer must have continuous dealings with the bank c. Bank customer must minimum balance in his account d. Bank customer must not withdraw money from his account
Which of the following best represents a positive product of a lower number of days sales in receivables ratio? A. collection of receivables is quick, and cash can be used for other business expenditures B. collection of receivables is slow, keeping cash secured to receivables C. credit extension is lenient D. the lender only lends to the top 10% of potential creditors
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.
Answer these MCQ's below.
Which of the following is true about M-Pesa? a. virtual cash can be swapped and transferred between mobile users with a simple text message and a system of codes b. a network which provides financial and policy advocacy suppot to MFIs c. a for profit insurance company that provides simplified single risk products to microfinance customers d. a zero interest peer to peer lending platform
This module discusses discounts given out to customers based on payment terms, such as 2/10, n/30. : What would the credit terms 3/15, n/45 stand for? Explain why it is important for a company to keep track of how much money in discounts is given out? What account is used to track discounts? From a business owner's point of view, what are the advantages of allowing discounts? From a business owner's point of view, what are the disadvantages of allowing discounts?
Which of the following is not a reason for the Jones Hardware Store to accept credit cards from customers? Group of answer choices A)Jones can receive its money faster than if it directly extended credit to the customer by an account receivable. b)The credit card company offers a discount to Jones so that Jones will have more money available for operations. C)Jones will not have to be concerned with nonsufficient funds checks from customers. d)Jones will not have to have extra office workers to make phone calls to customers requesting collections on accounts. E)All these are reasons to accept credit cards.