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College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN: 9781305666160
Author: James A. Heintz, Robert W. Parry
Publisher: Cengage Learning
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Textbook Question
Chapter 1, Problem 2SEB
ACCOUNTING PROCESS Match the following steps of the accounting process with their definitions.
Analyzing a. Telling the results
Recording b. Looking at events that have taken place and thinking about how they affect the business
Classifying
Summarizing c. Deciding the importance of the various reports
Reporting d. Aggregating many similar events to provide information that is easy to understand
Interpreting e. Sorting and grouping like items together
f. Entering financial information into the accounting system
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The following data were selected from the records of Fluwars Company for the year ended December 31, current year:
Balances at January 1, current year:
Accounts receivable (various customers)
$
111,500
Allowance for doubtful accounts
11,200
The company sold merchandise for cash and on open account with credit terms 1/10, n/30, without a right of return.
The following transactions occurred during the current year:
Sold merchandise for cash, $252,000.
Sold merchandise to Abbey Corp; invoice amount, $36,000.
Sold merchandise to Brown Company; invoice amount, $47,600.
Abbey paid the invoice in (b) within the discount period.
Sold merchandise to Cavendish Inc.; invoice amount, $50,000.
Collected $113,100 cash from customers for credit sales made during the year, all within the discount periods.
Brown paid its account in full within the discount period.
Sold merchandise to Decca Corporation; invoice amount, $42,400.
Cavendish paid its account in full after the…
None
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College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
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