10. Happy Foods records an allowance for doubliul a last few months, so these en

Question

10. Happy Foods records an allowance for doubliul a last few months, so these entries have not been done. At year-end this is me Accounts Receivable Estimated % uncollectible Current balance in Allowance account Record the adjustment to the allowance based on the above estimate of uncollectible accounts. $1,200,000 3% $30,000 credit Bral Debt Expence Which of the following transactions produces an increase in revenues? a. Sales of land at cost for cash 6 Sales of a service on credit c. Collection of cash on account d. Receipt of cash from a bank loan 11. Give an example of a procedure that would provide a good internal control for cash. There are many correct answers to this question. You should give me just one and be specific. 2. o ld Mark those accounts that would still have a balance after the closing entries had been made with Commission Revenue Cash Retained Earnings Dividends Calorios Pavahle

Explanation / Answer

No 12:

Physical verification of cash with book balance periodically will provide control over cash.

Physical verification should be done by a person who is not recording cash transactions.

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