All organizations need to pursue supplier development
a. True
b. False
Indicate whether the statement is true or false
False
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Which of the following pairs of functions would you expect might report directly to the vice president of finance?
a. credit department and controller b. shipping department and controller c. accounts receivable department and treasurer d. treasurer and controller
Which of the following statements is false?
a. The check and remittance advice trigger the receive payment process. b. A bank lockbox provides more protection for cash than a system where cash receipts are mailed to the payee company and then deposited. c. Good funds are funds on deposit and available for use. d. From the standpoint of reducing the collector's float, a customer check is a better payment method than a debit card.
You have just received notice that Agnes Fisher, a customer of yours with an Accounts Receivable balance of $200, has gone bankrupt and will not be making any future payments. Assuming you use the allowance method, the journal entry you make is to
a. debit Uncollectible Accounts Expense and credit Accounts Receivable. b. debit Allowance for Uncollectible Accounts and credit Uncollectible Accounts Expense. c. debit Uncollectible Accounts Expense and credit Allowance for Uncollectible Accounts. d. debit Allowance for Uncollectible Accounts and credit Accounts Receivable.
West Company declared a $0.50 per share cash dividend. The company has 190,000 shares issued, and 10,000 shares in treasury stock. The journal entry to record the dividend declaration is:
A. Debit Common Dividends Payable $95,000; credit Cash $95,000. B. Debit Retained Earnings $90,000; credit Common Dividends Payable $90,000. C. Debit Retained Earnings $5,000; credit Common Dividends Payable $5,000. D. Debit Common Dividends Payable $90,000; credit Cash $90,000. E. Debit Retained Earnings $95,000; credit Common Dividends Payable $95,000.