Sequentially numbering all sales invoices is an example of __________________________
Fill in the blank(s) with correct word
accounting records
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The Lily Company uses the percent of receivables method of accounting for uncollectible accounts receivable, and a perpetual inventory system. As of January 1, its net accounts receivable totaled $192,000 (Accounts Receivable $200,000 less an $8,000 Allowance for Doubtful Accounts). During the current year, the following transactions occurred. 1)Merchandise costing $1,050,000 was sold on account for $1,400,000. 2)The company collected $1,294,000 from customers on account.3)$6,000 of accounts receivable were deemed uncollectible and written off.4)$1,000 of accounts receivable previously written off as uncollectible were recovered.5)At year-end, Lily Company estimates that 4% of its accounts receivable are uncollectible.Prepare journal entries to record these transactions.
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A company estimates that overhead costs for the next year will be $3,600,000 for indirect labor, $200,000 for factory utilities, and $21,500 for depreciation on factory machinery. The company uses machine hours as its overhead allocation base. If 764,300 machine hours are planned for this next year, what is the company's plantwide overhead rate?
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The _____ refers to job opportunities that are not advertised in the traditional venues, such as newspapers or journals
Fill in the blank(s) with correct word
Companies sometimes obtain financing and do not receive cash. Although such transactions do not directly involve cash, they still must be reported in the financing section of the statement of cash flows
Indicate whether the statement is true or false