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The sales returns and allowances account is reported as a
A) contra-revenue account on the income statement. B) current liability on the balance sheet. C) contra-asset reducing accounts receivable on the balance sheet. D) selling expense on the income statement.
When Clipper Mail Order Co receives telephone and fax orders, the billing department prepares an invoice. The invoice is mailed immediately. A copy of the invoice serves as a shipping notice. The shipping department removes inventory from the warehouse
and prepares the shipment. When the order is complete, the goods are shipped. The clerk checks the customer's credit before recording the sale in the general journal and the account receivable subsidiary ledger. The receptionist opens the mail and lists all payments. The receptionist also handles all customer complaints and prepares sales return forms for defective merchandise. The cashier records all cash receipts in the general journal and makes the appropriate entry in the accounts receivable subsidiary ledger. The cashier prepares the daily bank deposit. Describe at least four internal control weaknesses at Clipper Mail Order Co
What types of goods are purchased frequently, immediately, and with minimum effort by the consumers?
A) specialty goods B) shopping goods C) unsought goods D) durable goods E) convenience goods
Dividends in arrears pertain only to cumulative preferred stock
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