Question
In: Accounting
You are Sarineh, a new Accounts Receivable Clerk for Robinson Paper Supply. Toward the end of...
You are Sarineh, a new Accounts Receivable Clerk for Robinson Paper Supply. Toward the end of the month, Joseph Lee, a very personable sales associate tells you that the previous A/R clerk always recorded a sales invoice when he got a verbal agreement from a customer to buy paper supplies. He has a verbal order from his favorite customer for $5,000 of paper and wants you to create a sales invoice today.
You know that in order to create a sales invoice you need a purchase order from the customer. You also know that Mr. Lee receives a monthly bonus based on the monthly sales. If his sales are above $10,000, he gets a 10% bonus.
Would you agree to record the sales of products before receiving the purchase order from the customer? What effect would it have on the customer, on the sales associate, on the Company, and on the job?
Solutions
ekkarill92 answered 2 years agoRelated Solutions
Glencoe Supply had the following accounts receivable aging schedule at the end of a recent year....
Glencoe Supply had the following accounts receivable aging
schedule at the end of a recent year.
Accounts
Receivable Age
Amount
Proportion
Expected
to Default
Allowance
Required
Current
$310,500
0.005
$1,553
1–30 days past due
47,500
0.01
475
31–45 days past due
25,000
0.13
3,250
46–90 days past due
12,800
0.20
2,560
91–135 days past due
6,100
0.25
1,525
Over 135 days past due
4,200
0.60
2,520
$11,883
The balance in Glencoe's allowance for doubtful accounts at the
beginning of the...
our accounts receivable clerk, Mitra Adams, to whom you pay a salary of $2,715 per month,...
our accounts receivable clerk, Mitra Adams, to whom you pay a
salary of $2,715 per month, has just purchased a new Acura. You
decide to test the accuracy of the accounts receivable balance of
$148,420 as shown in the ledger.
The following information is available for your first year
in business.
(1)
Collections from customers
$358,380
(2)
Merchandise purchased
579,200
(3)
Ending merchandise inventory
162,900
(4)
Goods are marked to sell at 40% above cost
Compute an estimate of the...
Natcher Corporation’s accounts receivable at the end of Year 2 was $148,000 and its accounts receivable...
Natcher Corporation’s accounts receivable at the end of Year 2
was $148,000 and its accounts receivable at the end of Year 1 was
$156,000. The company’s inventory at the end of Year 2 was $151,000
and its inventory at the end of Year 1 was $143,000. Sales, all on
account, amounted to $1,404,000 in Year 2. Cost of goods sold
amounted to $822,000 in Year 2. The company’s operating cycle for
Year 2 is closest to: (Round your intermediate calculations...
At each calendar year-end, Mazie Supply Co. uses the percent of accounts receivable method to estimate...
At each calendar year-end, Mazie Supply Co. uses the percent of
accounts receivable method to estimate bad debts. On December 31,
2017, it has outstanding accounts receivable of $60,000, and it
estimates that 4% will be uncollectible. Prepare the adjusting
entry to record bad debts expense for year 2017 under the
assumption that the Allowance for Doubtful Accounts has: (a) a
$1,020 credit balance before the adjustment. (b) a $300 debit
balance before the adjustment.
Aging of Receivables Schedule The accounts receivable clerk for Kirchhoff Industries prepared the following partially completed...
Aging of Receivables Schedule
The accounts receivable clerk for Kirchhoff Industries prepared
the following partially completed aging of receivables schedule as
of the end of business on November 30:
Not
Days Past Due
Past
Over
Customer
Balance
Due
1-30
31-60
61-90
90
Academy Industries Inc.
3,800
3,800
Ascent Company
5,400
5,400
Zoot Company
7,000
7,000
Subtotals
667,600
403,200
146,900
64,100
33,400
20,000
The following accounts were unintentionally omitted from the
aging schedule and not included in the subtotals above:
Customer...
Aging of Receivables Schedule The accounts receivable clerk for Kirchhoff Industries prepared the following partially completed...
Aging of Receivables Schedule
The accounts receivable clerk for Kirchhoff Industries prepared
the following partially completed aging of receivables schedule as
of the end of business on November 30:
Not
Days Past Due
Past
Over
Customer
Balance
Due
1-30
31-60
61-90
90
Academy Industries Inc.
2,800
2,800
Ascent Company
4,800
4,800
Zoot Company
9,000
9,000
Subtotals
910,500
550,000
200,300
87,400
45,500
27,300
The following accounts were unintentionally omitted from the
aging schedule and not included in the subtotals above:
Customer...
Aging of Receivables Schedule The accounts receivable clerk for Evers Industries prepared the following partially completed...
Aging of Receivables Schedule
The accounts receivable clerk for Evers Industries prepared the
following partially completed aging of receivables schedule as of
the end of business on November 30:
Not
Days Past Due
Past
Over
Customer
Balance
Due
1-30
31-60
61-90
90
Acme Industries Inc.
5,500
5,500
Alliance Company
4,600
4,600
Zollinger Company
11,100
11,100
Subtotals
759,300
458,600
167,000
72,900
38,000
22,800
The following accounts were unintentionally omitted from the
aging schedule and not included in the subtotals above:
Customer...
The accounts receivable clerk for Evers Industries prepared the following partially completed aging of receivables schedule...
The accounts receivable clerk for Evers Industries prepared the
following partially completed aging of receivables schedule as of
the end of business on July 31:
1
A
B
C
D
E
F
G
2
Days Past Due
Days Past Due
Days Past Due
Days Past Due
3
Customer
Balance
Not Past Due
1-30
31-60
61-90
Over 90
4
Acme Industries Inc.
3,300.00
3,300.00
5
Alliance Company
4,800.00
4,800.00
6
~~~~~
~~~~~
~~~~~
~~~~~
~~~~~
~~~~~
~~~~~
7
Zollinger Company
5,000.00...
Aging of Receivables Schedule The accounts receivable clerk for Kirchhoff Industries prepared the following partially completed...
Aging of Receivables Schedule
The accounts receivable clerk for Kirchhoff Industries prepared
the following partially completed aging of receivables schedule as
of the end of business on November 30:
Not
Days Past Due
Past
Over
Customer
Balance
Due
1-30
31-60
61-90
90
Academy Industries Inc.
4,900
4,900
Ascent Company
4,000
4,000
Zoot Company
10,200
10,200
Subtotals
806,000
486,800
177,300
77,400
40,300
24,200
The following accounts were unintentionally omitted from the
aging schedule and not included in the subtotals above:
Customer...
Aging of Receivables Schedule The accounts receivable clerk for Evers Industries prepared the following partially completed...
Aging of Receivables Schedule
The accounts receivable clerk for Evers Industries prepared the
following partially completed aging of receivables schedule as of
the end of business on November 30:
Not
Days Past Due
Past
Over
Customer
Balance
Due
1-30
31-60
61-90
90
Acme Industries Inc.
3,600
3,600
Alliance Company
6,000
6,000
Zollinger Company
8,900
8,900
Subtotals
873,000
527,200
192,100
83,800
43,700
26,200
The following accounts were unintentionally omitted from the
aging schedule and not included in the subtotals above:
Customer...
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