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Collections from customers on account during
2014. . . . . . . . . . . . . . . . . . 47,000
If uncollectible accounts are determined by the aging-of-receivables
method to be
$1,050, the uncollectible account expense for 2014 would be $250.
The balance of the Allowance account after the adjusting entry would be
Q-4 All of the following are objectives of internal control except
A.to safeguard assets.
B.to comply with legal requirements.
C.to maximize net income.
D.to ensure accurate and reliable accounting records.
Q-5All of the following are internal control procedures except
A.Sarbanes-Oxley reforms.
B.assignment of responsibilities.
C.adequate records.
D.internal and external audits.