When using the allowance method of accounting for uncollectible accounts, the entry to write off Jeannie’s uncollectible account is a debit to Allowance for Doubtful Accounts and a credit to Accounts Receivable—Jeannie.

Great Falls Co.’s bank reconciliation as of February 28 is shown below.           Bank balance $ 37,643 Book balance $ 38,153 + Deposit in transit   2,950 Note collection   +745 – Outstanding checks   -1,730 Check printing   -35 Adjusted bank balance $ 38,863 Adjusted book balance $ 38,863 One of the adjusting journal entries that Great Falls must record as a result of the bank reconciliation includes:

A debit memorandum is:

Delivery expense is reported as part of general and administrative expense in the seller’s income statement.

 Norma the bookkeeper is    

Clayborn Company’ bank reconciliation as of May 31 is shown below.           Bank balance $ 15,800 Book balance $ 17,025 + Deposit in transit   5,200 Bank service fees   -25 – Outstanding checks   -4,600 NSF returned   -600 Adjusted bank balance $ 16,400 Adjusted book balance $ 16,400 One of the adjusting journal entries that Clayborn must record as a result of the bank reconciliation includes:

When using the allowance method of accounting for uncollectible accounts, the entry to write off Jeannie’s uncollectible account is a debit to Allowance for Doubtful Accounts and a credit to Accounts Receivable—Jeannie.

A voucher system’s control over cash disbursements begins when a company incurs an obligation that will result in eventual payment of cash.

Sellers always offer a discount to buyers for prompt payment toward purchases made on credit.

A check involves 3 parties: a maker who signs the check, a payee who is the recipient, and a bank on which the check is drawn.