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devry acct304 week 5 discussions

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Question;Week 5;Cash (graded);Cash is listed first;on the balance sheet because it is the asset most readily available to pay off;debt or use in operations. Cash is also one of the assets that most often;grows legs" and walks away. Therefore, it is important that any;business protect its cash, it does so through Internal Control Procedures.;Please start by defining Internal Control, then discuss specific procedures;related to cash.;Q2;Receivables (graded);When a business extends credit to its customers, we call this Accounts;Receivable. Often a business will grant its customers a discount. What are the;two types of discounts, and how does the journal entry to record the sale;change when there is a discount granted?

 

Paper#40229 | Written in 18-Jul-2015

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