Accounts Receivable – Office Products Depot
The interview with Colin Smith, from Office Products Depot, meant I was able to identify the accounts receivable subsystem they used and their accounts receivable management. I focussed on their policies for the offering and checking of credit, managing credit levels, charging the credit customers, receiving payment from credit customers and the general management of credit customers. I will be using the information from the interview with Colin as well as information from fictitious accounts receivable to explain their policies.
When Office Products Depot decides to potentially offer credit to a customer, they check credit ratings and follow policies to help them decide if they should
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Credit limits are set to manage the spending of their customers, this way Office Products Depot can ensure that customers aren’t purchasing too many goods. This means that if the customer is unable to pay their account Office Products Depot loses say $2000 (a company’s credit limit) rather than $10000. To set these credit limits, Office Products Depot estimates the amount of money they estimate the customer will spend over a two month period. This number is then rounded to the nearest $500 to make recording credit limits easier. Customer payment of money owed is managed by the same salesperson that the customer first dealt with, as they receive commission based on money received by their particular customers. The salesperson is often in direct contact with the customer to make sure the credit is being paid off. However, sometimes the credit limit of a particular customer can be increased, if they have paid well in the past. An example of this is Jones Stationery, who is $300 over their credit limit. When Office Products Depot sends invoices to their customers, they send a separate tax invoice for each provided service. This makes the customer more aware of the each individual charge. Monthly statements are also sent out aswell. Refunds and reductions are also given occasionally to customers, to maintain a good relationship, and fix incorrectly recorded charges. An example of this Office Products Depot
Purpose: The purpose of this speech is to inform others about the production, utilizations and impacts of nuclear energy.
Living in a world surrounded by noises and sounds, one cannot deny that music lives all around them. Schools, street corners, sporting events, there is one thing you will always find: music. Music education is quickly becoming defunct in schools, as many try to decry its many benefits. A growing emphasis on the concrete subjects of math and science, whose benefits are more immediate, are pushing the creativity and imagination of music classes to the back of the budget. Music education is no longer described as stimulating and exciting, but rather unnecessary and distracting. But the benefits of having an education in music is undeniable. Simply being around music can have a positive impact on life. Music enables the human race to discover emotions that they have never uncovered before. The human mind is refreshed by music; “our imagination and memories are stimulated by the sounds, and summon feelings and memories associated with the musical sound” (Wingell 15). Without music, the world would be silent. Lifeless. No matter what language one speaks or what culture one is from, music is a universal language, connecting the hearts of people around the entire world. In schools throughout the nation, that connection is being severed because of budget cuts and lack of funding, but the benefits of music education are clear. The benefits of having an education in music are not only present in the classroom; a lasting impact is also left on the social and emotional growth of a person, though the gains may not be evinced immediately. Participating in musical education programs in schools can give students the opportunity to form lasting friendships and to gain skills that will last them their entire lives. Music education can be beneficial to students because it enhances students’ performance in the classroom, aids in improving student’s interest and engagement in school, and advances students’ social and emotional growth.
What if I told you that there was a way to improve upcoming generations academic achievement and overall quality of life. Would you believe me or think I was crazy? Allow me to explain to how having Music Education is a very important part of a students academic growth. At the same time their are becoming more and more funding cuts for music education in schools. Funding should not be cut from music education in public schools because it is essential to a students full academic growth and development.
Transition: I’ve told you about some attractions and the malls, Finally, I’m going to tell you about the hotels in Dubai and also some major possible future hotel projects.
Specific Purpose: To inform my audience about one of the most influential music genres in history, Jazz music and it’s influence on society during the great depression.
* Documents used: customer order, sales order, shipping document, sales invoice, sales journal, remittance advice, bank deposit list, cash receipts jornal, credit memo, sales return and allowance journal, uncollectable account authorization form, a/r master file, a/r trail balance, monthly statement
Relating to The Audience: I know everyone in this room loves to listen to music overall and I know everyone in this room has heard a song of the R&B genre and got sad or listened to an R&B song because they were sad. So, don’t tell me you haven’t because I don’t have time for liars.
Sales invoices are prepared in batches on a daily basis using numbered sales invoices. Sales invoice numbers are automatically generated by the company’s computer system. The accounts receivable clerk does not have appropriate computer rights to override the computer-generated invoice number. Upon preparing sales invoices, the accounts receivable clerk verifies that the first invoice number of the batch is consistent with the last invoice number of the previous batch. Inconsistencies or skipped sales invoice numbers are investigated and resolved before new sales invoices are prepared. The items shipped are compared to the items billed for proper quantity, price, and other sales order terms.
If your parents claim you as a dependent, then you have to fill out the attached worksheet that helps to figure out exactly what your deduction will be for line 5.
Tesla is taking a different approach while designing their self-driving cars. Tesla has introduced the computer vision-based vehicle detection system instead of using the traditional radar. The new Tesla cars contain eight surround cameras which are capable to see 360 degrees around the car. The main forward camera covers 150m of distance. These autonomous cars can see any object within 250 meters of it’s range. Tesla autonomous cars have the ultrasonic sensors and a forward-facing radar which are very advanced technology and they help the car to see through heavy rain and fog. This technology will help prevent road accidents during extreme weathers. Another impressive addition of the new Tesla cars is the neural net for visibility.
2. What is a modern drum set? A modern drum set consists of a bass (or kick) drum, 2-3 toms, 1 snare drum, a hi-hat and 1-2 cymbals.
Question 3: Describe and show the journal entries illustrating how the company accounts for the transfer of its accounts receivable to financial institutions. Is this accounting treatment reasonable? What are the key assumptions made under this approach? Do you agree with these assumptions?
Specific Purpose: My audience will learn why music is healthy and beneficial to your health
Trace items returned to the receiving report, taking note of quantity and date received (S‑4).
Specefic Rhetorical Purpose: To inform Public Speaking students about the power of music and its effects on the brain.