he trial balance of Kelvin does not balance.   Which TWO of the following errors could explain this, assuming that Kelvin maintains control accounts for its receivables and payables within the double entry system? (1) The sales day book was undercast by $100. (2) Discounts received were credited to sales revenue account. (3) An opening accrual was omitted from the rent account. (4) The debit side of the cash account was undercast. A (1) and  (2) B (2) and (3) C (3) and (4) D (1) and (4) Please give solution with proper explanation

Which of the following is not an example of control procedures over accounts receivable? A.Monitoring the total amount of "credit card sales" and investigating reasons for increases in the amount B.Sending monthly statements to customers who purchased on credit C.Denying additional credit to customers with very overdue accounts D.Requiring customers complete a credit application before granting credit to the customer

Janet works in the credit department handling accounts receivable transactions. At the end of each period, the allowance for uncollectible accounts has a larger and larger debit balance. What may be going wrong here? What possible corrections should be made?

The following misstatements are sometimes found in the sales and collection cycle’s account balances:a. Cash received from collections of accounts receivable in the subsequent period is recorded as current period receipts.b. The allowance for uncollectible accounts is inadequate because of the client’s failure to reflect depressed economic conditions in the allowance.c. Several accounts receivable are in dispute as a result of claims of defective merchandised. The pledging of accounts receivable to the bank for a loan is not disclosed in the financial statements.e. Goods shipped and included in the current period sales were returned in the subsequent period.f. Several accounts receivable in the accounts receivable master file are not included in the aged trial balance.g. One account receivable in the accounts receivable master file is included on the aged trial balance twice. h. Long-term interest-bearing notes receivable from affiliated companies are included in accounts receivable.i.…

The total of a list of balances in Patricia Co’s receivables ledger was $643,700 on 30 September 20X9. This did not agree with the balance on Patricia Co’s receivables ledger control account. The following errors were discovered: (i) A credit balance on an individual customer’s account of $400 was incorrectly extracted as a debit balance (ii) An invoice for $3,553 was posted to the customer account as £3,535 (iii) The total of the sales returns day book was overcast by $600 What amount should be shown in Patricia Co’s statement of financial position for accounts receivable at 30 September 20X9? A. $642,918 B. $642,882 C. $644,482 D. $643,418

Review and study the following journal entries and determine which entries have errors. All transactions are regular daily transactions (no adjusting entries). When looking for errors ask yourself does that transaction make sense? Once you discover an error, state how you would correct it.

A company seeking a line of credit at a bank was turned down. Among other things, the bank stated that the company’s 2 to 1 current ratio was not adequate. Give reasons why a 2 to 1 current ratio might not be adequate.

11) The data collected during the accounts payable process can be converted into several accounts payable reports. Below is a list of some of those reports. Which report summarize purchases by vendor over a specific period of time to look for unusual activity? A) Cash disbursements journal B) Purchases by vendor C) Accounts payable D) Vendor aging report.

The following can be appropriately included in an Internal Control Questionnaire for Revenue/Receipt Cycle, except *A. Is the credit department independent of the sales department?B. Are debit or credit memos independently checked against sales invoice data?C. Are accounts receivable periodically reviewed and aged?D. Does the cashier compare the official receipt, deposit slip, and cash receipts journal?E. None of them

May you please help me determine which of the following statements are false?