7: Cash and Receivables
- Page ID
- 20112
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learning objectives
- LO1 – Define internal control and explain how it is applied to cash.
- LO2 – Explain and journalize petty cash transactions.
- LO3 – Explain the purpose of and prepare a bank reconciliation, and record related adjustments.
- LO4 – Explain, calculate, and record estimated uncollectible accounts receivable and subsequent write-offs and recoveries.
- LO5 – Explain and record a short-term notes receivable as well as calculate related interest.
- LO6 – Explain and calculate the acid-test ratio.
- LO7 – Explain and calculate the accounts receivable turnover.