50.1K

Verified Solution

Link Copied!

(5 Marks) Assignment Question(s): Q1- A company wants to implement good internal control. What are the policies and procedures you can suggest to minimize human frauds and errors? (1Mark) Q2- Assume that you have a company. And the management team estimates that 3% of sales will be uncollectible. Give any amount of sales and prepare the journal entry using the percent of sales method. (1 Mark) Focus MacBook Air og 80 F3 888 F4 DD Dll F8 F5 F7 $ % & * 4 E 5 0 6 1 7 V 8 A 9 9 0 R T 2 w Y O [ 6. 6 Coin A F J K L G J 03- A company that uses a perpetual inventory system made the following cash purchases and sales. There was no beginning inventory. January 1 February 5: Purchased 30 units at SARII per unit Purchased 30 units at SAR 13 per unit Sold 50 Units for SAR 15 per unit March 16: A. Prepare general journal entries to record the March 16 sale using the 1. FIFO inventory valuation method. 2. LIFO inventory valuation method. 3. Weighted average valuation method. B. What is the cost of goods sold and the gross margin for each method? (2Marks) 04. What is the bank reconciliation? why is it important for companies to prepare bank reconciliation periodically? (1 Mark) English (United States) D Focus MacBook Air 80 F3 888 16 57 FB %23 # $ A & 3 4 E 5 0 6 1 7 V 8 A 9 9 0 E R T Y 919 U 0 [ Cou 4

Answer & Explanation Solved by verified expert

See Answer