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Explain what internal control means and explain how internal control relates to auditing.
/in Questions Uploads /by mary WAMBUGUAlpha Company sells goods to customers who use Worldwide Express nonbank credit cards. Credit card sales on July 15, 2016 amounted to $25,000
/in Questions Uploads /by mary WAMBUGUAlpha Company sells goods to customers who use Worldwide Express nonbank credit cards. Credit card sales
on July 15, 2016 amounted to $25,000 and were subject to a 3.5% credit card company collection fee. Alpha Company collected payment from Worldwide Express on July 21. Use this information to prepare the General Journal entries (without explanation) for the July 15 sales & the July 21 collections. If no entry is required then write “No Entry Required.”
Accounts Debit Credit
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On July 1, 2016, Alpha Company purchased for $72,000, equipment having a service life of eight years and an estimated residual value of $6,000.
/in Questions Uploads /by mary WAMBUGUOn July 1, 2016, Alpha Company purchased for $72,000, equipment having a service life of eight years and
an estimated residual value of $6,000. Alpha has recorded depreciation of the equipment using the double-declining balance method. On December 31, 2019, before making any annual adjusting entries, the equipment was sold for $20,000. Use this information to prepare all General Journal entries (without explanation) required to record the sale event for December 31, 2019
Accounts Debit Credit
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