Suppose the right rig dealership is opening a regional office in omaha. cary regal, the office manager, is designing the internal control system. regal proposes the following procedures for credit checks on new customers, sales on account, cash collections, and write-offs of uncollectible receivables: • the credit department runs a credit check on all customers who apply for credit. when anaccount proves uncollectible, the credit department authorizes the write-off of theaccounts receivable. • cash receipts come into the credit department, which separates the cash received from thecustomer remittance slips. the credit department lists all cash receipts by customer nameand amount of cash received. • the cash goes to the treasurer for deposit in the bank. the remittance slips go to theaccounting department for posting to customer accounts. • the controller compares the daily deposit slip to the total amount posted to customeraccounts. both amounts must agree. required recall the components of internal control. identify the internal control weakness in this situation, and propose a way to correct it.

Joe finally found a house for sale that he liked. which factor could increase the price of the house he likes? a. both he and the seller each have a real estate agent. b. a home inspector finds faulty wiring in the house. c. the house has been for sale for almost a year. d. several buyers all want that same house.

Darlene has a balance of 3980 on a credit card with an apr of 22.8% paying off her balance and which of these lengths of time will result in her paying the least amount of interest?

Alpha company uses the periodic inventory system for purchase & sales of merchandise. discount terms for both purchases & sales are, 2/10, n30 and the gross method is used. unless otherwise noted, fob destination will apply to all purchases & sales. the value of inventory is based on periodic system. on january 1, 2016, beginning inventory consisted of 350 units of widgets costing $10 each. alpha prepares monthly income statements. the following events occurred during the month of jan.: dateactivitya.jan. 3purchased on account 350 widgets for $11 each.b.jan. 5sold on account 400 widgets for $30 each. paid freight out with petty cash of $150.c.jan. 10purchased on account 625 widgets for $12 each.d.jan. 11shipping cost for the january 10 purchased merchandise was $400 was paid with a cheque by alpha directly to the freight company.e.jan. 12returned 50 widgets received from jan. 10 purchase as they were not the correct item ordered.f.jan. 13paid for the purchases made on jan. 3.g.jan. 21sold on account 550 widgets for $30 each. paid freight out with petty cash of $250.h.jan. 22authorize credit without return of goods for 50 widgets sold on jan. 21 when customer advised that they were received in defective condition.i.jan. 25received payment for the sale made on jan. 5.j.jan. 26paid for the purchases made on jan. 10.k.jan. 31received payment for the sale made on jan. 21.use this information to prepare the general journal entries (without explanation) for the january events. if no entry is required then enter the date and write "no entry required."