Dq 1&2 week 4
Dq1
• What is internal control and how can it protect a company’s assets?
• What are the various internal control procedures with respect to cash receipts and payments?
• When preparing a bank reconciliation, what are the different adjustments that affect the book and bank side?
• Why do journal entries need to be prepared after completing the bank reconciliation?
• Provide three example journal entries with a description of the adjustment.
Guided Response: Respond to at least two of your classmates by commenting on their posts.
Though two replies are the basic expectation for class discussions, for deeper engagement and learning you are encouraged to provide responses to any comments or questions others have given to you. Continuing to engage with peers and the instructor will further the conversation and provide you with opportunities to demonstrate your content expertise, critical thinking, and real-world experiences with the discussion topics.
Dq2
• What is the difference between the direct write-off method and the allowance method for receivables?
• (1) Prepare the journal entry to write off an account using the direct method, and (2) prepare the journal entries using the allowance method to establish the allowance and the write off of an account.
Guided Response: Respond to at least two of your classmates by commenting on their posts.
Though two replies are the basic expectation for class discussions, for deeper engagement and learning you are encouraged to provide responses to any comments or questions others have given to you. Continuing to engage with peers and the instructor will further the conversation and provide you with opportunities to demonstrate your content expertise, critical thinking, and real-world experiences with the discussion topics.