easy · Financial Accounting assets
Which of the following is an example of an internal control over cash receipts from receivables?
- Writing off all accounts as soon as they are 31 days past due, regardless of collection efforts.
- Recording all credit sales in the general journal promptly and accurately as they occur each day.
- Using the percentage-of-sales estimation method instead of the aging-of-receivables method for bad debts.
- Separating the duties of receiving cash from the duties of updating the accounts receivable ledger.
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