4. During Burns Company's first year of operations, credit sales totaled $156,000 and collections on...
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4. During Burns Company's first year of operations, credit sales totaled $156,000 and collections on credit sales totaled $113,000. Burns estimates that bad debt losses will be 1.0% of credit sales. By year-end, Burns had written off $380 of specific accounts as uncollectible. Required: a) Prepare all appropriate journal entries relative to uncollectible accounts and bad debt expense. b) Show the year-end balance sheet presentation for accounts receivable. 5. Describe some key elements of an internal control system for cash (be thorough in your response).
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