Q1. Write a note on Bank Reconciliation.
Q2. Hasbro had $2,816 million in sales and $555 million in ending accounts receivable for the current period. For the same period, Mattel reported $4,885 million in sales and $491 million in ending accounts receivable. Calculate the days' sales uncollected for both companies as of the end of the current period. Which company is doing a better job in managing the collection of its receivables?
b) If a 90-day note receivable is dated June 12, what is the maturity date of the note?
Q3. Selecom Company accepts the NOVA credit card for credit card sales. Selecom Company sends credit card receipts to NOVA on a weekly basis. NOVA charges Selecom Company a 2% fee. Selecom Company usually receives payment from NOVA within a week. Make necessary journal entries in the books of Selecom Company.
March 11 - Sold merchandise for $4,500 to customers who use the NOVA credit card and deposited the credit card receipts.
March 20 - Received cash proceeds less the service charge for the March 14 deposit to NOVA.