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What is the purpose of an aging schedule for accounts receivable?
The dividends account has a normal debit balance.
On a bank reconciliation, outstanding checks are added to the cash balance per the bank
statement.
A debt security exists when another entity owes the security holder some combination
of interest and principal.
A good system of internal control requires that the physical custody of assets be
separated from the accounting for those assets. This concept is known as safeguarding
of assets and records.
