Economics Tutor Specializing in Market Structures, Financial Analysis, and Policy

The session reviewed bad debt expense, allowance for doubtful accounts, and related journal entries. The student worked through several problems involving the calculation and recognition of bad debt expense, as well as the aging of accounts receivable. The Tutor assigned homework problems to further practice these concepts.

The student and tutor reviewed bad debt expenses, accounts receivable, and methods for estimating and recording uncollectible accounts. They worked through several problems involving journal entries, net realizable value calculations, and aging reports. The student was assigned to complete the remaining questions for review in the next session.

The session focused on the importance of internal controls in financial reporting, identifying potential problems like errors, disagreements, and fraud. The Student was introduced to the three golden rules of accounting (personal, real, and nominal) and how to apply them to journal entries. The Tutor assigned the Student to memorize the golden rules of accounting for the next session.

The Tutor started by recapping the importance of internal controls using a story to highlight potential consequences of inadequate systems. The session was planned to progress into the definitions, concepts, and implementation methods of internal controls. The main focus was to establish a solid understanding of internal controls and how to implement them effectively, however external factors brought the class to an early stop and it was primarily a discussion of scheduling.