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On June 1,Edison,Inc.borrowed $24,000 on a one-year Note Payable with an interest rate of 10% per year.It will repay the principal and interest at the end of the one-year period.The company makes accrual adjustments at the end of each month.The company should record interest expense of $2,400 on June 30.
Internal Control
Protocols and processes designed by a business to secure the authenticity of its financial and accounting information, enhance accountability, and impede fraudulent operations.
Control Environment
The set of standards, processes, and structures that provide the foundation for carrying out internal control across the organization.
Proofs And Security Measures
Protocols and systems implemented to protect data, transactions, and assets against unauthorized access, theft, or modification.
Petty Cash Fund
A petty cash fund is a small amount of cash kept on hand for making immediate payments for miscellaneous small expenses.
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