Question Description
You are conducting the audit of A-One Travel. There are two major concerns you have in A-One’s operations:
- When a customer purchases a travel package via credit card, the accounting department records a debit to accounts receivable and a credit to sales. However, if the customer cancels the package, no entry is made at the time of cancellation. The customer must request a refund in writing and only then is the credit card refunded and reversing entries made. As expected, customers call A- One upset that their credit card charges have not been reversed in a timely
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