Instructions Journalize the transactions.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
The cashier prop
the accounts receivable clerk
h. The bank reconciliation is prepared by the cas
of the treasurer.
Indicate whether each of the procedures of internal control over cash represents
Instructions
(1) a strength or (2) a weakness. For each weakness, indicate why it exists.
OBJ. 3,6
PR 8-2A
Cactus Restoration Company completed the following selected transactions during
Transactions for petty cash, cash short and over
May 2016:
see Oct. 1. Established a petty cash fund of $750.
Inmi 12. The cash sales for the day, according to the cash register records, totaled $12,440
The actual cash received from cash sales was $12,465.
31. Petty cash on hand was $157. Replenished the petty cash fund for the following
disbursements, each evidenced by a petty cash receipt:
Transcribed Image Text:The cashier prop the accounts receivable clerk h. The bank reconciliation is prepared by the cas of the treasurer. Indicate whether each of the procedures of internal control over cash represents Instructions (1) a strength or (2) a weakness. For each weakness, indicate why it exists. OBJ. 3,6 PR 8-2A Cactus Restoration Company completed the following selected transactions during Transactions for petty cash, cash short and over May 2016: see Oct. 1. Established a petty cash fund of $750. Inmi 12. The cash sales for the day, according to the cash register records, totaled $12,440 The actual cash received from cash sales was $12,465. 31. Petty cash on hand was $157. Replenished the petty cash fund for the following disbursements, each evidenced by a petty cash receipt:
boowing yd babieostrot Oct.
000s no .00 enilba or
OSLE VEM no
bezob nad tom a Expense).
alance:
3. Store supplies, $390.01 10
A
7. Express charges on merchandise sold, $35 (Delivery Expense).
9. Office supplies, $16.
13. Office supplies, $22.
19. Postage stamps, $12 (Office Supplies).
21. Repair to office file cabinet lock, $15 (Miscellaneous Administrative the
als molended
Chapter 8 Sarbanes-Oxley, Internal Control, and Cash
JUNE BANK STAT
405
22. Postage due on special delivery letter, $27 (Miscellaneous Administra-
tive Expense). benog od bluore inuoms
24. Express charges on merchandise sold, $55 (Delivery Expense).
30. Office supplies, $6.00 682-89
4 bas ysbon Oct. 31. The cash sales for the day, according to the cash register records, totaled $18,820.
insd sdi slino
The actual cash received from cash sales was $18,780.
31. Decreased the petty cash fund by $100.
Instructions
Journalize the transactions.
PR 8-3A Bank reconciliation and entries TV
103:278323R H2AD
OBJ. 5
The cash account for Capstone Medical Co. at November 30, 2016, indicated a balance
of $89,620. The bank statement indicated a balance of $128,660 on November 30, 2016.
nk statement and the accompanying canceled checks and memos with
Transcribed Image Text:boowing yd babieostrot Oct. 000s no .00 enilba or OSLE VEM no bezob nad tom a Expense). alance: 3. Store supplies, $390.01 10 A 7. Express charges on merchandise sold, $35 (Delivery Expense). 9. Office supplies, $16. 13. Office supplies, $22. 19. Postage stamps, $12 (Office Supplies). 21. Repair to office file cabinet lock, $15 (Miscellaneous Administrative the als molended Chapter 8 Sarbanes-Oxley, Internal Control, and Cash JUNE BANK STAT 405 22. Postage due on special delivery letter, $27 (Miscellaneous Administra- tive Expense). benog od bluore inuoms 24. Express charges on merchandise sold, $55 (Delivery Expense). 30. Office supplies, $6.00 682-89 4 bas ysbon Oct. 31. The cash sales for the day, according to the cash register records, totaled $18,820. insd sdi slino The actual cash received from cash sales was $18,780. 31. Decreased the petty cash fund by $100. Instructions Journalize the transactions. PR 8-3A Bank reconciliation and entries TV 103:278323R H2AD OBJ. 5 The cash account for Capstone Medical Co. at November 30, 2016, indicated a balance of $89,620. The bank statement indicated a balance of $128,660 on November 30, 2016. nk statement and the accompanying canceled checks and memos with
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