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PR 7-2A

PR 7-2A

FINANCIAL ACCOUNTING
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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PR 7-2A
who works under the super Instructions Indicate whether each of the procedures of internal control over cash represem (1) a strength or (2) a weakness. For each weakness, indicate why it exists. PR 7-2A Transactions for petty cash, cash short and over OBJ. 3, 6 Cactus Restoration Company completed the following selected transactions during May 2016: Oct. 1. Established a petty cash fund of $750. 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:who works under the super Instructions Indicate whether each of the procedures of internal control over cash represem (1) a strength or (2) a weakness. For each weakness, indicate why it exists. PR 7-2A Transactions for petty cash, cash short and over OBJ. 3, 6 Cactus Restoration Company completed the following selected transactions during May 2016: Oct. 1. Established a petty cash fund of $750. 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:
Chapter 7 Sarbanes-Oxley, Internal Control, and Cash 355 Oct. 3. Store supplies, $390. 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 Expense). 22. Postage due on special delivery letter, $27 (Miscellaneous Administra- tive Expense). 24. Express charges on merchandise sold, $55 (Delivery Expense). 30. Office supplies, $6. Oct. 31. The cash sales for the day, according to the cash register records, totaled $18,820. The actual cash received from cash sales was $18,780. 31. Decreased the petty cash fund by $100. Instructions Journalize the transactions. OBJ. 5
Transcribed Image Text:Chapter 7 Sarbanes-Oxley, Internal Control, and Cash 355 Oct. 3. Store supplies, $390. 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 Expense). 22. Postage due on special delivery letter, $27 (Miscellaneous Administra- tive Expense). 24. Express charges on merchandise sold, $55 (Delivery Expense). 30. Office supplies, $6. Oct. 31. The cash sales for the day, according to the cash register records, totaled $18,820. The actual cash received from cash sales was $18,780. 31. Decreased the petty cash fund by $100. Instructions Journalize the transactions. OBJ. 5
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