LONG PROBLEM 3. You own a small shop that sells medical equipment. However, due to the economic downturn since 2020, you decided that you had to lay off one of its four employees in the accounting department. Thus, you have to assign some duties to the three remaining employees - Abigail, Bryan, and Chris maintaining the appropriate separation of duties. The duties that have to be assigned are: while а. Reconcile bank statement. b. Open mail and list checks. c. Prepare checks for Phillip's signature. d. Prepare payroll checks. e. Maintain personnel records. f. Prepare deposit and take to bank. g. Maintain petty cash. h. Maintain accounts receivable records. Maintain general ledger. j. Reconcile accounts receivable records to general ledger account. i. Requirements: 1. Assign the above tasks to the three remaining employees 2. Explain your answer to no. 1 in one paragraph, keeping in mind the idea of separation of duties. 3. How else should you improve the internal controls within the…

An unhappy customer just returned $50 of the items he purchased yesterday when he charged the goods to the companys store credit card. Which special journal would the company use to record this transaction? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journal

Question 4 Robert is a student and he works as an agent for a company that sells energy products in his spare time, in order to have some extra spending money. He is doing some calculations to determine how much profit he made for the month of March 2021. He is not a registered VAT vendor and VAT is not applicable to the question. He asks for your help and provides you with the following information. Description Amount (R) Total sales 17 000 Cost of inventory purchased 11 500 Fuel expense 1 250 Courier costs paid for sales Telephone costs 755 550 Robert only buys inventory when he receives an order, he does not keep any inventory on hand. Required: Based on the information, calculate the following for Robert for the month of March 2021: Q.4.1 Calculate the gross profit. Q.4.2 Discuss the difference between gross profit percentage and mark-up percentage. Q.4.3 Calculate the gross profit percentage. Round to two decimals. Q.4.4 Calculate the mark-up on cost percentage. Round to two…

E-commerce a.can improve the speed and efficiency of transactions b.accounts for less than 1% of all retail sales c.increases paperwork d.only relates to transactions between a company and a consumer

Required 1. Assume that Urban One sells a $300 gift certificate to a customer, collecting the $300 cash in advance. Prepare the journal entry for (a) collection of the cash for delivery of the gift certificate to the customer and (b) revenue from the subsequent delivery of merchandise when the gift certificate is used. 2. How can keeping less inventory help to improve Urban One's profit margin? 3. Cathy Hughes understands that many companies carry considerable inventory, and she is thinking of carrying additional inventory of merchandise for sale. Cathy desires your advice on the pros and cons of carrying such inventory. Provide at least one reason for, and one reason against, carrying additional inventory.

Review Questions Chapter 2 1.Which of the following statements are true? a. Recording purchase transactions in a general journal is considered efficient. b. Most businesses will carefully enter all purchase orders using the purchase order journal. c. A purchase requisition follows a purchase order. d. It is important for a company to verify all numbers on a supplier's invoice e. In general, cash discounts are so minor they can be ignored. 2. From the following, prepare a Schedule of Accounts Payable for Digital Co. for September 30, 2022. Accounts Payable 210 L. Von Co. Dr. Cr. Dr. Cr. 100 9/5 GJ4 100 9/5 GJ4 200 9/7 GJ5 300 9/15 GJ6 Xon Co. 800 9/18 GJ6 Dr. Cr. 300 9/15 GJ6 J. Bee Co. Zero Co. Dr. Cr. Dr. Cr. 800 9/18 GJ6 200 9/7 GJ5

Question A business purchases $600 worth of furniture. They debit their Furniture Accour $600 correctly, but they also debit their Bank account $600. They don't credit any accounts. If the Bank account had $2,000 in the account before the error, what can was say about the account balance after the error? HINT: Draw some T- accounts to help you. * O The Bank Account balance is correct. O The Bank Account balance is overstated by $600 from what it should be. The Bank Account balance is overstated by $1,200 from what it should be. Back Next Page 20 of 25 Clear fort

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Accounting is an information and measurement system that does all of the following except. f2 W Multiple Choice O O BH # Records business activities. Identifies business activities. 3 Communicates business activities. Eliminates the need for interpreting financial data. Helps people make better decisions. f3 E S f4 63 R 15 % 5 8 f6 T A 19 8 1- ( T