Cornerstones of Financial Accounting
4th Edition
ISBN: 9781337690881
Author: Jay Rich, Jeff Jones
Publisher: Cengage Learning
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Question
Chapter 4, Problem 65C
To determine
Concept Introduction:
Internal Control:
Internal controls are policies and procedures implemented by an organization to attain operational goals and maintain the integrity of accounting. Internal
To Indicate:
A control procedure to prevent the theft of cash by the employees.
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I NEED HELP WITH PART 3
1. Journalize the selected transactions. Assume 360 days per year.
If no entry is required, select "No entry required" from the dropdown and leave the amount boxes blank. If an amount box does not require an entry, leave it blank.
Jan. 3: Issued a check to establish a petty cash fund of $4,500.
Date
Description
Debit
Credit
Jan. 3
Feb. 26: Replenished the petty cash fund, based on the following summary of petty cash receipts: office supplies, $1,680; miscellaneous selling expense, $570; miscellaneous administrative expense, $880.
Date
Description
Debit
Credit
Feb. 26
Apr. 14: Purchased $31,300 of merchandise on account, terms n/30. The perpetual inventory system is used to account for inventory.
Date
Description
Debit
Credit
Apr. 14
Inventory
Accounts Payable
May 13: Paid the invoice of April 14.
Date
Description
Debit
Credit
May 13
Accounts Payable…
18
MNC LLC established Petty cash fund to maintain its small expenses with OMR 100. At the end of the month there is OMR 10 cash and currency in the cash box along with the receipts equal to OMR92. The receipts consist of delivery charges OMR 50, OMR 20 for postage, and office supplies of OMR 22. The petty cash custodian submits the receipts to the accountant and the accountant replenished the funds. Identify the journal entry recorded by the accountant while issuing the check to the custodian.
a.
Dr Delivery charges OMR 50, Dr Postage charges OMR 20 Dr Office supply charges and Cr Cash A/C OMR92
b.
Dr Cash short expenses OMR2, Dr Cash A/C OMR 90 and Cr Delivery charges OMR 50, Cr Postage charges OMR 20, Cr Office supply expenses OMR22
c.
Dr Delivery charges OMR 50, Dr Postage charges OMR 20, Dr Office supply expenses OMR22, Dr Cash short expenses OMR2 and Cash A/C OMR 94
d.
Dr Delivery charges OMR 50, Dr Postage charges OMR 20, Dr Office supply expenses OMR22 and Cr Over cash…
Bank reconciliation and entries
Sunshine Interiors deposits all cash receipts each Wednesday and Friday in a night depository, after banking hours.The data required to reconcile the bank statement as of July 31, 20Y0, have been taken from various documents and records and are reproduced as follows.The sources of the data are printed in capital letters. All checks were written for payments on account.
CASH ACCOUNT:
Balance as of July 1
$9,578.00
CASH RECEIPTS FOR MONTH OF JULY
6,465.42
DUPLICATE DEPOSIT TICKETS:
Date and amount of each deposit in July:
Date
Amount
Date
Amount
Date
Amount
July 2
$569.50
July 12
$580.70
July 23
$713.45
5
701.80
16
600.10
26
601.50
9
819.24
19
701.26
31
1,777.87
CHECKS WRITTEN:
Number and amount of each check issued in July:
BANK RECONCILIATION FOR PRECEDING MONTH:
Sunshine Interiors
Bank Reconciliation
June 30,20Y0
Cash balance according to bank statement
$9,422.80…
Chapter 4 Solutions
Cornerstones of Financial Accounting
Ch. 4 - Prob. 1DQCh. 4 - Prob. 2DQCh. 4 - The Sarbanes-Oxley Act increased top managements...Ch. 4 - Prob. 4DQCh. 4 - Prob. 5DQCh. 4 - Prob. 6DQCh. 4 - Prob. 7DQCh. 4 - Prob. 8DQCh. 4 - Prob. 9DQCh. 4 - Prob. 10DQ
Ch. 4 - Prob. 11DQCh. 4 - Prob. 12DQCh. 4 - Prob. 13DQCh. 4 - Prob. 14DQCh. 4 - Prob. 15DQCh. 4 - Prob. 16DQCh. 4 - Prob. 17DQCh. 4 - Prob. 18DQCh. 4 - Prob. 19DQCh. 4 - Prob. 20DQCh. 4 - Prob. 21DQCh. 4 - Prob. 22DQCh. 4 - Prob. 1MCQCh. 4 - Prob. 2MCQCh. 4 - Which of the following is not one of the five...Ch. 4 - Prob. 4MCQCh. 4 - The internal audit function is part of what...Ch. 4 - Prob. 6MCQCh. 4 - Prob. 7MCQCh. 4 - Prob. 8MCQCh. 4 - Which one of the following would not appear on a...Ch. 4 - Prob. 10MCQCh. 4 - Prob. 11MCQCh. 4 - Prob. 12MCQCh. 4 - Prob. 13MCQCh. 4 - Prob. 14MCQCh. 4 - Prob. 15MCQCh. 4 - Prob. 16CECh. 4 - Prob. 17CECh. 4 - Cornerstone Exercise 4-18 Adjusting Entry from...Ch. 4 - Prob. 19CECh. 4 - Prob. 20CECh. 4 - Cornerstone Exercise 4-21 Cash Over and Short On a...Ch. 4 - Cornerstone Exercise 4-22 Cash Over and Short...Ch. 4 - Prob. 23CECh. 4 - Prob. 24CECh. 4 - Prob. 25BECh. 4 - Prob. 26BECh. 4 - Prob. 27BECh. 4 - Prob. 28BECh. 4 - Prob. 29BECh. 4 - Prob. 30BECh. 4 - Prob. 31BECh. 4 - Prob. 32BECh. 4 - Prob. 33BECh. 4 - Prob. 34BECh. 4 - Prob. 35BECh. 4 - Prob. 36BECh. 4 - Prob. 37BECh. 4 - Prob. 38BECh. 4 - Prob. 39ECh. 4 - Prob. 40ECh. 4 - Prob. 41ECh. 4 - Prob. 42ECh. 4 - Miller Enterprises deposits the cash received...Ch. 4 - Prob. 44ECh. 4 - Prob. 45ECh. 4 - Prob. 46ECh. 4 - Prob. 47ECh. 4 - Hawk Enterprises identified the following items on...Ch. 4 - Prob. 49ECh. 4 - Prob. 50ECh. 4 - Prob. 51ECh. 4 - Prob. 52ECh. 4 - Prob. 53ECh. 4 - Exercise 4-54 Operating Cycle and Current...Ch. 4 - Prob. 55APSACh. 4 - Prob. 56APSACh. 4 - Prob. 57APSACh. 4 - Prob. 58APSACh. 4 - Prob. 59APSACh. 4 - Prob. 60APSACh. 4 - Prob. 61APSACh. 4 - Prob. 55BPSBCh. 4 - Prob. 56BPSBCh. 4 - Prob. 57BPSBCh. 4 - Prob. 58BPSBCh. 4 - Prob. 59BPSBCh. 4 - Prob. 60BPSBCh. 4 - Prob. 61BPSBCh. 4 - Prob. 62.1CCh. 4 - Prob. 62.2CCh. 4 - Prob. 62.3CCh. 4 - Prob. 62.4CCh. 4 - Prob. 63.1CCh. 4 - Prob. 63.2CCh. 4 - Prob. 64.1CCh. 4 - Prob. 64.2CCh. 4 - Prob. 65CCh. 4 - Prob. 66.1CCh. 4 - Prob. 66.2CCh. 4 - Prob. 67.1CCh. 4 - Prob. 67.2CCh. 4 - Prob. 68.1CCh. 4 - Prob. 68.2CCh. 4 - Prob. 68.3CCh. 4 - Prob. 68.4CCh. 4 - Prob. 69.1CCh. 4 - Prob. 69.2CCh. 4 - Prob. 69.3CCh. 4 - Prob. 69.4CCh. 4 - Case 4-70 CONTINUING PROBLEM: FRONT ROW...Ch. 4 - Prob. 70.2CCh. 4 - Prob. 70.3CCh. 4 - Prob. 70.4C
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- Bank Reconciliation and Entries Sunshine Interiors deposits all cash receipts each Wednesday and Friday in a night depository, after banking hours. The data required to reconcile the bank statement as of July 31, 20Y0, have been taken from various documents and records and are reproduced as follows. The sources of the data are printed in capital letters. All checks were written for payments on account. CASH ACCOUNT: Balance as of July 1 $9,577.00 CASH RECEIPTS FOR MONTH OF JULY 6,466.42 DUPLICATE DEPOSIT TICKETS: Date and amount of each deposit in July: Date Amount Date Amount Date Amount July 2 $569.50 July 12 $580.70 July 23 $714.45 5 701.80 16 600.10 26 601.50 9 819.24 19 701.26 31 1,177.87 CHECKS WRITTEN: Number and amount of each check issued in July: Check No. Amount Check No. Amount Check No. Amount 614 $243.50 621 $309.50 628 $837.70 615 350.10 622 Void 629 329.90…arrow_forwardPart 2: Prepare a bank reconciliation for December. Part 3: 1. Record the interest of $60 received from the bank. 2. Record the service charges of $130 deducted by the bank. 3. Record the return of the J. Left check of $280 due to insufficient funds 4. Record the checks outstanding at the end of the month. 5. Record the deposit in transit at the end of the month. Part 4: After the reconciliation journal entries are posted, what balance will be reflected in the Cash account in the ledger? If the company also has $280, of petty cash on hand, which is recorded in a different account called Petty Cash on Hand, what total amount of Cash and Cash Equivalents should be reported on the December 31 balance sheet?arrow_forwardHow to solve question 7-9 Aarrow_forward
- Don't give answer in image formatarrow_forwardBANK RECONCILIATION AND RELATED JOURNAL ENTRIES The book balance in the checking account of Lyle's Salon as of Novemeber 30 is $3,282.95. The bank statement shows an ending balance of $2,127. By examining last month's bank in novemeber and noting the service charges and other debit and credit memos shown on the bank statement, the following were found: a) An ATM withdrawl of $150 on November 18 by Lyle for personal use was not recorded in the books b) A bank debit memo issued for an NSF check from a customer of $19.50 c) A bank credit memo issued for interest of $19 earned during the month d) on November 30, A deposit of 1,177 was made which is not shown on the bank statement. e) A bank debit memo issued for $17.50 for bank service charges. f) checks No. 549,561 and 562 for the amounts of $185, $21 and $9.40, respectively, were written during november but have not yet been received by the bank. g) The reconciliation from the previous month showed outstanding checks totaling $271.95…arrow_forwardBank reconciliation and entries Beeler Furniture Company deposits all cash receipts each Wednesday and Friday in a night depository after banking hours. The data required to reconcile the bank statement as of June 30 have been taken from various documents and records and are reproducedmas follows. The sources of the data are printed in capital letters. All checks were written for payments on account. CASH ACCOUNT: Balance as of June 1 $9,317.40 CASH RECEIPTS FOR MONTH OF JUNE $9,223.76 DUPLICATE DEPOSIT TICKETS: Date and amount of each deposit in June: Beeler Furniture Company Bank Reconciliation May 31 20Y2 Cash balance according to bank statement $ 9,447.20 Add deposit for May 31, not recorded by bank 690.25 Deduct outstanding checks: No. 731 $162.15 736 345.95 738 251.40 739 60.55 820.05 Adjusted balance $ 9,317.40 Cash balance according to company's records $ 9,352.50 Deduct bank service charges 35.10…arrow_forward
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- Bank reconciliation and entries Instructions Chart of Accounts Amount Descriptions Bank Reconciliation Journal Final Questions X Instructions Beeler Furniture Company deposits all cash receipts each Wednesday and Friday in a night depository, after banking hours. The data required to reconcile the bank statement as of June 30, 20Y2, have been taken from various documents and records and are reproduced as follows. The sources of the data are printed in capital letters. All checks were written for payments on account. CASH ACCOUNT: Balance as of June 1 $9,317.40 CASH RECEIPTS FOR MONTH OF JUNE 9,223.76 DUPLICATE DEPOSIT TICKETS: Date and amount of each deposit in June: Date Amount Date Amount Date Amount June 1 $1,080.50 June 10 $996.61 June 22 $897.34 3 854.17 15 882.95 24 947.21 8 840.50 17 1,606.74 30 1,117.74 CHECKS WRITTEN: Number and amount of each check issued in June:…arrow_forwardBUSINESS STUDIES DEPARTMENT INTERMEDIATE ACCOUNTNG1 (TUTORIAL #1) 1. XYZ Co. set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in May (the last month of the company's fiscal year). May 1 Prepared a company check for $250 to establish the petty cash fund. May 15 Prepared a company check to replenish the fund for the following expenditures made since May1: a. Paid $78 for janitorial services. b. Paid $63.68 for miscellaneous expenses. c. Paid postage expenses of $43.50. d. Paid $57.15 to a local newspaper for an advertisement. e. Counted $11.15 remaining in the petty cash box. May 16 Prepared a company check for $200 to increase the fund to $450. May 31 The petty cashier reports that $293.39 cash remains in the fund. A company check is drawn to replenish the fund for the following expenditures made since May 15: a. Paid postage expenses of $48.36. b. Reimbursed the office manager for business mileage, $38.50. c. Paid…arrow_forwardAa.28.arrow_forward
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