FINANCIAL ACCOUNTING: TOOLS FOR BUSINES
9th Edition
ISBN: 9781119595649
Author: Kimmel
Publisher: WILEY
expand_more
expand_more
format_list_bulleted
Question
Chapter 7, Problem 18Q
To determine
Internal control: Internal control is a process which ensures continuous reliability of accomplishment of a company’s objectives, related to operations, financial reporting, and in conformity with laws and regulations.
To state: If the cash disbursements are done through check is an effective internal control is true, and support it
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Problem 3-1B
Identifying adjusting entries with explanations
P1 P2 P3 P4
For journal entries 1 through 12, indicate the explanation that most closely describes it. You can use
explanations more than once.
A.
To record payment of a prepaid expense.
B.
To record this period's use of a prepaid expense.
C.
To record this period's depreciation expense.
D.
To record receipt of unearned revenue.
E.
To record this period's earning of prior unearned revenue.
F.
To record an accrued expense.
G.
To record payment of an accrued expense.
H.
To record an accrued revenue.
I.
To record receipt of accrued revenue.
1.
Interest Receivable
3,500
7. Cash
1,500
Interest Revenue
3,500
Accounts Receivable (from services)
1,500
2.
Salaries Payable
9,000
8. Salaries Expense
7,000
Cash
9,000
Salaries Payable
7,000
3. Depreciation Expense
8,000
9.
Cash
1,000
Accumulated Depreciation.
8,000
Interest Receivable
1,000
4.
Cash
9,000
10.
Unearned Revenue
9,000
Prepaid Rent
Cash
3,000
3,000
5.
Insurance Expense
4,000…
None
Please give me answer accounting
Chapter 7 Solutions
FINANCIAL ACCOUNTING: TOOLS FOR BUSINES
Ch. 7 - A local hank reported that it lost 150,000 as the...Ch. 7 - Prob. 2QCh. 7 - Prob. 3QCh. 7 - Prob. 4QCh. 7 - Prob. 5QCh. 7 - Prob. 6QCh. 7 - Prob. 7QCh. 7 - Prob. 8QCh. 7 - Prob. 9QCh. 7 - Prob. 10Q
Ch. 7 - Prob. 11QCh. 7 - Prob. 12QCh. 7 - Prob. 13QCh. 7 - Prob. 14QCh. 7 - Prob. 15QCh. 7 - Prob. 16QCh. 7 - Prob. 17QCh. 7 - Prob. 18QCh. 7 - Prob. 19QCh. 7 - Prob. 20QCh. 7 - Prob. 21QCh. 7 - Prob. 22QCh. 7 - Prob. 23QCh. 7 - Prob. 24QCh. 7 - Prob. 25QCh. 7 - Prob. 26QCh. 7 - Prob. 27QCh. 7 - Prob. 28QCh. 7 - Match each situation with the fraud triangle...Ch. 7 - Prob. 7.3BECh. 7 - Prob. 7.4BECh. 7 - Prob. 7.5BECh. 7 - While examining cash receipts information, the...Ch. 7 - Prob. 7.8BECh. 7 - Luke Rove is uncertain about the control features...Ch. 7 - Prob. 7.10BECh. 7 - Prob. 7.11BECh. 7 - Prob. 7.12BECh. 7 - Prob. 7.13BECh. 7 - Prob. 7.15BECh. 7 - Prob. 7.16BECh. 7 - Prob. 7.17BECh. 7 - Prob. 7.1DIECh. 7 - Prob. 7.2DIECh. 7 - Prob. 7.3DIECh. 7 - Prob. 7.4aDIECh. 7 - Prob. 7.4bDIECh. 7 - Prob. 7.1ECh. 7 - Prob. 7.2ECh. 7 - Prob. 7.5ECh. 7 - Prob. 7.6ECh. 7 - Prob. 7.7ECh. 7 - Prob. 7.9ECh. 7 - Prob. 7.10ECh. 7 - Prob. 7.11ECh. 7 - Prob. 7.12ECh. 7 - Prob. 7.13ECh. 7 - Prob. 7.14ECh. 7 - Prob. 7.16ECh. 7 - Prob. 7.18ECh. 7 - Prob. 7.19ECh. 7 - Prob. 7.1APCh. 7 - Prob. 7.2APCh. 7 - Prob. 7.1EYCTCh. 7 - Prob. 7.2EYCTCh. 7 - Prob. 7.3EYCTCh. 7 - Prob. 7.4EYCTCh. 7 - Prob. 7.5EYCTCh. 7 - Prob. 7.6EYCTCh. 7 - Prob. 7.7EYCTCh. 7 - Prob. 7.8EYCTCh. 7 - Prob. 7.9EYCTCh. 7 - Prob. 7.1IECh. 7 - Prob. 7.2IE
Knowledge Booster
Similar questions
- Please correct answer with accounting and questionarrow_forward???arrow_forward$240 Assume that a company produced 10,000 units and sold 8,000 units during its first year of operations. It has also provided the following information: Particulars Selling price Per unit per year Direct materials $85 Direct labor $57 Variable manufacturing overhead $10 Sales commission $11 Fixed manufacturing overhead P Fixed selling and administrative expense $250,000 If the company's unit product cost under absorption costing is $197, then what is the amount of fixed manufacturing overhead per year?arrow_forward
- Janet Foster bought a computer and printer at Computerland. The printer had a $860 list price with a $100 trade discount and 210210 , n30n30 terms. The computer had a $4,020 list price with a 25% trade discount but no cash discount. On the computer, Computerland offered Janet the choice of (1) paying $150 per month for 17 months with the 18th payment paying the remainder of the balance or (2) paying 6% interest for 18 months in equal payments. Assume Janet could borrow the money for the printer at 6% to take advantage of the cash discount. How much would Janet save? Note: Use 360 days a year. Round your answer to the nearest cent. On the computer, what is the difference in the final payment between choices 1 and 2? Note: Round your answer to the nearest cent.arrow_forwardGeneral accountingarrow_forwardI need Answerarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Auditing: A Risk Based-Approach (MindTap Course L...AccountingISBN:9781337619455Author:Karla M Johnstone, Audrey A. Gramling, Larry E. RittenbergPublisher:Cengage Learning
Auditing: A Risk Based-Approach (MindTap Course L...
Accounting
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Cengage Learning