Petty cash fund : Petty cash fund is a fund established to pay insignificant amounts like postage, office supplies, and lunches. To list : Three internal control activities pertaining to petty cash fund and mention the related internal control principle

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Answer 1

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Chapter 7, Problem 28Q

(a)

To determine

Petty cash fund: Petty cash fund is a fund established to pay insignificant amounts like postage, office supplies, and lunches.

To list: Three internal control activities pertaining to petty cash fund and mention the related internal control principle

(b)

To determine

To mention: The requirement of journal entries while operation of petty cash fund

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128361 MENTS was extracted by as at 30 June 2018. als to agree. 30 June 2018 Dr with each other. Trial Balance as at 31 December 2017 32.7X D. Fearon extracted the following trial balance from his books. He could not get the totals to agree Dr Cr Cr $ $ $ $ 87,050 Capital 25,621 62,400 Drawings 13,690 110° 305 410 Sales 94,630 Multiple Each multipl answers: (A) question and (B), (C) or (D piece of pape of questions written atter When you your answer 3,168 Purchases 258 60,375 61 A debit 595 Returns inwards and outwards 1,210 1,109 10,000-35 Wages and salaries 2,000 14,371 12,490 Sundry expenses чут -598 8,120 5,045 Inventory 1.1.2017 8,792 168 account (A) we (B) we (C) we h that 6,790+85 Accounts receivable and accounts 16811,370 4,290 (D) we payable 4,520 Loan from J. Chandler 2000 62 Inventor 5,000 17,017 Equipment 16,000 period is 1,134 Bank 1500 (A) carri 5,790 109,522 109,522 Suspense (B) carri 1,546 (C) tran 132,196 132,196 nd: by $350. ercast by $100. 50, have been entered in n…

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Answer 2

Question

Chapter 7, Problem 28Q

(a)

To determine

Petty cash fund: Petty cash fund is a fund established to pay insignificant amounts like postage, office supplies, and lunches.

To list: Three internal control activities pertaining to petty cash fund and mention the related internal control principle

(b)

To determine

To mention: The requirement of journal entries while operation of petty cash fund

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Answer 3

Question

Chapter 7, Problem 28Q

(a)

To determine

Petty cash fund: Petty cash fund is a fund established to pay insignificant amounts like postage, office supplies, and lunches.

To list: Three internal control activities pertaining to petty cash fund and mention the related internal control principle

(b)

To determine

To mention: The requirement of journal entries while operation of petty cash fund

Expert Solution & Answer

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Answer 4

Question

Chapter 7, Problem 28Q

(a)

To determine

Petty cash fund: Petty cash fund is a fund established to pay insignificant amounts like postage, office supplies, and lunches.

To list: Three internal control activities pertaining to petty cash fund and mention the related internal control principle

(b)

To determine

To mention: The requirement of journal entries while operation of petty cash fund

Expert Solution & Answer

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Answer 5

Chapter 7, Problem 28Q

(a)

To determine

Petty cash fund: Petty cash fund is a fund established to pay insignificant amounts like postage, office supplies, and lunches.

To list: Three internal control activities pertaining to petty cash fund and mention the related internal control principle

(b)

To determine

To mention: The requirement of journal entries while operation of petty cash fund

Answer 6

Chapter 7, Problem 28Q

(a)

To determine

Petty cash fund: Petty cash fund is a fund established to pay insignificant amounts like postage, office supplies, and lunches.

To list: Three internal control activities pertaining to petty cash fund and mention the related internal control principle

Answer 7

Chapter 7, Problem 28Q

(a)

To determine

Petty cash fund: Petty cash fund is a fund established to pay insignificant amounts like postage, office supplies, and lunches.

To list: Three internal control activities pertaining to petty cash fund and mention the related internal control principle

Answer 8

(b)

To determine

To mention: The requirement of journal entries while operation of petty cash fund

Answer 9

(b)

To determine

To mention: The requirement of journal entries while operation of petty cash fund

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 7 - A local hank reported that it lost 150,000 as the...Ch. 7 - Prob. 2Q Ch. 7 - Prob. 3Q Ch. 7 - Prob. 4Q Ch. 7 - Prob. 5Q Ch. 7 - Prob. 6Q Ch. 7 - Prob. 7Q Ch. 7 - Prob. 8Q Ch. 7 - Prob. 9Q Ch. 7 - Prob. 10Q

Petty cash fund : Petty cash fund is a fund established to pay insignificant amounts like postage, office supplies, and lunches. To list : Three internal control activities pertaining to petty cash fund and mention the related internal control principle

Solution Summary: The author explains that petty cash fund is established to pay insignificant amounts like postage, office supplies, and lunches.

Petty cash fund: Petty cash fund is a fund established to pay insignificant amounts like postage, office supplies, and lunches.

To list: Three internal control activities pertaining to petty cash fund and mention the related internal control principle

To mention: The requirement of journal entries while operation of petty cash fund

Want to see the full answer?

Chapter 7 Solutions

Petty cash fund : Petty cash fund is a fund established to pay insignificant amounts like postage, office supplies, and lunches. To list : Three internal control activities pertaining to petty cash fund and mention the related internal control principle

Solution Summary: The author explains that petty cash fund is established to pay insignificant amounts like postage, office supplies, and lunches.

Petty cash fund: Petty cash fund is a fund established to pay insignificant amounts like postage, office supplies, and lunches. To list: Three internal control activities pertaining to petty cash fund and mention the related internal control principle

To mention: The requirement of journal entries while operation of petty cash fund

Want to see the full answer?

Chapter 7 Solutions

Petty cash fund: Petty cash fund is a fund established to pay insignificant amounts like postage, office supplies, and lunches.

To list: Three internal control activities pertaining to petty cash fund and mention the related internal control principle