GEN COMBO COLLEGE ACCOUNTING; CONNECT ACCESS CARD
4th Edition
ISBN: 9781260087376
Author: M. David Haddock Jr. Professor
Publisher: McGraw-Hill Education
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Chapter 9, Problem 8MF
To determine
Explain the practice of making payments through check.
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Why does the bank treat an account balance as a Credit when there is money in the account, while in the general ledger cash records of the business, the balance would show as a Debit?
Why should the person in charge of cash receipts not also be in charge of keeping accounts receivable records? Explain.
Petty Cash Fund
Question, When it comes to making payments from the petty cash fund, why isn't there an accounting/journal entry for it? Please Explain.
Chapter 9 Solutions
GEN COMBO COLLEGE ACCOUNTING; CONNECT ACCESS CARD
Ch. 9 - Prob. 1.1SRQCh. 9 - What is a promissory note? In what situation would...Ch. 9 - How would the receipt of a 62 refund for supplies...Ch. 9 - Prob. 1.4SRECh. 9 - Prob. 1.5SRECh. 9 - Prob. 1.6SRACh. 9 - Prob. 2.1SRQCh. 9 - Prob. 2.2SRQCh. 9 - Prob. 2.3SRQCh. 9 - Prob. 2.4SRE
Ch. 9 - Prob. 2.5SRECh. 9 - Prob. 2.6SRACh. 9 - Prob. 3.1SRQCh. 9 - Prob. 3.2SRQCh. 9 - Prob. 3.3SRQCh. 9 - Prob. 3.4SRECh. 9 - Prob. 3.5SRECh. 9 - Prob. 3.6SRACh. 9 - Prob. 1CSRCh. 9 - Prob. 2CSRCh. 9 - Prob. 3CSRCh. 9 - Prob. 4CSRCh. 9 - Prob. 5CSRCh. 9 - Prob. 1DQCh. 9 - Prob. 2DQCh. 9 - Prob. 3DQCh. 9 - Prob. 4DQCh. 9 - Prob. 5DQCh. 9 - Prob. 6DQCh. 9 - Prob. 7DQCh. 9 - Prob. 8DQCh. 9 - Prob. 9DQCh. 9 - Prob. 10DQCh. 9 - Prob. 11DQCh. 9 - Prob. 12DQCh. 9 - Prob. 13DQCh. 9 - Prob. 14DQCh. 9 - Prob. 15DQCh. 9 - Prob. 16DQCh. 9 - Prob. 17DQCh. 9 - Prob. 18DQCh. 9 - Prob. 1ECh. 9 - Prob. 2ECh. 9 - Prob. 3ECh. 9 - Prob. 4ECh. 9 - Prob. 5ECh. 9 - Prob. 6ECh. 9 - Prob. 7ECh. 9 - Prob. 8ECh. 9 - Journalizing cash receipts, cash short or over,...Ch. 9 - Prob. 2PACh. 9 - Prob. 3PACh. 9 - Prob. 4PACh. 9 - Prob. 5PACh. 9 - Prob. 6PACh. 9 - Prob. 1PBCh. 9 - Prob. 2PBCh. 9 - Prob. 3PBCh. 9 - Prob. 4PBCh. 9 - Prob. 5PBCh. 9 - Prob. 6PBCh. 9 - Prob. 1CTPCh. 9 - Prob. 2CTPCh. 9 - Prob. 1MFCh. 9 - Prob. 2MFCh. 9 - Prob. 3MFCh. 9 - Prob. 4MFCh. 9 - Prob. 5MFCh. 9 - Prob. 6MFCh. 9 - Prob. 7MFCh. 9 - Prob. 8MFCh. 9 - Borrowing from Petty Cash Daniel Brown is in...Ch. 9 - Prob. 1FSA
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Why is it important to have a petty cash fund available in a company?arrow_forwardWhich of the following does not explain the differences between the bank statement balance and the customers cash balance? a. Deposit in transit b. Canceled checks c. An NSF check d. Errors e. Interest incomearrow_forwardIs it required to have only one petty cashier or should the company appoint more than one person to administer the fund? Why?arrow_forward
- To establish a petty cash fund, which account is debited ?arrow_forwardWhat if the drawee bank failed to determine right away that the CHECK is supposed to be dishonored and yet made payment to the holder of the CHECK, what is the remedy of the bank in this case? Can it go after the drawer or check issuer?arrow_forwardWhich of the following are important elements of a cash disbursement control system? Note: Select all that apply. Check All That Apply All expenditures are authorized before a check is prepared. Checks are signed only by authorized Individuals. The bank-generated deposit slip should be compared with the check listing. The person opening the mall is not the person who maintains the accounting records. Unauthorized payments are prevented.arrow_forward
- Which of the following would not be considered good internal control for cash receipts? о A) Requiring the employee receiving cash from customers to also deposit the cash into the company's bank account. B) Recording cash receipts as soon as they are received. C) Allowing customers to pay with a credit card. D) Allowing customers to pay with a debit card.arrow_forwardAnswerarrow_forwardWhich of the following generally would not be considered good internal control of cash receipts? a. Allowing customers to pay with a debit card. b. Requiring the employee receiving the cash from the customer to also deposit the cash into the company’s bank account. c. Recording cash receipts as soon as they are received. d. Allowing customers to pay with a credit card.arrow_forward
- Which of the following is a reason that businesses use bank accounts as part of their internal control measures. a.The bank records incoming checks as liabilities. b.Customer’s returned checks can be charged an NSF fee. c.Differences between the company balance and the bank balance will automatically indicate fraud. d.Bank accounts are an independent record of cash transactions.arrow_forwardwhy is petty cash fund deducted in the book balance of the entity when making bank reconciliation?arrow_forward2. Which of the following is issued by a company to the responsible staff in order to establish a petty cash fund? a. Cheque payable b. Promissory note c. Demand draft d. Cheque receivablearrow_forward
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