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Exam 8: Internal Control and Cash

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Question 61

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Present entries to record the following transactions:

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Question 62

True/False

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In preparing a bank reconciliation,the amount of a canceled check omitted from the journal is added to the balance per company's records.

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B) False

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Question 63

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A special form on which is recorded pertinent data about a liability and the particulars of its payment is called a (n)

There are three internal control objectives and they are to safeguard the company's reputation,ensure accurate financial reports,and ensure compliance with applicable laws.

Scharf Company is a retailer located in a state without sales tax.The following data were given to you to complete the transactions for the day's sales to be recorded.All cash drawers start with $100 in change.Record the journal entries for EACH cash register to determine the cashier's accuracy. ​

A voucher is a form on which is recorded pertinent data about a liability and the particulars of its payment.

A business that requires all cash payments be made by check cannot use a petty cash system.

The debit recorded in the journal to reimburse the petty cash fund is to

A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695.What entry is required in the company's accounts?

The sum of the money on hand and petty cash receipts in a petty cash fund will always be equal to the balance in the petty cash account.

Jackson Industries has collected the following information but needs assistance completing the table.The cash payments were 90% of collections.​​ How much was the beginning balance of the cash account?

List the objectives of internal control and give an example of how each is implemented.

The actual cash received during the week ended June 6 for cash sales was $8,276,and the amount indicated by the cash register total was $8,262.Journalize the entry to record the cash receipts and cash sales.

Identify each of the following reconciling items as (a)an addition to the cash balance according to the bank statement, (b)a deduction from the cash balance according to the bank statement, (c)an addition to the cash balance according to the company's records,or (d)a deduction from the cash balance according to the company's records.Assume that none of the transactions reported by bank debit and credit memos have been recorded by the company.Write "entry" by items that will require a journal entry in the company's accounts.1.Deposits in transit.2.Bank service charges.3.NSF check.4.Outstanding checks.5.Check for $690 incorrectly recorded by the company as $960.6.Check for $420 incorrectly recorded by the company as $240.

Which of the following would be subtracted from the balance per books on a bank reconciliation?

An example of good internal controls over cash payments is the taking of all cash discounts offered.

Match each item to a bank statement adjustment, a company books adjustment, or either. -Note collected by the bank

A $135 petty cash fund has cash of $18 and receipts of $120.The journal entry to replenish the account would include a

The ratio of cash to monthly cash expenses includes both cash and cash equivalents in the numerator.

In the normal operation of business,you receive a check from a customer and deposit it into your checking account.With your bank statement,you are advised that this check for $775 is "NSF." The bank also informs you that due to the amount of activity on your business account the monthly service charge is $75.During a bank reconciliation,you will