Search for: Recent Posts. Exercise H Holder Company deposits all cash receipts intact each day and makes all payments by check. Click on the visitors center, CCA Studio, Tool Box, Job Shop, Tek Shak, Risk Depot, Contact Plaza, and Arcade. Prepare a bank reconciliation for Holder Company as of October 31. Prior to replenishment, the fund consisted of the following: Present journal entries for these transactions. Presented below is information for Pilgrim & Company: If you wanted to determine whether accounts receivable grew at the same rate as sales, what type of financial statement analysis would you perform? During the course of the year, Billings borrowed money from the bank with his father as cosigner. Employees should be assigned to one job and should remain in that job so that skill levels will be as high as possible. Tiffany wrote these checks in July: The cash balance per the ledger on 2010 July 31, was $ 30,766.37. The bank had collected proceeds of a note, $ 22,612 (of which $ 112 was interest), that it credited to the England Company account. The purposes of internal control are to check the accuracy of accounting data, safeguard assets against theft, promote efficiency of operations, and ensure that management’s policies are being followed. Exercise E The following is a bank reconciliation for Brian company as of August 31. Exercise G Matson Company’s bank statement as of August 31, shows total deposits into the company’s account of $ 15,000 and a total of 14 separate deposits. The deposits amount shown on the bank statement includes $ 675 of interest earned by Irish on its checking account with the bank. 1 Established a petty cash fund of $ 750, which will be under the control of the assistant office manager. The fund’s contents on this date consist of: Present journal entries to record these transactions. Business decision case A During a national emergency, a managerial accountant was called back to active duty with the US Army. As it pertains to incomplete data as a limitation of financial statement analysis, which of the following describes the concept of conservatism? The following 2010 June 30, bank reconciliation pertains to Tiffany Company: The cash receipts deposited in July, including receipts of July 31, amounted to $ 5,178.30. Check No. Prepare the journal entry or entries necessary to adjust the accounts as of 2010 May 31. Exercise A State whether each of the following statements about internal control is true or false: Exercise B Concerning internal control, which one of the following statements is correct? Interest revenue was $ 45 of the total. What journal entry is required on August 31? Annual report analysis D In Reader’s Digest’s Annual Report, under Report of Management, the chairman and chief executive officer and the executive vice president and chief financial officer stated: The company maintains a system of internal accounting controls designed to provide reasonable assurance, at reasonable cost, that transactions and events are recorded properly and that assets are safeguarded. Brian Askew recently retired as the office manager-cashier-bookkeeper for Brothers Company and was replaced by Fred Hannah. Bank service charges for October are $ 14. Chapter 4: Cash. ➢  What types of items cause the balance per ledger and the balance per bank statement to disagree? More specifically, he had: For each item in the preceding list, describe in writing at least one feature of good internal control that would have prevented the losses due to dishonesty. Prepare journal entries for all of these transactions.

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