Cornerstones of Financial Accounting
4th Edition
ISBN: 9781337690881
Author: Jay Rich, Jeff Jones
Publisher: Cengage Learning
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Chapter 4, Problem 64.1C
To determine
Concept Introduction:
Internal Control:
Internal controls are policies and procedures implemented by an organization to attain operational goals and maintain the integrity of accounting. Internal
To Indicate:
The internal control practices violated by the Campus procedure for purchase and payables.
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Problem 6-2A (Algo) Establishing, reimbursing, and adjusting petty cash LO P2
Kiona Company set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund
occurred in May (the last month of the company's fiscal year).
May 1 Prepared a company check for $300 to establish the petty cash fund.
May 15 Prepared a company check to replenish the fund for the following expenditures made since May 1.
May 15 a. Paid $93.60 for janitorial expenses.
May 15 b. Paid $76.41 for miscellaneous expenses.
May 15 c. Paid postage expenses of $52.20.
May 15 d. Paid $68.58 to Facebook for advertising expense.
May 15 e. Counted $23.01 remaining in the petty cashbox.
May 16 Prepared a company check for $200 to increase the fund to $500.
May 31 The petty cashier reports that $339.32 cash remains in the fund. A company check is drawn to replenish the fund for the
following expenditures made since May 15.
May 31 f. Paid postage expenses of $53.73.
May 31 g.…
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Current Attempt in Progress
Sheridan Company maintains a petty cash fund for small expenditures. These transactions occurred during the month of August.
Aug. 1
(a)
15
16
31
Established the petty cash fund by writing a check payable to the petty cash custodian for $225.
Replenished the petty cash fund by writing a check for $220.30. On this date, the fund consisted of $4.70 in cash and
these petty cash receipts: freight-out $96, entertainment expense $48.70, postage expense $41.70, and miscellaneous
expense $32.50.
Increased the amount of the petty cash fund to $325 by writing a check for $100.00.
Replenished the petty cash fund by writing a check for $309.30. On this date, the fund consisted of $15.70 in cash and
these petty cash receipts: postage expense $139.80, entertainment expense $96.40, and freight-out $71.80.
Journalize the petty cash transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when
amount is…
Recording Petty Cash Transactions
Budding Products had a balance of $400 in cash in its petty cash fund at the beginning of November. The following transactions took place in November:
On November 1, the custodian paid $43 out of petty cash for new pens with Budding’s newly designed logo prominently displayed. This is considered supplies expense.
On November 7, the custodian paid $84 out of petty cash for minor repairs to its equipment. This is a maintenance expense.
On November 9, the custodian paid $33 out of petty cash for transportation-in.
On November 15, the custodian paid $46 out of petty cash to have documents delivered to the accounting firm preparing the company’s corporate tax return. This is considered an other expense.
On November 22, the custodian paid $125 out of petty cash to reimburse the Chief Financial Officer for costs he had incurred in traveling to the airport for an important international business conference. This is a travel expense.
On November 28, the…
Chapter 4 Solutions
Cornerstones of Financial Accounting
Ch. 4 - Prob. 1DQCh. 4 - Prob. 2DQCh. 4 - The Sarbanes-Oxley Act increased top managements...Ch. 4 - Prob. 4DQCh. 4 - Prob. 5DQCh. 4 - Prob. 6DQCh. 4 - Prob. 7DQCh. 4 - Prob. 8DQCh. 4 - Prob. 9DQCh. 4 - Prob. 10DQ
Ch. 4 - Prob. 11DQCh. 4 - Prob. 12DQCh. 4 - Prob. 13DQCh. 4 - Prob. 14DQCh. 4 - Prob. 15DQCh. 4 - Prob. 16DQCh. 4 - Prob. 17DQCh. 4 - Prob. 18DQCh. 4 - Prob. 19DQCh. 4 - Prob. 20DQCh. 4 - Prob. 21DQCh. 4 - Prob. 22DQCh. 4 - Prob. 1MCQCh. 4 - Prob. 2MCQCh. 4 - Which of the following is not one of the five...Ch. 4 - Prob. 4MCQCh. 4 - The internal audit function is part of what...Ch. 4 - Prob. 6MCQCh. 4 - Prob. 7MCQCh. 4 - Prob. 8MCQCh. 4 - Which one of the following would not appear on a...Ch. 4 - Prob. 10MCQCh. 4 - Prob. 11MCQCh. 4 - Prob. 12MCQCh. 4 - Prob. 13MCQCh. 4 - Prob. 14MCQCh. 4 - Prob. 15MCQCh. 4 - Prob. 16CECh. 4 - Prob. 17CECh. 4 - Cornerstone Exercise 4-18 Adjusting Entry from...Ch. 4 - Prob. 19CECh. 4 - Prob. 20CECh. 4 - Cornerstone Exercise 4-21 Cash Over and Short On a...Ch. 4 - Cornerstone Exercise 4-22 Cash Over and Short...Ch. 4 - Prob. 23CECh. 4 - Prob. 24CECh. 4 - Prob. 25BECh. 4 - Prob. 26BECh. 4 - Prob. 27BECh. 4 - Prob. 28BECh. 4 - Prob. 29BECh. 4 - Prob. 30BECh. 4 - Prob. 31BECh. 4 - Prob. 32BECh. 4 - Prob. 33BECh. 4 - Prob. 34BECh. 4 - Prob. 35BECh. 4 - Prob. 36BECh. 4 - Prob. 37BECh. 4 - Prob. 38BECh. 4 - Prob. 39ECh. 4 - Prob. 40ECh. 4 - Prob. 41ECh. 4 - Prob. 42ECh. 4 - Miller Enterprises deposits the cash received...Ch. 4 - Prob. 44ECh. 4 - Prob. 45ECh. 4 - Prob. 46ECh. 4 - Prob. 47ECh. 4 - Hawk Enterprises identified the following items on...Ch. 4 - Prob. 49ECh. 4 - Prob. 50ECh. 4 - Prob. 51ECh. 4 - Prob. 52ECh. 4 - Prob. 53ECh. 4 - Exercise 4-54 Operating Cycle and Current...Ch. 4 - Prob. 55APSACh. 4 - Prob. 56APSACh. 4 - Prob. 57APSACh. 4 - Prob. 58APSACh. 4 - Prob. 59APSACh. 4 - Prob. 60APSACh. 4 - Prob. 61APSACh. 4 - Prob. 55BPSBCh. 4 - Prob. 56BPSBCh. 4 - Prob. 57BPSBCh. 4 - Prob. 58BPSBCh. 4 - Prob. 59BPSBCh. 4 - Prob. 60BPSBCh. 4 - Prob. 61BPSBCh. 4 - Prob. 62.1CCh. 4 - Prob. 62.2CCh. 4 - Prob. 62.3CCh. 4 - Prob. 62.4CCh. 4 - Prob. 63.1CCh. 4 - Prob. 63.2CCh. 4 - Prob. 64.1CCh. 4 - Prob. 64.2CCh. 4 - Prob. 65CCh. 4 - Prob. 66.1CCh. 4 - Prob. 66.2CCh. 4 - Prob. 67.1CCh. 4 - Prob. 67.2CCh. 4 - Prob. 68.1CCh. 4 - Prob. 68.2CCh. 4 - Prob. 68.3CCh. 4 - Prob. 68.4CCh. 4 - Prob. 69.1CCh. 4 - Prob. 69.2CCh. 4 - Prob. 69.3CCh. 4 - Prob. 69.4CCh. 4 - Case 4-70 CONTINUING PROBLEM: FRONT ROW...Ch. 4 - Prob. 70.2CCh. 4 - Prob. 70.3CCh. 4 - Prob. 70.4C
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