w2 | Onlin X +A https://v2.cengagenow.com/iln/takeAssignment/takeAssignmentMain.do?inprogress=trueg Bonus AssignmCalculatorInternal Control of Cash ReceiptsSergio Flores works at the drive-through window of Big & Bad Burgers. Occasionally, when a drive-through customer orders, Sergio fills the order andpockets the customer's money. He does not ring up the order on the cash register.Identify the internal control weaknesses that exist at Big & Bad Burgers.Can customers be part of the internal control process?Check My Work 2 more Check My Work uses remaining.PreviousNext9:54 AMsearch4/10/202049wwert5.

Introduction Internal Control is a process of assurance in achieving organisational objectives, in…

Answered: w2 | Onlin X + A…

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter10: Accounting For Sales And Cash Receipts

Section10.3: Accounting For Cash And Credit Card Sales

Problem 1OYO

See similar textbooks

Similar questions

* CengageNOWV2 | Online teachin x om/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress-false S eBook Show Me How Petty Cash Fund Prepare journal entries for each of the following: a. Issued a check to establish petty cash fund of $500. If an amount box does not require an entry, leave it blank. 88 b. The amount of cash in the petty cash fund is $85. Issued a check to replenish the fund, based on the following summary of petty cash receipts: store supplies, $360 and miscellaneous selling expense, $40. Record any missing funds in the cash short and over account. If an amount box does not require an entry, leave it blank. Previous Next Check My Work Email Instructor Save and Exit Submit Assignment for Grading 96 5. y.
Applying internal control over cash receipts Sandra Kristof sells furniture for McKinney Furniture Company. Kristof is having financial problems and takes $650 that she received from a customer. She rang up the sale through the cash register. What will alert Megan McKinney, the controller, that something is wrong?
The following cash receipts journal headings have been suggested for a small service firm. List the errors you find in the headings. CASH RECEIPTS JOURNAL Page 12 Fees Earned Other Accounts Accts. Rec. Account Post. Cash Date Credited Ref. Cr. Cr. Cr. Dr.
Use the following cash payments journal to record the transactions. (If a box is not used in the journal leave the box empty; do not select any information and do not enter a zero.) A (Click the icon to view the transactions.) Cash Payments Journal Page 8 Ck. Post. Other Accounts Merchandise Date No. Account Debited Ref. Accounts DR Payable DR Inventory CR Cash CR 2024 Jan. More Info Jan. 5 Issued check no. 430 to purchase equipment for cash, $1,500. Jan. 7 Purchased merchandise inventory for cash, $400, issuing check no. 431. Jan. 18 Paid Knell Co. amount owed, $975, less $80 discount. Issued check no. 432. Jan. 28 Issued check no. 433 to pay utilities, $220. The bill was just received, and there is no liability recorded. Print Done
Use the following cash payments journal to record the transactions. (If a box is not used in the journal leave the box empty; do not select any information and do not enter a zero.) A (Click the icon to view the transactions.) Cash Payments Journal Page 8 Ck. Post. Other Accounts Merchandise More Info Date No. Account Debited Ref. Accounts DR Payable DR Inventory CR Cash CR 2024 Jan. Jan. 5 Issued check no. 430 to purchase equipment for cash, $1,600. Jan. 7 Purchased merchandise inventory for cash, $400, issuing check no. 431. Jan. 18 Paid Kettle Co. amount owed, $1,025, less $25 discount. Issued check no. 432. Jan. 28 Issued check no. 433 to pay utilities, $290. The bill was just received, and there is no liability recorded. Print Done
4 (61) El Yaki- Celos Del https://newconnect.mheducation.com/flow/connect.html 4 1 Saved Help Save & Exit Check my vw Required information [The following information applies to the questions displayed below.] Oscar's Red Carpet Store maintains a checking account with Academy Bank. Oscar's sells carpet each day but makes bank deposits only once per week. The following provides information from the company's cash ledger for the month ending February 28, 2021. Date Amount No. Date Amount Deposits: 2/4 2/11 2/18 2/25 2/26-2/28 $2,600 Checks: 2,200 3,100 4,000 1,500 $13,400 321 2/2 2/8 2/12 2/19 2/27 $ 4,600 322 650 323 2,400 2,100 324 Cash receipts: 325 450 326 2/28 950 2/28 1,800 $12,950 327 Balance on February 1 $6,700 Receipts Disbursements 13,400 (12,950) $ 7,150 Balance on February 28 8:41 PM earch 3/8/2020 80 K. H.
Kimmel, Financial Accounting, 8e Help I System Announcements he cash register tape indicates cash sales are $2,000 and sales taxes are $155. What journal entry is needed to record this informati ractice Question 19 000' 155 O Cash Sales Tax Expense 1,155 Sales Cash 000 0000 Sales D Cash 2,155 000 155 Sales Sales Taxes Payable D Cash 2,155 Sales 2,155 ick if you would like to Show Work for this question: Open Show Work
Use the following cash receipts journal to record the transactions. (If a box is not used in the journal leave the box empty; do not select any information and do not enter a zero. Abbreviations used: Disc. = Discounts, Forfeit. = Forfeited; Rec. = Receivables, Rev. = Revenue, Accts = Accounts, Inv. = Inventory) A (Click the icon to view the transactions.) Cash Receipts Journal Page 3 Post. Accounts Sales Sales Disc. Other Cost of Goods Sold DR Date Account Credited Ref. Cash DR Rec. CR Rev. CR Forfeit. CR Accts CR Merchandise Inv. CR 2024 Jul. More Info Jul. 5 Sold merchandise inventory for cash, $2,300. Cost of goods, $2,000. Jul. 12 Collected interest revenue of $2,400. Jul. 18 Received cash from Hank Noll, $900, on account. There was no discount. Jul. 29 Received $5,600 from Mckenna Door in full settlement of his account receivable including sales discounts forfeited of $65. Print Done
10. In Exhibit 3.6, you see a credit sale to G. H. Allen that is recorded in a paper-based accounting system. On July 28, 2021, Aca Pool Co. received check number 6311 from G. H. Allen in payment of his outstanding invoice. Required: a. Record the receipt of Allen's check on the cash receipts prelist, document number CR645. Your instructor will provide you a blank form. b. Use the prelist as your source document to record this cash receipts transaction in the appropriate 14
Alabama A&M AppsAnywhere Content * CengageNOWv2 | Online teachin x + A v2.cengagenow.com/iln/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false E Apps M Gmail O YouTube A Maps a News E Reading list Bank Reconciliation and Entries The cash account for Stone Systems at July 31, 20Y5, indicated a balance of $12,700. The bank statement indicated a balance of $15,810 on July 31, 20Y5. Comparing the bank statement and the accompanying canceled checks and memos with the records reveals the following reconciling items: a. Checks outstanding totaled $5,690. b. A deposit of $5,930, representing receipts of July 31, had been made too late to appear on the bank statement. c. The bank had collected $3,080 on a note left for collection. The face of the note was $2,920. d. A check for $500 returned with the statement had been incorrectly recorded by Stone Systems as $550. The check was for the payment of an obligation to Holland Co. for the purchase of office…
A small medical supply company sells cash only the cash sale procedure involves several steps • The sales clerk prepares a pre-numbered sales invoice in triplicate. The sales clerk takes copy 1and 2 together with the payment and presentthem to the cashier • The cashier validates the original copy and gives it to the customer • The third copy of the sales invoice stays in the invoice book when the invoice book has been depleted all 3rd copy of the invoices is filed in the sales office. “by invoice books” • At the end of each day the cashier prepares aSales summary, a deposit slip in duplicate and counts the cash. He or she takes the cash tothe Bank and deposit it. The cashier retains a copy of the deposit slip the other copy is validated by the bank. • The cashier then gives the accountant the sales summary, the 2nd copy of the invoices and the validated deposit slip. • The accountant agrees the numbers prepare the journal entry Files the documents as follows Sales summaries by date…
Applying internal control over cash payments by check A purchasing agent for Franklin Office Supplies receives the goods that he purchases and also approves payment for the goods. Requirements 1. How could this purchasing agent cheat his company? 2. How could Franklin avoid this internal control weakness?

SEE MORE QUESTIONS

Recommended textbooks for you

Century 21 Accounting Multicolumn Journal

Accounting

ISBN:

9781337679503

Author:

Gilbertson

Publisher:

Cengage

Century 21 Accounting General Journal

Accounting

ISBN:

9781337680059

Author:

Gilbertson

Publisher:

Cengage

Pkg Acc Infor Systems MS VISIO CD

Finance

ISBN:

9781133935940

Author:

Ulric J. Gelinas

Publisher:

CENGAGE L

Century 21 Accounting Multicolumn Journal

Accounting

ISBN:

9781337679503

Author:

Gilbertson

Publisher:

Cengage

Century 21 Accounting General Journal

Accounting

ISBN:

9781337680059

Author:

Gilbertson

Publisher:

Cengage

Pkg Acc Infor Systems MS VISIO CD

Finance

ISBN:

9781133935940

Author:

Ulric J. Gelinas

Publisher:

CENGAGE L

Quickbooks Online Accounting

Accounting

ISBN:

9780357391693

Author:

Owen

Publisher:

Cengage

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781305084087

Author:

Cathy J. Scott

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS