Week 4The following is the description of cash disbursements system of Two Symbols Limited:Upon receipt of the documents from accounts payable department, the cash disbursements clerk files the documents until their payment due date. On the due date, the clerk prepares a cheque for the invoiced amount, which is sent to the treasurer who signs it and mails back to the supplier.The cash disbursement clerk then updates the cheque register, accounts payable ledger, and accounts payable control account from the clerk’s terminal. Finally, the clerk files the invoice and copy of purchase order, receiving report, cheque in the department.Required:Describe the internal control weakness in Two Symbols’ cash disbursements system and discuss the risk associated with the weakness

Peterson Company's general ledger shows a cash balance of $7,480 on May 31. May cash receipts of $1,320, included in the general ledger balance, are placed in the night depository at the bank on May 31 and processed by the bank on June 1. The bank statement dated May 31 shows an NSF check from a customer for $160 and a service fee of $70. The bank processes all checks written by the company by May 31 and lists them on the bank statement, except for one check totaling $1,830. The bank statement shows a balance of $7,760 on May 31. Required: Prepare a bank reconciliation to calculate the correct balance of cash on May 31. (Amounts to be deducted should be indicated with a minus sign.)

how do I journalize the entry to record the cash receipts and cash sales on March 1st?   Refer to the chart of accounts for the exact wording of the account titles. Every line on a journal page is used for debit or credit entries.     DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1                 2                 3             On March 1, the actual cash received from cash sales was $66,670, and the amount indicated by the cash register total was $66,341. Required:         CHART OF ACCOUNTS   General Ledger   ASSETS 110 Cash 111 Petty Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Office Equipment 192 Accumulated Depreciation-Office Equipment 193 Store Equipment 194 Accumulated Depreciation-Store Equipment…

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Prepare journal entries for the following transactions, using the accounts in the order listed: PLEASE NOTE: For similar accounting treatment (DR or CR), you are to record accounts in the order in which they are mentioned in the transactions. On June 1, Kellie Company had decided to initiate a petty cash fund in the amount of $1,200.  DR     CR     On June 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $125, Supplies $368, Postage Expense $325, Repairs and Maintenance Expense $99, Miscellaneous Expense $259. The cash on hand at this time was $38. DR     DR     DR     DR     DR     DR or CR?      CR     On June 14, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $425, Supplies $95, Postage Expense $240, Repairs and Maintenance Expense $299, Miscellaneous Expense $77. The cash on hand at this time was $80. DR     DR     DR     DR     DR     DR or CR?…

1.Journalize and post transactions on account to the cash payments j ournal   2.Complete the petty cash report by classifying each expense to compute the actual cash on hand.   3.Print the cash paymentsjournal and petty cash report.   The cash paymentsjournal and a petty cash report for Electronic Source are given in the Worlting Papers.   Instructions:   Use page 9 of a cash payments journa l tojourna lize the following transactions completed during September of the cun-ent year.Source documents are abbreviated as follows check,C;purchase invoice,P.Save your work to complete Problem 9-S.   Transactions: Sept 2.Paid cash for advertising, $125.00.C388.   5.Paid cash on account to Henson Audio, $2,489.00, covering P346,less 2% discount. C389.   8.Paid cash for heating bill, $240.00.C390 .   10.Paid cash on account to Peterson Electronics,$3,484.00 covering P349,less 2% discount.C391.   12.Paid cash for office supplies,$43.00.C392$.   15.Paid cash to KLP Mfg.for merchandise with a list…

Peterson Company's general ledger shows a cash balance of $7,420 on May 31. May cash receipts of $1,220, included in the general ledger balance, are placed in the night depository at the bank on May 31 and processed by the bank on June 1. The bank statement dated May 31 shows an NSF check from a customer for $120 and a service fee of $70. The bank processes all checks written by the company by May 31 and lists them on the bank statement, except for one check totaling $1,900. The bank statement shows a balance of $7,910 on May 31. Required: Prepare a bank reconciliation to calculate the correct balance of cash on May 31. (Amounts to be deducted should be indicated with a minus sign.) Bank's Cash Balance Per bank statement PETERSON COMPANY Bank Reconciliation May 31 Company's Cash Balance Per general ledger Bank balance per reconciliation $ 0 Company balance per reconciliation $ 0