FNSACC321_322_421 Assignment-part-2

Problems on petty Cash Exercise  2 Abu Nabil LLC Expeditions established a petty cash fund for minor day-to-day expenses. Following are activities related to this fund. Prepare the necessary journal entries for petty cash and even for over and short cash in petty cash fund. Assume that RO 200 cheque is issued to establish a petty cash fund. The petty cash custodian has receipts totaling RO 190 and RO 10 in coin and currency remaining in the petty cash box. The receipts consist of the following: delivery charges RO 100, RO 35 for postage, and office supplies of RO 55. The petty cash custodian submits the receipts to the accountant who records the following entry and issues a cheque for RO 190. Assume the same information above except that the coin and currency remaining in the petty cash locked box was RO 8. This amount plus the receipts for RO 190 equals RO 198 and not RO 200, indicating a shortage in the petty cash box. The entry at the time of reimbursement will be. Assume, instead,…

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Problems on petty Cash Exercise  1 Al Shams LLC Expeditions established a petty cash fund for minor day-to-day expenses. Following are activities related to this fund. Prepare the necessary journal entries for petty cash. Established a RO 1,000 petty cash fund by writing a cheque to “cash,” cashing the cheque, and placing the proceeds in a petty cash box entrusted to Mr. Ahmed as custodian. At the end of the month, the petty cash fund contained remaining cash of RO 254, and receipts for RO 130 postage, RO 246 office supplies, and RO 360 gasoline for company vehicles. Mr. Ahmed is not sure why the fund is short RO 10. A cheque payable to cash in the amount of RO 746 was prepared, and the funds were placed into the box. At the end of the next month, the petty cash fund contained remaining cash of RO 70, and receipts for RO 530 postage, RO 320 office supplies, and RO 80 gasoline for company vehicles. A cheque payable to cash in the amount of RO 1,430 was prepared, and the funds were…

L Recording Petty Cash Account Transactions During March, Drapeau Company engaged in the following transactions involving its petty cash fund: a. On March 1, Drapeau Company established the petty cash fund by issuing a cheque for $1,500 to the fund custodian. b. On March 4, the custodian paid $103 out of petty cash for freight charges on new equipment. This amount is properly classified as equipment. c. On March 12, the custodian paid $140 out of petty cash for supplies. Drapeau expenses supplies purchases as supplies expense. d. On March 22, the custodian paid $28 out of petty cash for express mail services for reports sent to Environment Canada. This is considered a miscellaneous expense. e. On March 25, the custodian filed a claim for reimbursement of petty cash expenditures during the month totalling $271. f. On March 31, Drapeau Issued a cheque for $271 to the custodian, replenishing the fund for expenditures during the month. Required: Prepare the journal entries required to…

1- Majaan Company has the following internal control procedures over cash receipts. Instruction: Identify the internal control principle that is applicable to each procedure. 1. All over-the-counter receipts are registered on cash registers. 2. All cashiers are bonded. 3. Daily cash counts are made by cashier department supervisors. 4. The duties of receiving cash, recording cash, and custody of cash are assigned to different individuals. 5. Only cashiers may operate cash registers.

How do I solve E9-16 requirement 1

Journalize the entries to record the following: Check No. 245-13 is issued to establish a petty cash fund of $600. The amount of cash in the petty cash fund is now $198. Check No. 271-13 is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $233; miscellaneous selling expense, $96; miscellaneous administrative expense, $60. a.  Journalize the entry to establish the petty cash fund.   Petty Cash  fill in the blank 1cd8ceff2fd201b_2     Cash    fill in the blank 1cd8ceff2fd201b_4   Feedback   a. Recall that the only time Petty Cash is used is when the fund is initially established or increased. Learning Objective 6. b.  Journalize the entry to replenish the petty cash fund. For a compound transaction, if an amount box does not require an entry, leave it blank.   Office Supplies  fill in the blank bd88c5f6e066fba_2 fill in the blank bd88c5f6e066fba_3   Miscellaneous Selling Expense  fill in the…

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Question 1The following describes the cash receipts process for a company: The mail room staff consists of 35 clerks who receive and sort the general mail. Included in the mail are envelopes containing customer checks and remittance advices, which the clerks open to verify that the checks are signed and are constant in amount with the remittance advice. The checks and remittance advices are organized into batches and sent to the AR department where the AR clerk reviews them for correctness, posts to the AR sub ledger. The clerk then prepares two copies of a remittance list. One of these is filed in the department along with the remittance advice and the other is sent to the cash receipts department with the checks. Upon receipt of the checks and remittance list, the cash receipts clerk reconciles the documents and post the checks to the cash receipts journal. At the end of the day, the clerk prepares a deposit slip and sends it along with the checks to the bank. Finally, the clerk…

Internal Control of Cash Receipts The procedures used for over-the-counter receipts are as follows. At the close of each day's business, the sales clerks count the cash in their respective cash drawers, after which they determine the amount recorded by the cash register and prepare the memo cash form, noting any discrepancies. An employee from the cashier's office counts the cash, compares the total with the memo, and takes the cash to the cashier's office. a.  Identify the weak link in internal control.  An employee from the cashier's office counts the cash and compares the total with the memorandum. An employee from the cashier's office takes the cash to the cashier's office. An employee from the treasurer's office takes the cash to the cashier's office. The sales clerks should have access to the cash register tapes. The sales clerks should not have access to the cash register tapes. b.  Who should remove the cash register tapes from the register? A teller from the bank An…

Internal Control of Cash Receipts The procedures used for over-the-counter receipts are as follows: At the close of each day’s business, the salesclerks count the cash in their respective cash drawers, after which they determine the amount recorded by the cash register and prepare the memo cash form, noting any discrepancies. An employee from the cashier’s office counts the cash, compares the total with the memo, and takes the cash to the cashier’s office. a.  Identify the weak link in internal control.   b.  Who should remove the cash register tapes from the register?

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