The correct amount of the check
Q: Explain receivables conversion period
A: It is the time interval connecting the sale of the last item using a credit card and cash receipts…
Q: tstanding checks
A: The bank reconciliation statement is prepared to equalize the cash book and pass book balances.
Q: What are outstanding checks?
A: The bank reconciliation statement is prepared to equalize the cash book and pass book balances.
Q: With respect to signing checks - how are duties segregated?
A: Segregation of Duties: Segregation of duties is a part of internal controls. In segregation of…
Q: One word to indicate that a security is salable on short notice.
A: Investment- Investment is the sum which is expended by the manufacturer for the acquisition of those…
Q: The need to physically check bills of lading and other documents can be eliminated by using RFID.…
A: We first need to understand RFID technology and how it works. Radio frequency identification (RFID)…
Q: List three typical reasons for abnormal deposit drains?
A: Abnormal deposit means the depositee isn't to return the particular cash saved, however he is to…
Q: What are the steps taken to ensure control over purchases and payments by check?
A: Internal Control: Internal control is a process which ensures continuous reliability of…
Q: Identify and describe any four areas validity checks can be applied?
A:
Q: What are outstanding checks?
A: The bank reconciliation statement is prepared to adjust the balances of cash book and pass book to…
Q: How is a credit check in the advanced technology system fundamentally different from a credit…
A: Definition: Credit check: Credit check is defined as the process of examining the financial…
Q: How does Target record repairs and maintenance expense?
A: Revenue expenditures: These costs are incurred to maintain the long-term asset in good condition…
Q: Describe the accounting for correction of errors.
A: The accounting for correction of errors will be explained:
Q: Distinguish between the different types of security orders and explain how a confirmation statement…
A: A confirmation statement refers to a document that consists of general information related to…
Q: Which of the following checks can not be encashed but instead merely deposited? . Stale check…
A: Banks: Banks are the financial institutions that regulate the money supply in an economy. It accepts…
Q: Question: What would be the correct system flowchart for this given process: Accounts Payable and…
A: The question is based on the concept of preparation of flow chart. A flowchart is a graphical…
Q: How to calculate the mark up
A: The markup is calculated with the following formula:
Q: Explain precautionary balance
A: Precautionary balance refers to the reserves kept by the firm or individual to meet any contingency.…
Q: What is the purpose of the following control procedures (i.e., what threats is it designed to…
A: CONTROL PROCEDURE ARE METHODS USED BY THE COMPANY TO MAINTAIN CONTROL AND CHECK THE VALIDITY AND…
Q: What are the different types of pending checks
A: The bank reconciliation statement is prepared to equalize the cash book and pass book balances.
Q: Explain, on what criteria or by what internal controls in place, where Billing could be responsible…
A: It is the process followed by the organization in order to ensure the reliability of the financial…
Q: audit risk.
A: First option is wrong because the inherent risk is the risk of material misstatements that may exist…
Q: I. When the check has been encashed II. When through the fault of the creditor the check has been…
A: A cheque is an instrument or document that orders the bank to pay the specific amount mentioned in…
Q: What alternative procedures should be applied to accounts that do not return confirmations?
A: Confirmation of accounts receivable: When the auditor has examined the documents of the clients…
Q: Given the above results, which of the following statements regarding the accounts receivable…
A: Auditor has to check the accounts as well as the balances shown on there so that the room and space…
Q: What are the three steps to follow in preparing a check?
A: There are various steps that are required to be followed while preparing the cheques, the main three…
Q: What task can the AR department engage in to verify that all customers’ checks have been…
A: Definition: Accounts receivable department: Accounts receivable department sends the business orders…
Q: Which of the following cannot be encashed but instead merely deposited? stale checks post dated…
A: The checks that can only be deposited not encashed are crossed checks. It is also called an account…
Q: Define Current Receivables.
A: Current receivables are recorded under current assets of the company.
Q: an account should be referred to a professional collection agency if
A: an account should be referred to a professional collection agency in following case
Q: how do you write a check
A: Solution:- The following guide will show you step-by-step how to fill out a check
Q: (a) Identify three risks typically encountered when receiving and recording payments. (b) Analyse…
A: Three risks typically encountered when receiving and recording payments :- Risks in payment systems…
Q: what are checks and balances ?
A: Checks and Balances:-It is a system where each branch of government has power and helps in…
Q: Explain the advantages of an electronic billing cycle
A: The electronic billing cycle is the use of of technology. it is the process in which the bills are…
Q: check and who are the parties involved in the issuance of a check
A: Check is a negotiable instrument usually used in transactions involving bank.
Q: 2) A proper manual payment certification includes whose signature? [List the types of…
A: The certifying officer
Q: What is the purpose of a check digit?
A: A check digit is a form of control check which is used for the purpose of error detection on…
Q: Define security instrument (or trust receipt)
A: A trust receipt is a notification of the release of goods from a bank to a purchaser, with the bank…
Q: Define detachable warrant
A: A detachable warrant may be a by-product that's connected to a security which supplies the holder…
Q: What control best prevents paying for items ordered, but not yet received? all PO's should be…
A: Solution : Concept Control to prevent paying for items ordered but not yet received…
Q: Which of the following tasks should the cash disbursement clerk NOT perform?a. review the supporting…
A: Cash disbursement: It can be defined as an outflow of cash that is made in exchange for the goods…
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- On September 1, French company has decided to initiate a petty cash fund in the amount of $800. Prepare journal entries for the following transactions: A. On September 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $37, Supplies $124, Postage Expense $270, Repairs and Maintenance Expense $168, Miscellaneous Expense $149. The cash on hand at this time was $48. B. On September 14, the petty cash fund needed replenishment and the following are the receipts: Auto Expense $18, Supplies $175, Postage Expense $50, Repairs and Maintenance Expense $269, Miscellaneous Expense $59. The cash on hand at this time was $210. C. On September 23, the petty cash fund needed replenishment and the following are the receipts: Auto Expense $251, Supplies $88, Postage Expense $63, Repairs and Maintenance Expense $182, Miscellaneous Expense $203. The cash on hand at this time was $20. D. On September 29, the company determined that the petty cash fund needed to be increased to $1,000. E. On September 30, the petty cash fund needed replenishment as it was month end. The following are the receipts: Auto Expense $18, Supplies $15, Postage Expense $57, Repairs and Maintenance Expense $49, Miscellaneous Expense $29. The cash on hand at this time was $837.On June 1 French company has decided to initiate a petty cash fund in the amount of $800. Prepare journal entries for the following transactions: A. On June 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $37, Supplies $124, Postage Expense $270, Repairs and Maintenance Expense $168, Miscellaneous Expense $149. The cash on hand at this time was $48. B. On June 14, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $18, Supplies $175, Postage Expense $50, Repairs and Maintenance Expense $269, Miscellaneous Expense $59. The cash on hand at this time was $220. C. On June 23, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $251, Supplies $88, Postage Expense $63, Repairs and Maintenance Expense $182, Miscellaneous Expense $203. The cash on hand at this time was $20. D. On June 29, the company determined that the petty cash fund needed to be increased to $1,000. E. On June 30, the petty cash fund needed replenishment, as it was month end. The following are the receipts: Auto Expense $18, Supplies $175, Postage Expense $50, Repairs and Maintenance Expense $269, Miscellaneous Expense $59. The cash on hand at this time was $437.Using the following information, prepare a bank reconciliation. Bank balance: $4,587 Book balance: $5,577 Deposits in transit: $1,546 Outstanding checks: $956 Interest income: $56 NSF check: $456
- Using the following information, prepare a bank reconciliation. Bank balance: $12,565. Book balance: $13,744. Deposits in transit: $2,509. Outstanding checks: $1,777. Bank charges: $125. Bank incorrectly charged the account for $412. The bank will correct the error next month. Check number 1879 correctly cleared the bank in the amount of $562 but posted in the accounting records as $652. This check was expensed to Utilities Expense.On May 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,200. Prepare journal entries for the following transactions: A. On July 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. B. 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. C. On June 23, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $251, Supplies $188, Postage Expense $263, Repairs and Maintenance Expense $182, Miscellaneous Expense $203. The cash on hand at this time was $93. D. On June 29, the company determined that the petty cash fund needed to be decreased to $1,000. E. On June 30, the petty cash fund needed replenishment as it was month-end. The following are the receipts: Auto Expense $114, Supplies $75, Postage Expense $50, Repairs and Maintenance Expense $121, Miscellaneous Expense $39. The cash on hand at this time was $603.