As the full-time bookkeeper, your job is to make any corrections to the general ledger accounts. Each correction needs the reason for the change and the effect on each account, whether it is an increase or decrease. For the third time this month, a co-worker has recorded a cash receipt twice and wants you to record a correcting entry that will reverse the mistakes. The correcting entry will record a credit to the Cash account and a debit to the Sales account. Your co-worker has offered to buy you dinner for fixing this mistake. What should you investigate before making a decision about the correcting entry? What is happening to the Cash account? Would you accept a dinner offer from your co-worker for fixing the mistake?

Judy Baresford, the store manager of Comfort Futons, noticed that the amount of time the two bookkeepers were spending on accounts receivable, accounts payable, and cash receipts was increasing due to the stores increase in sales. A friend of Judys who is also a store manager suggested that she might want to have some special journals designed that would reduce the amount of work involved in the day-to-day bookkeeping at her store. Judy approached Jon Fortner and Sue Stavio, the bookkeepers, and asked them to come up with a proposal for special journals. During lunch, Jon told Sue he thought designing special journals would be a lot of work and it was not in his job description. Sue told him not to worry because she would just copy pages of special journals from her accounting textbook and they could submit these journals as their own design. Jon liked the idea and they agreed to meet the next night, scan the journals into Word, and submit them to Judy the following morning. 1. Do you think Sues suggestion is unethical? Why or why not? 2. In using the generic special journals from Sues accounting textbook, what possible problems can you foresee? 3. If you were Judy, how would you respond to Sue and Jons plan?

As the full-time bookkeeper, your job is to make any corrections to the general ledger accounts.  Each correction needs the reason for the change and the effect on each account, whether it is an increase or decrease. Mesia has come to you for help.  For the third time this month, she has recorded a cash receipt twice.  She wants you to record a correcting entry that will reverse her mistakes.  The correcting entry she wants you  to make will record a credit to the Cash account and a debit to Sales.  What would you do?  Would you also accept a dinner offer from Mesia to fix her mistake?

Rafi works at TBG Cinema. Sells the tickets and also ushers customers into the cinema halls. The standard procedure requires Rafi to tear the tickets, give one-half to the customer, and keep the other half for record. In order to control cash receipts, the manager will compare each night’s cash receipt with the number of ticket stubs on hand.Identify the internal control weakness in this situation. How can this situation be improved?

As the full-time bookkeeper, your job is to make any corrections to the general ledger accounts. Each correction must include the reason for the change and the effect on each account, whether it is an increase or decrease.       For the third time this month, a co-worker has recorded a cash receipt twice and wants you to record a correcting entry that will reverse the mistakes. The correcting entry will record a credit to the Cash account and a debit to the Sales account. Your co-worker has offered to buy you dinner for fixing this mistake.       Respond to the following in a minimum of 175 words:    What should you investigate before making a decision about the correcting entry? What is happening to the Cash account? Would you accept a dinner offer from your co-worker for fixing the mistake?

Someone answered the question below but its incomplete . I was checking my answers I am unsure about the solution , For example #1 recommended change would be enhance the personnel policies?Please advise. 7 The following control procedures are used in Parker Company for over-the-counter cash receipts. Each store manager is responsible for interviewing applicants for cashier jobs. They are hired if they seem honest and trustworthy. All over-the-counter receipts are registered by three clerks who share a cash register with a single cash drawer. At the end of each day, the total receipts are counted by the cashier on duty and reconciled to the cash register total. The company accountant makes the bank deposit and then records the day's receipts. To minimize the risk of robbery, cash in excess of $100 is stored in an unlocked briefcase in the stockroom until it is deposited in the bank.     check_circle Expert Answer thumb_up   thumb_down Step 1 Internal Control:   It refers to…

Consider the checkout process of a grocery store with ten identical cashiers performing the checkout process. First, assume that each cashier has her own separate checkout queue and that customers arrive at each case with an average arrival rate of 12 per hour. It takes 4.8 minutes on average to check a customer out. Assume that both the inter-arrival times and service times have a coefficient variation of 1. 1) How long on average does a customer wait from joining the queue in front of a cashier until her checkout is complete? 2) On average, how many customers are waiting in the queue in total? ( Including all queues)? 3) Now suppose the ten queues are pooled together so that there is one common queue. Repeat your calculations for part a and b, compare the results, and explain the difference

The following procedures were recently implemented by SUP Yoga Co.: Each cashier is assigned a separate cash register drawer to which no other cashier has access. All sales are rung up on the cash register, and a receipt is given to the customer. All sales are recorded on a record locked inside the cash register. At the end of a shift, each cashier counts the cash in his or her cash register, unlocks the cash register record, and compares the amount of cash with the amount on the record to determine cash shortages and overages. Checks received through the mail are given daily to the accounts receivable clerk for recording collections on account and for depositing in the bank. Vouchers and all supporting documents are stamped PAID after being paid by the treasurer. Disbursements are made from the petty cash fund only after a petty cash receipt has been completed and signed by the payee. The bank reconciliation is prepared by the accountant. Instructions: Indicate whether each of the…

1. You are in line to check out at your favorite bagel store when the customer in front of you reaches for cream cheese in a container in a refrigerated area. You notice   she drops a $20 bill. She just paid for her food and left the store. You’re late for work already and your boss is a stickler for punctuality. What would you do  assuming you can catch up with the customer?