The actual cash received from cash sales was 36 183 and the The actual cash received from cash sales was $36,183, and the amount indicated by the cash register total was $36,197.a. What is the amount deposited in the bank for the day’s sales?b. What is the amount recorded for the day’s sales?c. How should the difference be recorded?d. If a cashier is consistently over or short, what action should be taken? The actual cash received from cash sales was 36 183 and the

Q: What are some audit procedures that can be performed using CAATs?

A: Computer-Assisted Audit Techniques (CAAT's): The technique which assists an auditor to perform audit...

Q: Current Liabilities Bon Nebo Co. sold 25,000 annual subscriptions of Magazine 20XX for $85 during De...

A: Current liabilities are the liabilities which are going to be settled within one year from the repor...

Q: Mike Samson is a college football coach making a base salary of $652,800 a year ($54,400 per month)....

A: Given information is: Mike Samson is a college football coach making a base salary of $652,800 a yea...

Q: Define expense recognition principle

A: Expense recognition principle says that all expenses for the particular period must be recognized in...

Q: You’re struggling in your new accounting practice to tap into a potential client base. You have trie...

A: CPA: CPA is the Certified Public Accountant, a professional qualification given by the American Inst...

Q: If a company reports positive net income for the year, can it also show a net cash outflow from oper...

A:

Q: Balthus Corp. reports the following components of stockholders’ equity at December 31, 2018. Common ...

A: 1. Prepare journal entries to record each of the given transactions.

Q: Due to recent beef recalls southwest steakhouse is considering incorporating. Bob the owner wants to...

A: Definition: Corporation: A corporation is a form of business in which the legal entity of the busine...

Q: Accounting Question

A: Definition: Taxable income: Income that is computed after all allowable or permissible deductions ar...

Q: The Field, Brown & Snow partnership was begun with investments by the partners as follows: Field...

A: Partnership: This is the form of business entity which is formed by an agreement, owned and managed ...

Q: Picasso Graphics is a graphics arts design consulting firm. Pablo Taylor, its treasurer and vice pre...

A: Ethical Case:   In this case, Person M has deliberately reported a personal loan of $56,000 to the ...

Q: If sales were overstated by recording a false credit sale at the end of the year, where couldyou fin...

A:

Q: dentify important internal control activitiespresent in a properly designed system tomitigate the ri...

A: Introduction: Internal control: Internal control refers to the rules and regulation that are followe...

Q: Which of the following would reduce the effectiveness of internal control in an accountinginformatio...

A: Internal auditing is a mechanism for ensuring organizational performance and quality goals, a consis...

Q: how do you find the owner's capital?

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions t...

Q: Analytical procedures can be used in which of the following ways?a. As a means of overall review nea...

A:

Q: Identify which department has stewardship (having the job of supervising or taking care of) over the...

A: Stewardship: A job, responsibility, or authority to take care or supervise something in such a manne...

Q: items appear on the balance sheet of a company with a one-year operating cycle. Identifythe proper c...

A: Current liability: Current liability is a debt that the companies need to pay the debts from existi...

Q: c. The beginning balance of Office Supplies was $2,300. During the year, Betterton purchased office ...

A: Adjusting entries are considered as the changes to the already recorded journal entries. It helps to...

Q: (Learning Objectives 1, 3: Measure, depreciate, and report plant assets) During2018, Chang’s Book St...

A: Journal: Recording of a business transactions in a chronological order.  

Q: What are the categories of processing controls?

A: Internal Control:   It is a process of assuring the effectiveness and efficiency of the objectives o...

Q: Accounting Question

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any ...

Q: Prepare the journal entry to record Zende Company’s issuance of 75,000 shares of $5 par value common...

A: When a company issues common stock, it can issue the stock at par value or more than par value or le...

Q: Financial Assertions and Audit Objectives. You are engaged to examine the financialstatements of Spi...

A: PCAOB is private sector non-profit organization that overlooks the work of accounting professionals ...

Q: Entries into The simplest form of an account.T Accounts and A summary listing of the titles and bala...

A: “Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts f...

Q: Which of the following should be capitalized when a pieceof production equipment is acquired for a f...

A:

Q: Cape Cod Shirt Shop manufactures T-shirts and decorates them with custom designs for retail sale on ...

A: Fixed Cost: It is a cost which is constant in the short run, it is not related to any change in the ...

Q: Place the following items in the correct order as they would appear in the statement of cash flows. ...

A: Cash flow statement is a statement which provides detail of all cash inflows and outflows of the bus...

Q: When using vertical analysis, we express balance sheet accounts as a percentage of a. Total assets. ...

A: Answer:   Option a.

Q: List the general rights of common stockholders.

A: Common stock holders are the real owners of the company.

Q: For each of the following separate transactions, (a) prepare the reconstructed journal entry and (b)...

A: a.  

Q: Vaughn Corporation has municipal bonds classified as a held-to-maturity at December 31, 2020. These ...

A: Impairment: This exists when the Fair value or the FV of an asset is below or lower than the carryin...

Q: Why would a company use graphs to highlight its performance on an annual report? ( minimal 1 paragra...

A: The annual report of a company gives all the important information about the company which are criti...

Q: Which of the following is not an advantage of budgeting? a) Forces managers to planb) Provides infor...

A: Budget: A budget is an estimation of revenue and expenses over a specified period of time and is usu...

Q: HARDA Fashion sells ready-to-wear fashion clothes to teenagers. The company has a 20-store chain con...

A: 1 and 2 Strength 1) - The sales department consists of young employees who are paid hourly basis plu...

Q: Mo, Lu, and Barb formed the MLB Partnership by making investments of $67,500, $262,500, and $420,000...

A: We have the following information for plan (c): salary allowances of $80,000 to Mo, $60,000 to Lu, ...

Q: For a company like Best Buy, what does the balance of Cost of Goods Sold in the income statement rep...

A:

Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.