Which of the following is not accomplished with an internal control system? Guarantee a return to investors The principles of internal control include: Separate record keeping from custody of assets Cash equivalents: Are readily convertible to a known cash amount The cash over and short account: Is used to record the income effects of cash overages and cash shortages Which of the following procedures would weaken control over cash receipts that arrive through the mail? For safety, only one person should open the mail, and that person should deposit the cash received in the bank at the end of each month At the end of the day, the cash register tape shows $1000 in cash sales but the count of cash in the register is $1010. The proper entry to account for this excess is: Debit cash $1010, credit Sales $1000: credit Cash Over and Short $10. The entry to establish a petty cash fund includes: A debit to Petty Cash and a credit to Cash Spencer Company has a $200 petty cash fund. At the end of the first month the accumulated receipts represent $43 for delivery expenses, $127 for merchandise inventory, and $12 for miscellaneous expenses. The fund has a balance of $18. The journal entry to record the reimbursement of the account includes a: Credit to cash for $182 On a bank reconciliation, interest earned and received but not yet recorded by the company is: Added to the book balance of cash Clayborn Company deposits all cash receipts on the day they are received and makes all cash payments by check. At the close of business on May 31, its Cash account shows a debit balance of $17,025. Clayborn's May bank statement shows a $15,800 balance in the bank. Determine the adjusted cash balance using the following information: Deposit in transit$ 5,200 Outstanding checks$ 4,600 Bank service fees, not yet recorded by company$ 25 A NSF check from a customer, not yet recorded by the company$ 600 The adjusted cash balance should be: $16400 Which of the following is false regarding a bank(or third party) credit card expense? Credit card expense is not recorded by the seller The interest accrued on $7500 at 6% for 90 days is: $112.50
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