Internal Control and Accounting for Assets Worksheet - Financial

School: Capella University - Course: FPX 4060 - Subject: Accounting

FINANCIALACCOUNTINGP RINCIPLES Assessment 3: Internal Control and Accounting for Assets Worksheet Use this worksheet to complete the following three exercises for Assessment 3. Refer to the instructions in the course for submitting your assessment. Exercise 3-1 The Scheiffer Company's most recent bank statement and book balances of cash reconciliations were completed on September 30, 2012. Two checks were reported outstanding: check #6798 for $1135.50 and check #6794 for $524.00. The following information is available for the October 31, 2012 reconciliation. Section of the October 31 Bank Statement Previous BalanceTotal Checks & DepositsTotal Deposits & CreditsCurrent Balance 16,345.509,695.5511,146.8517,796.80 Checks and DebitsDeposits and CreditsDaily Balance DateNo.AmountDateAmountDateAmount 10/0267981,135.50 10/041,214.5009/3016,345.50 10/057002815.0010/112,054.5510/0215,210.00 10/0970011,788.50 10/203,990.2510/0416,424.50 10/15605.75 NSF10/232,436.8010/0515,609.50 10/197004954.0010/2920.75 IN10/0913,821.00 10/227003405.3510/291,430.00 CM10/1115,875.55 10/2570051,985.95 10/1515,269.80 10/267007310.3510/1914,315.80 10/3070091,695.15 10/2018,306.05 10/2217,900.70 10/2320,337.50 10/2518,351.55 10/2618,041.20 10/2919,491.95 10/3017,796.80 1

From Scheiffer's Accounting Records Cash Receipts Deposited DateCash Debit Oct41,214.50 112,054.55 203,990.25 232,436.80 9,696.10 Cash Disbursements CheckNo.Cash Credit 70011,788.50 7002815.00 7003405.35 7004954.00 70051,955.95 7006880.50 7007310.35 7008325.10 70091,695.15 9,129.90 CashAccount #101 DateExplanationPRDebitCreditBalance Sep30Balance14,686.00 Oct31Total receiptsR12 9,696.1024,382.10 31Total disbursementsD23 9,129.9015,252.20