AIShomeworkch8.docx - Chapter 8 Problems 2 4 9 and 10 on...

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Chapter 8 Problems 2, 4, 9, and 10 on pages 367-368 2. 1. Capture the transaction- TPS 2. Record transaction in special journal- TPS 3. Post to the subsidiary ledger- TPS 4. Post to the general ledger- GLS 5. Prepare the unadjusted trial balance FRS 6. Make adjusting entries FRS 7. Journalize and post the adjusting entries GLS 8. Prepare the adjusted trial balance FRS 9. Prepare the financial statements FRS 10. Journalize and post the closing entries GLS 11. Prepare the post-closing trial balance FRS 4. A control weakness with this scenario is that the clerk is the only one involved in this process. There are a few different things that could happen because of this. For one the clerk may not see be able to find a mistake they made while reconciling the accounts. The clerk also can easily commit fraud. Since she is the only person that sees anything in the process, it make it a dangerous process. The clerk should prepare the journal vouchers for general ledger entries, then it should go to someone else.
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  • Spring '14
  • RichardAnthonyYoung

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