CH8.CashFraudControls.docx - Chapter 8 Homework 0 9|th...

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Unformatted text preview: Chapter 8 - Homework 0 9|th 100n00 Tomi polnts awarded Help Exit Show correct answers 1 A 05 8-5 Bank reconciliation LO P3 115fi25 18. 9. For each ofthe following items, indicate whether in; amount affects die bank or book side of a bank reconciliafion and represents an addition or a points awarded subtraction in a bank reconciliation and whefl'ier an adjusting journal envy is required: :Jcoreu — Interest on cash a. balance Book 9 Addition 9 Yet: 9 ! b. Bank service charges Book 0 Subtraction 0 Yes 0 EBWk c. Debit memos Book 0 Subtraction 0 Yes 0 _ d. Outstanding checks Bank 0 Subtraction a No a 3:1 e. Credit memos Book 0 Addition a Yes a r. NSF checks Book 9 Subtraction 9 Yet: 9 9 Outstanding deposits Bank 0 Addition 0 No 0 Explanation No further explanation details an":I available for this problem. Reference links Bank Reconciliation Prev Iof8 E! Next > Chapter 8 - Homework 0 9|th 100n00 Total polnts awarded Help Exit 2 A 05 8-6 Bank reconciliation LO P3 115fi25 Nolan Company deposits all cash receipts on the day when they are received and it makes all cash payments by check. Atthe close of business on June points awarded 30, 2017, its Cash account shows a $29,193 debit balance. Nolan's June 30 bank statement shows $28,152 on deposit in the bank. 7 a. Outstandlng checks as of June 30 total $2,801. in. The June 30 bank statement included a $32 debit memorandum for bank services; the company has not yet recorded the cost ofthese services. c. In reviewing the bank statement, a $80 check written by the companyr was mistakenly recorded in the company's books at $89. ! d. June 30 cash receipts of $3,853 were placed in the bank‘s night depository after banking hours and were not recorded on the June 30 bank eBonk statement. e. The bank statement included a $34 credit for interest earned on the cash in the bank a Prepare a bank reconciliation for Nolan Company using the above infon'na‘tion. El Prim Bank statement balance 5 28 52 Book balance 5 29,193 Add: Add: I eposit of June 30 n ' ecording error on check a _: —: Deduct: —: —: —: , , —: Adjusted bank balance , , Adjusted book balance (Prev 20f3 Next) Chapters— Homewom 0 5mm 100mm Total palms awarded Help Exit A Rented II'IfDI'll'I‘IIDl'I RIM 0”— Use the following information for the Exercises below. — [The folll'anmg WW miles to me am Mayer! balm] 115125 Del Gain [Illnlc depcflts al cash recelms on the dayr when theyr are recerued and It makes all cash payments by check At 1113 close of paint; awarded mness on June 30. 2017, [Is Cash account shows an $11,589 deblt Dam. Del 6an Cllnlc’s June 30 bank smemem Sims $10,555 on deposlt In the bank a. Oulstmdmg checks as of June 30 total $1,828 b. The m 30 bank matemem llsrs a $16 senate charge. c. Check Nu 919, lls‘led with [he canceled checks. was conecfly drawn for $46? In payment Dfa urlllly bIll on June 15. Del GaID Cllnlc n'lstakenly recorded Itwrlh a debit to UIIImes Expense and a credtto Cash In the amoum ofWS. d. The m 30 cash recelpts 0132356 were placed In me bank's right deposlmry alter banldng hours and were not recorded on the June 30 bank armament Exercise 8-9 Bank reconciliation LO P3 3repare a bank recondllatlon for Del Gate Cllnlc uslng the above InforrnaIIon: Bank slalemenl balance 5 10,555 Book balance 5 11589 Add: Add: ’ Deposit orJuneao vb 5 2,856 ’ Enor on OK No. 919 v ’ 5 9 b Y b b v b I 2,855 I 9 I 133111 I 11598 Deduct Deducl: ’ Outstanding checks v ’ 1,829 ’ Bankservice charge v ’ 16 ' v ' I 1,329 ' v ' I 16 Adjusted bank balance I 5 11,582 Adjusted book balance I S 11582 (Free I3 4|“ I rm) Chapters— Homewom 0 5mm 100mm Total pom awarded Help Exit 4 o . Rented II'IfDI'll'I‘IIDl'I ““2 of 2 Use the following information for the Exertises below. — [The Way WW miles to me am Mayer! berm] 115125 Del Gain Clinic depcflts al cash receipts on the dayr when the}.r are receiued and it makes all cash payments by check At 1113 close of paint; awarded mness on June 30. 2017, ils Cash account shows an $11,589 debit Dam. Del 6an Clinic’s June 30 bank merriem Sims $10,555 on deposit In the bank a. Ouista’rding checks as of June 30 total $1,828 la. The Jme 30 bank matemem irsrs a 516 service charge c. Check Nu 919, listed mm the canceled checks. was conecfly drawn for $46? In payment Dfa utility bill on June 15. Del GaID Clinic n'lstakenly recorded itwiih a debit to Uiilmes Expense and a credtto Cash In the amoum ofWS. d. The m 30 cash receipts 0132356 were placed In me bank's right deposimry alter banking hours and were not recorded on the June 30 bank armament Exercise 8-10 Adjusting entries from bank reconciliation LO P3 3repare me adjusting jounal entries that Del Gato ClInIc must record as a result of prepanng the bank reconciliation. tll'no army ls required It: a trunnionluent, sued 'flojou'ml entry mulled' II Ii! first with: 1 a. Nojoumal entry required 0 2 [1. Miscellaneous expenses 0 16 9 Cash 0 16 o 3 c. Cash 0 9 9 Utilities expense 0 9 o 4 d Nojoumal eniry requrred o Explanation Nn fll'Tl'IH exnlanatinn (191th H'P mallfl'rle fnril'ls. nmhlern V (Prey |4|or8 II Next) Chapters— Homework 0 5mm 100,000 Total pains awarded Help Exit 5 .. Exercise 8-11 Bank reconciliation LO P3 115115 Wilgrt Company deposits all cash receipts on the daywhen they are received and It makes all cash payments by check Al the close of business on May pom; awarded 31, 201?, its Cash am” SHOWS a $28,300 debit. balance. The con'pany’s May 31 bank statement shows $26,600 on deposit In the bark. n.1he May31 banksratemem i193 morn maemce cnargeqme companyhasnotyer recordedme mantmeee 9eMces. ILOUISlandlng Checks asofMayffltotal Sacco c. May 31 cash receipts of $6,600 were placed In the bank’s night depository afier banking hours and were not recorded on meMay31 bank statemert El d. In rennemng tile bank smternent, a $440 check written by Srrlth Company was mistakenly dawn against anht’s amount. £00k e. The bank aarerrert shows a $520 NSF check from a customer, the corrparry has notyet recorded tilts NSF check. a Prepare a bank reconullauon for the company Lung the above InlDrrnatJon. lel 3:: Bank statement balance S 26600 0 Book balance 55 28,300 0 Md: Add: Deposit ofMay 31 o $ 6600 0 Bank enor o 440 o 1040 31640 23300 Deduti Deducl: Outstanding checks 0 $ 60000 Bank service charge 0 S 140 0 NSF check 0 520 o 6000 660 Adjusted bank balance 5 21640 Adjusted book balance 5i 27,640 Explanation No father explanation details He available fortils. problem. (Brett 5W3 I Next) Chapters— Homewom 0 5mm 100mm Total pom awarded Help Exit 6 A 05 8-4 Petty cash accounting L0 P2 115115 1. The petty cash fund ofme Brooks Agenq ls ambushed 61 $230. Al the end ofIhe cunerlt period. Ihe fund mmnlned $155 and had the “1erer Wm awarded recelpls: enterlalnmem, $41;pns1nge, $17: and prrnung. $17. Preparejou'nal emnes to record {a} eslaulshrrlem oflhe fund and [b] reln'lu'sement ofdle fund at the end eflhe current period. E] 1 1 a Party cash 0 230 0 wk Cash 0 230 o a 2 1D Entenainmeni expense 0 41 o H“ Postage expense 0 17 0 Printing expense 0 17 o :1 Cash 0 75 o 2. Idemrfymeuvoevemsfromme followrng thaI cause a Pettycash aceoumto becreered In ajoumal emry. {Shgle cllcltlhe boar mneuefllm rmrkhowochceadleckmforamnenmandduflecldcmbwwlmmem-Immmnymehmforamng-m.) Fund armutls belrlg reduced. I: Fund amount Is belng Increased. Fund Ts. nelng ellmlnated. C Fund ls belng established. Explanation No futher explanaflon defills He avallmle forms problem. (Ere! 5MB I Next) Chapters— Homework 0 5mm 100mm Total poinm awarded Help Exit 7 A Exercise 8-5 Petty cash fund with a shortage L0 P2 115115 waupaca Cormany establishes a $470 petty cash fund on Septerrber 9. 0n Septerrber 30. the find shows $214 In cash along with recelpts forthe Wm awarded follomng expendniles: transportation-m. $41; postage expenses, $73; and miscellaneous expenses, $131. The pettyr cashler mud not account for a $11 shortage In the fund. The company uses the perpeulfl system In actomung for merchandse Inventory. 3repare (1] the Septerrber 9 entry to estabilsh the find, {2} the September 30 entry to relmburse the fund, and (3] an Dctober1 entry to Increase the fund to 5515. m — 1 Sept 9 Petty cash 0 470 0 Q Cash 0 470 o Him 2 Sept30 Merchandise inirentoniI 0 41° 0 Postage expens e o 73 0 PM Miscellaneous expenses 0 131° Cashsnonandover 0 110 Cash 0 256 o 3 0a 01 Perry cash 0 45 0 Cash 0 45 o Explanation (2}Merchmse Inventory: Tmnsponauon—in (.0315 are Included In Merchandlse Inventory UHUEI a DEI'DEIUH system. Reference llrlts @mmmm < Brew 7 of 8 I Next. > Chapters— Homewom 0 5mm 100mm Total pains awarded Help Exlt 8 .. Exercise 8-6 Petty cash fund accounting L0 P2 115115 3alrrlzina Co. establishes a $150 petty cash fund on Januiy 1. On January 8. the find 5mm $33 Tn cash along mm receipts for U’IE following Wm awarded expenditures: postage, $50; transportation-in. $13; delivery expenses, $15311 miscellaneous expenses $39. Paimona use-stile perpetual system In accounting for merchandise Trwentory. 3reparejou'nal emnes to {1] esmblish the fund on January 1, [2} reirrburse It on January 8, and {3] both reirrburse the fund and Increase Itto $200 on January 8, assuming no emy In part 2 {Hint Make two separate enmes for part 3.} m — 1 Jan 01 Petty cash 0 1509 Q Cash 0 150 0 HI?! 2 Jan 08 Postage expense 0 50° 0 Merchandise inventory 0 13 0 PM Delivery expense 0 15 0 Miscellaneous expenses 0 39 0 Cash 0 117 o 3 Jan 08 Postage expense 0 50° Merchandise inventory 0 13 0 Delivery expense 0 15 0 Miscellaneous expenses 0 39 0 Cash 0 117 o 4 Jan ()8 Petty cash 9 509 Cash 0 50 o Explanation Merchandise Inventory: Tmnsponation—Tn costs are Included In Merchandise Inventory u1der a perpemfl system < Rte! 3 0f 3 I Next. ...
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