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Chapter 6 - Jordan Kirkey ACC 212 20 Oct 8 2007 Chapter 6...

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Jordan Kirkey ACC 212 – 20 Oct. 8, 2007 Chapter 6 Exercises and Problems Exercises 1. From what I can see, 4 of the 7B principles seem to have been ignored in this situation. The maintenance of adequate records, insure assets and bond key employees, separate recordkeeping from custody of assets, and divide responsibility for related transactions were all ignored. 3. 1. That company would probably want to insure its assets and bond all key employees because it will discourage theft from its employee’s. 2. Separate Recordkeeping from Custody of Assets is internal control procedure the antique store would want to use because the recordkeeper has no access to the cash so he/she has no reason to falsify the records. 8. Del Gato Clinic Bank Reconciliation June 30, 2008 Bank statement balance $10,555 Book balance $11,589 Add Add Deposit of June 30 in transit 2,856 Correction of 9 13,411 utility bill $11,598 Deduct Deduct Outstanding checks 1,829 Bank Services 16 Adjusted bank Balance $11,582 Adjusted Book Bal. $11,582 9. Adjusting Journal Entries June 30 Cash
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