Ron_W4DQ1 - 12 ($40) $1,290 Ron_P8-30A Req. 2 The petty...

Info iconThis preview shows pages 1–12. Sign up to view the full content.

View Full Document Right Arrow Icon
Ron_E8-13 Answer: I would have to say that Lane & Goble Bookstore internal control procedures would allow a dishonest store clerk to steal from the company. The store clerk could use a fake return slip to pay them self the money. By haven the store clerk places the return goods back on the self as soon as they can would not link the clerk to paying their self. Lane & Goble should have the clerk keep all returned merchandise with the return slip for the manager to review. This will allow the manger to match the goods up with the return slip and then the clerk can put the merchandise back up.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 2
Ron_E8-17 D.J. Hunter Bank Reconciliation September 30, 2010 BANK: Balance, September 30 Add: Deposit in transit Less: Outstanding checks No. 626 No. 627 BOOKS: Balance, September 30 Less: Correction for check No. 624 Printed checks Service charge Answer: DJ Hunter has a balance of $1,290.
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
$431 1209 $1,640 $75 275 ($350) $1,290 $1,330 $10 18
Background image of page 4
Background image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 6
Background image of page 7

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 8
Background image of page 9

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 10
Background image of page 11

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 12
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: 12 ($40) $1,290 Ron_P8-30A Req. 2 The petty cash fund should have $87 cash on hand ($400 - $313). Req. 3 Journal Accounts and Explanations April 1 Petty Cash Cash in Bank To open petty cash f April 30 Office supplies Travel Expense Delivery Expense Entertaniment Expense Inventory Cash Short & Over Cash in Bank To replenish the petty ca Req. 4 Journal Accounts and Explanations May 1 Petty Cash ($500 - $400) Cash in Bank To increase petty cash Req. 1 The internal countrol feature of an imprest fund is it identifies the amount of m responsible for. The imprest fund has the same balance at all times this would equa tickets that was used by the custodian. Answer: The custodian will cash a check for $100 to put it back into th Debit Credit 400 400 fund 86 25 37 80 85 3 310 sh fund. Debit Credit 100 100 h fund. money that the custodian is al the cash in the fund plus the he petty cash fund....
View Full Document

This note was uploaded on 01/05/2011 for the course ACC 205 taught by Professor Robertcarr during the Winter '10 term at Ashford University.

Page1 / 12

Ron_W4DQ1 - 12 ($40) $1,290 Ron_P8-30A Req. 2 The petty...

This preview shows document pages 1 - 12. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online