Chapter_4 - MGT120 Self- Study Problems Chapter 4 (10-15...

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MGT120 Self- Study Problems Chapter 4 (10-15 min.) E 4-2 The missing internal control characteristic in each situation is: a. Other controls (not depositing cash frequently enough for adequate security). b. Separation of duties (same person ordering merchandise and approving payment). c. Separation of duties (same person selling tickets and taking tickets). d. Supervision of employees (no one supervises the “Suspense” accountant). e. Documents and records (no receiving report).
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(10-20 min.) E 4-6 Lee Yong Bank Reconciliation June 30, 2007 BANK: Balance, June 30 $ 330 Add: Deposit in transit 2,100 Less: Outstanding cheques: Cheque No. 316 $ 35 317 350 (385 ) Adjusted bank balance $2,045 BOOKS: Balance, June 30 $2,132 Less: Correction of book error — Recorded $96 cheque as $69 $ 27 NSF cheque 45 Service charge 15 (87 ) Adjusted book balance $2,045
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(20-30 min.) P 4-3B Req. 1 Bank Reconciliation September 30, 2007 BANK: Balance, September 30, 2007 $8,707 Add: Deposits in transit ($2,060 + $473) 2,533 11,240 Less: Outstanding cheques — Cheque No. 4125 $ 236 4126 5,167 4127 200 4128 3,241 (8,844 ) Adjusted bank balance, September 30, 2007 $2,396 BOOKS: Balance, September 30, 2007 $5,726 Add: EFT collection of retainer $ 236 Bank collection of note receiv-
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This note was uploaded on 01/16/2011 for the course MGT 120 taught by Professor Zuliani during the Winter '08 term at University of Toronto- Toronto.

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Chapter_4 - MGT120 Self- Study Problems Chapter 4 (10-15...

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