Hw 4 - on Less: bank balance 16.86 Outstanding Checks EFT...

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Bus 214 Dr. Bissonette May 3, 2010 Homework Assignment # 4 S4-1) Some of the major requirements of SOX: 1. Public companies must issue an internal control report, and the outside auditor must evaluate the client’s internal controls. 2. A new body, the Public Company Accounting Oversight Board, oversees the auditors of public companies. 3. An accounting firm may not both audit a public client and also provide certain consulting services for the same client. (Separation of Duties) 4. Stiff penalties await violators - 25 years in prison for securities fraud; 20 years for an executive making false sworn statements. P4-51B) Banks Books Balance, January 31 8,400.82 Balance, January 31 7391.55 Deposit in transit 381.14 Add: 8,781.96 Receipt of dividend 899.14 Interest revenue earned
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Unformatted text preview: on Less: bank balance 16.86 Outstanding Checks EFT deposit of sales revenue 200.23 616 403 8507.78 802 74.02 Less: 806 36.6 Service charge 6.25 809 161.38 EFT payment 410 810 229.05 NSF check #1 67.5 811 48.91-952.96 NSF check #2 195.03-678.78 Adjusted Bank Balance 7,829.00 Adjusted Bank balance 7829 d. Cash 899.14 Dividend Revenue 899.14 Receipt of dividend revenue collected from IBM d. Cash 16.86 Interest Revenue 16.86 Interest earned on bank balance e. Miscellaneous Expense 6.25 Cash 6.25 Bank service charge g. Inventory Expense 410 Cash 410 Deduction for a check h. Account Receivable 67.5 Cash 67.5 NSF Check returned by bank Account Receivable 195.03 Cash 195.03 i. Cash 200.23 Sales Revenue 200.23 EFT Deposit for sales revenue...
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Hw 4 - on Less: bank balance 16.86 Outstanding Checks EFT...

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