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aimenathan_ACCT100_Week05_Exercises

aimenathan_ACCT100_Week05_Exercises - American Public...

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American Public University System ACCT100, Assignment 3 (Week 5 Exercises) Exercise 1 Match the principle of internal control to each of the following cases. a) Establishment of responsibility b) Segregation of duties c) Accountability for assets d) Documentation procedures e) Physical controls e___1. Employees’ time is tracked using a time clock. b______2. Employees who receive shipments of goods do not have access to the accounting records for merchandise. d______3. Shipping documents are prenumbered. c______4. The bookkeeper does not have physical custody of assets. a______5. Only the treasurer of the company can sign checks. Exercise 2 Rainey Company has the following accounts in its general ledger at July 31: Accounts Receivable $40,000 and Allowance for Doubtful Accounts $2,500. During August, the following transactions occurred. Oct. 15 Sold $20,000 of accounts receivable to Good Factors, Inc. who assesses a 3% finance charge. 25 Made sales of $900 on VISA credit cards. The credit card service charge is 2%.
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