ACTG 340 HW

ACTG 340 HW - Sarah Lowery 951010439 Chapter 8 and 9...

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7/17/2011 951010439 Chapter 8 and 9 Homework PA8-1 a) Weakness- Sales Revenue in cash is going into a cash register. Cash is the easiest thing to steal. b) Weakness- The cashier is in charge of its own cash. The cash count sheet help but it can be altered. c) Strength- Good checks and balances system having two people double check work d) Weakness- Should use the bank deposit receipt, not the cash count sheet. e) Weakness- Replenishment, receipts, etc., should be recorded. f) Strength- Quick payment practices g)Strength- Warehouse personnel checks inventory, more than one employee is doing this. PA8-2 Journal Entries Cash Receipt s Balanc e Petty Cash 300 300 0 300 Cash 300 250 50 300 180 120 300 Office Supplies Expense 50 83 217 300 Taxi Expense 70 300 0 300 UPS Expense 97 225 75 300 Cash 217 78 222 300 43 257 300 Petty Cash 100 41 259 300 Cash 100 One weakness: Not providing receipts One strength: Providing receipts for expenses PA8-3 Martin Company Bank Reconciliation F/M/E 5/31/09
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ACTG 340 HW - Sarah Lowery 951010439 Chapter 8 and 9...

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