Mgmt 200 Spring 2010 Chap 6 Cash and Internal Control

Mgmt 200 Spring - Cash and Internal Control Chapter 6 Cash and Cash Equivalents Definition of cash Cash Management Internal control of cash Bank

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
Cash and Internal Control Chapter 6
Background image of page 1

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

View Full DocumentRight Arrow Icon
Cash and Cash Equivalents Definition of cash Cash Management Internal control of cash Bank Reconciliation Timing differences that affect bank balance New information that affects our accounts (needs a journal entry to record) Reconcile (equate) the two adjusted balances
Background image of page 2
Problem 6-1: Bank Reconciliation The following information is available to assist you in preparing a bank reconciliation for Calico Corners on May, 31, 2008: a. The balance on the May 31, 2008, bank statement is $8,432.11. b. Not included on the bank statement is a $1,250.00 deposit made by Calico Corners late on May 31. c. A comparison between the cancelled checks returned with the bank statement and the company records indicated that the following checks are outstanding at May 31: No. 123 $ 23.40 No. 127 145.00 No. 128 210.80 No. 130 67.32 a. The Cash account on the company’s books shows a balance of $9,965.34. b. The bank acts as a collection agency for interest earned on some
Background image of page 3

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

View Full DocumentRight Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 04/04/2012 for the course MGMT 200 taught by Professor Greigg during the Spring '08 term at Purdue University-West Lafayette.

Page1 / 8

Mgmt 200 Spring - Cash and Internal Control Chapter 6 Cash and Cash Equivalents Definition of cash Cash Management Internal control of cash Bank

This preview shows document pages 1 - 4. Sign up to view the full document.

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