Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

3. Intornal control is most dfiucbve when Atweral geople sre rowponibible for a givon ua 4. The responsiblity for keeping the records for an akteel

image text in transcribed
3. Intornal control is most dfiucbve when Atweral geople sre rowponibible for a givon ua 4. The responsiblity for keeping the records for an akteel stwould be ueparate fro ptiysical cuntody of that assot. 5. Requiring omployees to take vacations is a weatoness in the ayatert of intornat becatse it doeo not promote operathonal efficinncy blem 2 - Bank Reconciliation - 30 points May 31, 2022, the Lee Company's Cash account per its genetal ledgor showivd a b 384,90. The bank stalement on that date showed a balance of 55,393 . A comparis 1. Cash sales of $883,15 on Moy 12 were deposited in the bank. The cash c. entry and the deposit slip were incorrectly made of 933.15 . The bank crec company for the correct amount. 2. The statement included a debit memo of $50 for the use of onine bankin providod by the bank: 3. Outstanding checks on May 31 totaled $250.25. 4. A deposit made by Lee Company on May 30 (and recorded in the Cash equaled $2,000.15. This deposit did not appear on the bank statement 5. $2,700 was collected by the bank from a customer's online payment o receivable on May 31. The Lee Company accountant was not aware transaction before receiving the bank statement, 6. On May 20, the company issued check No. 2488 for $685 to Staples The check, which cleared the bank on May 23, was incorrectly lourn posted by Lee Company for $658. 3. Intornal control is most dfiucbve when Atweral geople sre rowponibible for a givon ua 4. The responsiblity for keeping the records for an akteel stwould be ueparate fro ptiysical cuntody of that assot. 5. Requiring omployees to take vacations is a weatoness in the ayatert of intornat becatse it doeo not promote operathonal efficinncy blem 2 - Bank Reconciliation - 30 points May 31, 2022, the Lee Company's Cash account per its genetal ledgor showivd a b 384,90. The bank stalement on that date showed a balance of 55,393 . A comparis 1. Cash sales of $883,15 on Moy 12 were deposited in the bank. The cash c. entry and the deposit slip were incorrectly made of 933.15 . The bank crec company for the correct amount. 2. The statement included a debit memo of $50 for the use of onine bankin providod by the bank: 3. Outstanding checks on May 31 totaled $250.25. 4. A deposit made by Lee Company on May 30 (and recorded in the Cash equaled $2,000.15. This deposit did not appear on the bank statement 5. $2,700 was collected by the bank from a customer's online payment o receivable on May 31. The Lee Company accountant was not aware transaction before receiving the bank statement, 6. On May 20, the company issued check No. 2488 for $685 to Staples The check, which cleared the bank on May 23, was incorrectly lourn posted by Lee Company for $658

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Handbook Of Energy Audits

Authors: Albert Thumann, William J. Younger

6th Edition

0824709985, 978-0824709983

More Books

Students also viewed these Accounting questions

Question

3 > O Actual direct-labour hours Standard direct-labour hours...

Answered: 1 week ago