Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

ank The following data were gathered to use in recondiling the bank account of Bradford Company: Balance per bank Balance per company records $14,480 12,075

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
ank The following data were gathered to use in recondiling the bank account of Bradford Company: Balance per bank Balance per company records $14,480 12,075 65 Bank service charges Deposit in transit 2,130 NSF check 790 Outstanding checks 5,390 a. What is the adjusted balance on the bank reconciliation? b. Journalize any necessary entries for Bradford Company based on the bank reconciliation. For a compound transaction, if an amount box does not require an entry, leave it blank Petty Cash Fund I entries for each of the following. For a compound transaction, if an amount box does not require an entry, leave it blank. a. Issued a check to establish a petty cash fund of $800. b. The amount of cash in the petty cash fund is $270. Isued a check to replenish the fund, based on the following summary of petty cash receipts store supplies, $311 and miscellaneous selling expense, $196. Record any missing funds in the cash short and over account. For a compound transaction, if an amount box does not require an entry, leave it blank. Internal Control of Cash Payments Abbe Co. is a small merchandising company with a manual accounting system. An investigation revealed that in spite of a sufficient bank balance, a significant amount of available cash discounts had been lost because of failure to make timely payments. In addition, it was discovered that the invoices for several purchases had been paid twice. Indicate whether the procedures listed below for the payment of vendors' invoices would reduce the possibility of losing available cash discounts an of paying an invoice a second time. 1. Each voucher should be approved for payment by a designated official before verifying price, quantities, and terms 2. Each voucher should be filed by the last day of the discount period or the due date if the invoice is not subject to a cash discount 3. Each day, the vouchers should be removed from the appropriate section of the file and checks issued by the disbursing official. 4. At the time of payment, all vouchers and supporting documents should be stamped or perforated "Paid" Control Integrated Framework was issued by the Commitee of Sponsoring Organizations and providesa O a structure their organizations O b design, analyze, and evaluate internal controls O c. evaluate financial results. O d design financial statements

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions