Exercise 6-8 Voucher system P1 The voucher system of control is designed to control cash disbursements and the acceptance of obligations 1. The voucher system of control establishes procedures for what two processes? 2. What types of expenditures should be overseen by a voucher system of control? 3. When is the voucher initially prepared? Explain. Exercise 6-9 Bank reconciliation P3 Wright Company deposits all cash receipts on the day when they are received and it makes all cash pay- ments by check. At the close of business on May 31, 2013, its Cash account shows a $27,500 debit bal- ance. The company's May 31 bank statement shows $25,800 on deposit in the bank. Prepare a bank reconciliation for the company using the following information. a. The May 31 bank statement included a $100 debit memorandum for bank services; the company has not yet recorded the cost of these services. Chapter 6 Reporting and Analyzing Cash and Internal Controls b. Outstanding checks as of May 31 total $5,600. c. May 31 cash receipts of $6.200 were placed in the bank's night depository after banking hours and were not recorded on the May 31 bank statement. d. In reviewing the bank statement, a $400 check written by Smith Company was mistakenly drawn against Wright's account. e. A debit memorandum for $600 refers to a $600 NSF check from a customer; the company has not yet Check Recondiled bat, s26,800 recorded this NSF check. Del Gato Clinic deposits all cash receipts on the day when they are received and it makes all cash pay- Exercise 6-10 ments by check. At the close of business on June 30. 2013, its Cash account shows a $11,589 debit bal-Bank reconciliation ance. Del Gato Clinic's June 30 bank statement shows $10.555 on deposit in the bank. Prepare a bank P3 reconciliation for Del Gato Clinic using the following information: a. Outstanding checks as of June 30 total S1,829. b. The June 30 bank statement included a $16 debit memorandum for bank services c. Check No. 919. listed with the canceled checks, was correctly drawn for $467 in payment of a utility bill on June 15. Del Gato Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $476 d. The June 30 cash receipts of $2.856 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement