Answered step by step
Verified Expert Solution
Question
1 Approved Answer
i dont understand 11-2&11-6&10-2 please explain it 10-4 The following control procedures are used at Sandwich Company for over-the-counter cash receipts. 1. To minimize the
i dont understand 11-2&11-6&10-2please explain it 10-4 The following control procedures are used at Sandwich Company for over-the-counter cash receipts. 1. To minimize the risk of robbery, cash in excess of $100 is stored in an unlocked attach case in the stock room until it is deposited in the bank. 2. All over-the-counter receipts are registered by three clerks who use a cash register with a single cash drawer. 3. The company accountant makes the bank deposit and then records the day's receipts. 4. At the end of each day, the total receipts are counted by the cashier on duty and reconciled to the cash register total. 5. Cashiers are experienced; they are not bonded. Instructions (a) For each procedure, explain the weakness in internal control, and identify the control principle that is violated. (b) For each weakness, suggest a change in procedure that will result in good internal control. 10-6 Lisa Ceja is unable to reconcile the bank balance for her catering company on Januaryy 31. Lisa's reconciliation is as follows: Instructions (a) Prepare a correct bank reconciliation. (b) Journalize the entries required by the reconciliation. 11-2 Data for Sandy Teter are presented in 11-1. Prepare the journal entries to record (a) Sandy's pay for the period and (b) the payment of Sandy's wages. Use January 15 for the end of the pay period and the payment date
please explain it
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started