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Assignment Chapter8 Part 1. 1 1 1 1 1 A company needs to replenish its $500 petty cash fund. Its petty cash box has $75 cash and petty cash receipts of $420. The journal entry to replenish the fund includes a A debit to Cash for $75. a A credit to Cash for $75. a A credit to Petty Cash for $420. a A credit to Cash Over and Short for $5. a A debit to Cash Over and Short for $5. The following information is available for Hapley Company: The November 30 bank statement shows a $1,895 balance. The general ledger shows a $1,742 balance at November 30. A $795 deposit placed in the bank's night depository on November 30 does not appear on the November 30 bank statement. Outstanding checks amount to $638 at November 30. A customer's $335 note was collected by the bank in November. A collection fee of $15 was deducted by the bank and the difference deposited in Hapley's account. A bank service charge of $10 is deducted by the bank and appears on the November 30 bank statement. How will the customer's note appear on Hapley's November 30 bank reconciliation? a $320 appears as an addition to the book balance of cash. a $320 appears as a deduction from the book balance of cash. a $320 appears as an addition to the bank balance of cash. a $320 appears as a deduction from the bank balance of cash. a $335 appears as an addition to the bank balance of cash. Using the information from question 2, what is the reconciled balance on Hapley's November 30 bank reconciliation? a $2,052 a $1,895 a $1,742 a $2,201 a $1,184 A company had net sales of $84,000 and accounts receivable of $6,720. Its days' sales uncollected is a 3.2 days a 18.4 days a 230.0 days a 29.2 days a 12.5 days A company records its purchases using the net method. On August 1, it purchases merchandise on account for $6,000 with terms of 2/10, n/30. The August 1 journal entry to record this transaction includes a a Debit to Merchandise Inventory for $6,000. a Debit to Merchandise Inventory for $5,880. a a a Debit to Merchandise Inventory for $120. Debit to Accounts Payable for $5,880. Credit to Accounts Payable for $6,000. QS 8-1 Internal control objectives An internal control system consists of all policies and procedures used to protect assets, ensure reliable accounting, promote efficient operations, and urge adherence to company policies. Evaluate each of the following statements and indicate which are true and which are false regarding the objectives of an internal control system. 1.Separation of recordkeeping for assets from the custody over assets is intended to reduce theft and fraud. 2.The primary objective of internal control procedures is to safeguard the business against theft from government agencies. 3.The main objective of internal control procedures is best accomplished by designing an operational system with managerial policies that protect the assets from waste, fraud, and theft. 4.Separating the responsibility for a transaction between two or more individuals or departments will not help prevent someone from creating a fictitious invoice and paying the money to herself or himself. QS 8-1 Internal control objectives An internal control system consists of all policies and procedures used to protect assets, ensure reliable accounting, promote efficient operations, and urge adherence to company policies. Evaluate each of the following statements and indicate which are true and which are false regarding the objectives of an internal control system. 1.Separation of recordkeeping for assets from the custody over assets is intended to reduce theft and fraud. 2.The primary objective of internal control procedures is to safeguard the business against theft from government agencies. 3.The main objective of internal control procedures is best accomplished by designing an operational system with managerial policies that protect the assets from waste, fraud, and theft. 4.Separating the responsibility for a transaction between two or more individuals or departments will not help prevent someone from creating a fictitious invoice and paying the money to herself or himself. QS 8-1 Internal control objectives An internal control system consists of all policies and procedures used to protect assets, ensure reliable accounting, promote efficient operations, and urge adherence to company policies. Evaluate each of the following statements and indicate which are true and which are false regarding the objectives of an internal control system. 1.Separation of recordkeeping for assets from the custody over assets is intended to reduce theft and fraud. 2.The primary objective of internal control procedures is to safeguard the business against theft from government agencies. 3.The main objective of internal control procedures is best accomplished by designing an operational system with managerial policies that protect the assets from waste, fraud, and theft. 4.Separating the responsibility for a transaction between two or more individuals or departments will not help prevent someone from creating a fictitious invoice and paying the money to herself or himself. QS 8-1 Internal control objectives An internal control system consists of all policies and procedures used to protect assets, ensure reliable accounting, promote efficient operations, and urge adherence to company policies. Evaluate each of the following statements and indicate which are true and which are false regarding the objectives of an internal control system. 1.Separation of recordkeeping for assets from the custody over assets is intended to reduce theft and fraud. 2.The primary objective of internal control procedures is to safeguard the business against theft from government agencies. 3.The main objective of internal control procedures is best accomplished by designing an operational system with managerial policies that protect the assets from waste, fraud, and theft. 4.Separating the responsibility for a transaction between two or more individuals or departments will not help prevent someone from creating a fictitious invoice and paying the money to herself or himself. QS 8-1 Internal control objectives An internal control system consists of all policies and procedures used to protect assets, ensure reliable accounting, promote efficient operations, and urge adherence to company policies. Evaluate each of the following statements and indicate which are true and which are false regarding the objectives of an internal control system. 1.Separation of recordkeeping for assets from the custody over assets is intended to reduce theft and fraud. 2.The primary objective of internal control procedures is to safeguard the business against theft from government agencies. 3.The main objective of internal control procedures is best accomplished by designing an operational system with managerial policies that protect the assets from waste, fraud, and theft. 4.Separating the responsibility for a transaction between two or more individuals or departments will not help prevent someone from creating a fictitious invoice and paying the money to herself or himself. Part 2. Exercise 8-11 Bank reconciliation P3 Wright Company deposits all cash receipts on the day when they are received and it makes all cash payments by check. At the close of business on May 31, 2015, its Cash account shows a $27,500 debit balance. 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. a Outstanding checks as of May 31 total $5,600. a 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. a In reviewing the bank statement, a $400 check written by Smith Company was mistakenly drawn against Wright's account. a A debit memorandum for $600 refers to a $600 NSF check from a customer; the company has not yet recorded this NSF check. CheckReconciled bal., $26,800 Problem 8-4B Prepare a bank reconciliation and record adjustments P3 The following information is available to reconcile Severino Co.'s book balance of cash with its bank statement cash balance as of December 31, 2015. a The December 31 cash balance according to the accounting records is $32,878.30, and the bank statement cash balance for that date is $46,822.40. a Check No. 1273 for $4,589.30 and Check No. 1282 for $400, both written and entered in the accounting records in December, are not among the canceled checks. Two checks, No. 1231 for $2,289 and No. 1242 for $410.40, were outstanding on the most recent November 30 reconciliation. Check No. 1231 is listed with the December canceled checks, but Check No. 1242 is not. a When the December checks are compared with entries in the accounting records, it is found that Check No. 1267 had been correctly drawn for $3,456 to pay for office supplies but was erroneously entered in the accounting records as $3,465. a Two debit memoranda are enclosed with the statement and are unrecorded at the time of the reconciliation. One debit memorandum is for $762.50 and dealt with an NSF check for $745 received from a customer, Titus Industries, in payment of its account. The bank assessed a $17.50 fee for processing it. The second debit memorandum is a $99 charge for check printing. Severino did not record these transactions before receiving the statement. a A credit memorandum indicates that the bank collected $19,000 cash on a note receivable for the company, deducted a $20 collection fee, and credited the balance to the company's Cash account. Severino did not record this transaction before receiving the statement. a Severino's December 31 daily cash receipts of $9,583.10 were placed in the bank's night depository on that date but do not appear on the December 31 bank statement. Required 1 Prepare the bank reconciliation for this company as of December 31, 2015. 1 Prepare the journal entries (in dollars and cents) necessary to bring the company's book balance of cash into conformity with the reconciled cash balance as of December 31, 2015. Analysis Component 1 Explain the nature of the communications conveyed by a bank when the bank sends the depositor (a) a debit memorandum and (b) a credit memorandum. Check(1) Reconciled balance, $51,005.80; (2) Cr. Notes Receivable $19,000.00