Question
PLEASE ANSWER FULL OR DO NOT ANSWER AT ALL THANKS On March 20, Cheyennes petty cash fund of $104 is replenished when the fund contains
PLEASE ANSWER FULL OR DO NOT ANSWER AT ALL THANKS
On March 20, Cheyennes petty cash fund of $104 is replenished when the fund contains $16 in cash and receipts for postage $50, supplies $12, and travel expense $26. Prepare the journal entry to record the replenishment of the petty cash fund. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
| Date | Account Titles and Explanation | Debit | Credit |
|---|---|---|---|
| Mar. 20 | enter an account title to record the replenishment of the petty cash fund on March 20 | enter a debit amount | enter a credit amount |
| enter an account title to record the replenishment of the petty cash fund on March 20 | enter a debit amount | enter a credit amount | |
| enter an account title to record the replenishment of the petty cash fund on March 20 | enter a debit amount | enter a credit amount | |
| enter an account title to record the replenishment of the petty cash fund on March 20 | enter a debit amount | enter a credit amount |
Consider the following five procedures followed by Eikenberry Company.
| 1. | Several individuals operate the cash register using the same register drawer. | |
| 2. | A monthly bank reconciliation is prepared by someone who has no other cash responsibilities. | |
| 3. | Joe Cockrell writes checks and also records cash payment entries. | |
| 4. | One individual orders inventory, while a different individual authorizes payments. | |
| 5. | Unnumbered sales invoices from credit sales are forwarded to the accounting department every four weeks for recording. |
Indicate whether each procedure is an example of good internal control or of weak internal control. If it is an example of good internal control, indicate which internal control principle is being followed. If it is an example of weak internal control, indicate which internal control principle is violated.
| Procedure | IC Good or Weak? | Related Internal Control Principle | ||
|---|---|---|---|---|
| 1. | select an option GoodWeak | select a principle Documentation ProceduresEstablishment of ResponsibilityHuman Resource ControlsIndependent Internal VerificationPhysical ControlsSegregation of Duties | ||
| 2. | select an option GoodWeak | select a principle Documentation ProceduresEstablishment of ResponsibilityHuman Resource ControlsIndependent Internal VerificationPhysical ControlsSegregation of Duties | ||
| 3. | select an option GoodWeak | select a principle Documentation ProceduresEstablishment of ResponsibilityHuman Resource ControlsIndependent Internal VerificationPhysical ControlsSegregation of Duties | ||
| 4. | select an option GoodWeak | select a principle Documentation ProceduresEstablishment of ResponsibilityHuman Resource ControlsIndependent Internal VerificationPhysical ControlsSegregation of Duties | ||
| 5. | select an option GoodWeak | select a principle Documentation ProceduresEstablishment of ResponsibilityHuman Resource ControlsIndependent Internal VerificationPhysical ControlsSegregation of Duties |
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Financial Accounting Tools for business decision making
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
6th Edition
978-1119191674, 047053477X, 111919167X, 978-0470534779
