Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please answer the following questions, Thanks Question 1 Instructions: Match the terms given below with the definitions or descriptions that follow by placing the appropriate

image text in transcribed

Please answer the following questions, Thanks

Question 1

image text in transcribedimage text in transcribedimage text in transcribed
Instructions: Match the terms given below with the definitions or descriptions that follow by placing the appropriate letter in the space provided. A. Analysis F. Flexibility B. Control account G. Implementation C. Cost effectiveness H. Special journal D. Design 1. Subsidiary ledger E. Follow-up J. Usefulness 1. An account in the general ledger that controls a subsidiary ledger. 2. After the system is up and running, it must be evaluated and monitored for weaknesses and breakdowns; effectiveness and efficiency must be compared to design and organizational objectives. 3. Used to group similar types of transactions. 4. Information must be understandable, relevant, reliable, timely, and accurate. 5. A group of accounts with a common characteristic linked to the general ledger by a control account. 6. Job descriptions are prepared; controls integrated; reports formatted; and equipment selected. 7. Determining internal and external information needs, identifying sources of information and the need for controls, and studying alternatives. 8. The systems should be able to accommodate a variety of users and changing information needs. 9. The benefits obtained from the information disseminated must outweigh the cost of providing it. 10. New or revised systems require that documents, procedures, reports, and processing equipment must be installed and made operational.Instructions: Given the information provided below, prepare (a) a bank reconciliation in proper format, and (b) the necessary journal entries for the month of September 2001 for Cox Company. PPNT' 7. Balance per Bank on September 30$24,070 Balance per Books on September 30$19,500 Total outstanding cheques at September 30$5,100 Debit memoranda: a. NSF cheque from Lee Co.$540 b. Printing company cheques$60 0. Payment to bank of $1,800 note owed bank by Cox plus $300 interest. Credit memorandum: Collection of note receivable for $3,500 plus $600 interest less $100 collection fee. Errors: a. A cheque written this month to Nance Co. for office supplies cleared the bank at the correct amount of $680, but was recorded by Cox at $860. b. The bank charged a $210 cheque of Coy Company against Cox's account this month. Deposit in transit on September 30$1,800. (a) Bank Reconciliation (b) Journal Entries (Note: Assume no interest has been accrued on the notes.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Recommended Textbook for

Intermediate Accounting

Authors: James D. Stice, Earl K. Stice, Fred Skousen

16th Edition

324376375, 0324375743I, 978-0324376371, 9780324375749, 978-0324312140

More Books

Students also viewed these Accounting questions