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Please answer these following questions with explanation. Thanks you so much for helping me^^ Esc end of the month, employees have made the following expenditures
Please answer these following questions with explanation.
Thanks you so much for helping me^^
Esc end of the month, employees have made the following expenditures from the petty cash fund and with company-issued credit cards. None of these transactions has been recorded previously Supplies (petty cash) $50 Delivery (petty cash) $75 Advertising (credit card) $1,100 Equipment (credit card) $4,200 Accounting for these employee purchases would includea A. Credit to Petty Cash for $5,425 B. Credit to Accounts Payable for $5,300 C. Credit to Equipment for $4,200. D. Debit to Accounts Receivable for $5,300 4. Consider the following cash flow items: Pay amount owed to bank for previous borrowing Pay utility costs. Purchase equipment to be used in operations Purchase office supplies. Pay one year of rent in advance. Pay workers' salaries. Pay for research and development costs. Pay taxes to the IRS. Sell common stock to investors. How many of these cash flow items involve investing activities? A. Zero B. One C. Two. D. Three 5. When accounting for employee purchases, effective internal controls could include which of the following? A. Credit card receipts are reconciled to credit card statements. B. Employees should be required to provide receipts and justification for those receipts on a C. A separate employee reviews receipts and supporting documents to ensure all expenditures D. All of the other answers represent effective internal timely basis. are made appropriately controlsStep by Step Solution
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