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please explain process Miramichi Company has the following internal controls over cash receipts. Identify the control activity that is applicable to each of the following
please explain process
Miramichi Company has the following internal controls over cash receipts. Identify the control activity that is applicable to each of the following 1. The company conducts thorough background checks on all cashiers when they are hired. All sales must be entered into the cash register through a scanner and point- of-sale software. 2 3. 4. Surprise cash counts are made by the department supervisors. The duties of receiving cash, recording cash, and maintaining custody of cash are assigned to different individuals. At the end of his or her shift, the cashier ensures there are receipts on hand for all debit or credit card sales. 5. 6. Each cashier uses a different cash register and uses a separate password. Bujold Company has the following internal controls over cash payments. Identify the control activity that is applicable to each of the following 1. Company cheques are pre-numbered. 2. Blank cheques are stored in a safe in the controller's office. All employees in the accounting department are required to take vacations 3. each year. 4. The bank statement is reconciled monthly by the assistant controller. 5. Both the controller and the treasurer are required to sign cheques or authorize EFT. 6. Cheque signers are not allowed to record cash payments. On September 12,4 customers use debit cards to purchase merchandise totalling $630 from Crane Company. The bank charges Crane Company $0.70 per debit card transaction. Prepare the entry to record the transactions by Crane Company. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the accou titles and enter Ofor the amounts. Round answers to 2 decimal places, eg. 15.75.) Date Account Titles and Explanation Debit Credit Sept. 12 On April 16, Pharoah Company made sales of $10,000 to customers using credit cards for payment. The credit card company charges Pharoah a service fee of 28% for credit card transactions. Prepare the entry to record the credit card sales. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts. Round answers to 0 decimal places, eg. 5,275.) Debit Credit Date Account Titles and Explanation April 16Step by Step Solution
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