Please help me again with these assignments. There are three and be sure to highlight all answers. There should be three assignments when finished. See homework help page for directions. If need additional help let me know.Thanks in advance.

\fFINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition E7-15 Match the terms with the corresponding definitions. Solution: 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. Chapter 7: Internal Control and Cash Page 1 of 4 FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition E7-16 Requirements 1. Make the general journal entry to create the petty cash fund. Include an explanat 2. Make the general journal entry to record the petty cash fund replenishment. Cash in the fund totals $83. Include an explanation. 3. Assume that Joy's Dance Studio decides to decrease the petty cash fund to $130. Make the general journal entry to record this decrease. Solution: Requirement 1, 2, 3 Date Accounts and Explanation Petty Cash Cash To open petty cash fund Delivery Expense Postage Expense Printing Expense Miscellaneous Expense Office Supplies Cash Short & Over Cash(270-83) To replenish the petty cash fund Debit Credit 187 Cash Petty Cash To decrease the petty cash fund Chapter 7: Internal Control and Cash Page 2 of 4 FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition Chapter 7: Internal Control and Cash Page 3 of 4 FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition E7-18 Classify each item as (1) an addition to the book balance, (2) a subtraction from the book balance, (3) an addition to the bank balance, or (4) a subtraction from the bank balance. Solution: a. b. c. d. e. f. g. h. Chapter 7: Internal Control and Cash a subtraction from the bank balance Page 4 of 4 FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition E8-17 Requirements 1. Journalize Hilly's transactions that occurred during 2016. The company uses the allowance method. 2. Post Hilly's transactions to the Accounts Receivable and Allowance for Bad Debts T-accounts. 3. Journalize Hilly's adjustment to record bad debts expense assuming Windy estimates bad debts as 1% of credit sales. Post the adjustment to the appropriate T-accounts. 4. Show how Hilly Mountain Flagpoles will report net accounts receivable on its December 31, 2016 balance sheet. Solution: Requirement 1 Date 2016 a. b. Accounts and Explanation Debit Accounts Receivable Cash Sales Revenue xx xx Cash xx 174,000 Accounts Receivable c. Credit Allowance for Bad Debts Accounts Receivable xx xx xx W r o Allowance for Bad Debts Accounts Receivable t 31,000 131,000 Collected e xx 3,000 1/1 Bal Requirement 2 1/1 Bal. Revenue xx Chapter 8: Receivables xx Wrote off o f f Page 1 of 9 FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition 31-Dec 54,800 Requirement 3 Date 2016 Dec. 31 xx Accounts and Explanation Debit Bad Debts Expense Allowance for Bad Debts 4% x ? = ? Allowance for Bad Debts Wrote off 2,200 3,000 1/1 Bal. xx Unadj. Bal Unadj. Bal Credit xx xx 1 / 1 B 1 a 2 l/ 3 1 Bad Debts Expense 0 6,280 E x p . 6,280 xx (a) Expense 12/31 Bal 1 2 / 3 1 6,280 B a l . Requirement 4 HILLY MOUNTAIN FLAGPOLES Balance SheetPartial December 31, 2016 Assets Current Assets: Accounts Receivable Chapter 8: Receivables ### Page 2 of 9 FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition Less: Allowance for Bad Debts = Chapter 8: Receivables (a) $what Page 3 of 9 FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition E8-18 Requirements 1. Journalize Hilly's transactions that occurred during 2016. The company uses the allowance method. 2. Post Hilly's transactions to the Accounts Receivable and Allowance for Bad Debts T-accounts. 3. Journalize Hilly's adjustment to record bad debts expense assuming Hilly estimates bad debts as 3% of accounts receivable. Post the adjustment to the appropriate T-accounts. 4. Show how Hilly Mountain Flagpoles will report net accounts receivable on its December 31, 2016, balance sheet. Solution: Requirement 1 Date 2016 a. b. Accounts and Explanation Debit Accounts Receivable Cash Sales Revenue xx xx Cash xx 174,000 Accounts Receivable c. Allowance for Bad Debts Accounts Receivable Chapter 8: Receivables Credit xx xx xx Page 4 of 9 FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition Requirement 2 Accounts Receivable 1/1 Bal. Allowance for Bad Debts 31,000 131,000 Collected Revenue xx 12/31 Bal. Wrote Off 200 3,000 1/1 Bal. 2,200 Wrote Off 54,800 xx 12/31 unadj. Bal. Requirement 3 Date 2016 Dec. 31 Accounts and Explanation Debit Bad Debts Expense Allowance for Bad Debts 3% x xx= ?? ?? -800= debit and credit (a) (a) (a) Allowance for Bad Debts Wrote off Chapter 8: Receivables 2,200 3,000 Credit Bad Debts Expense 1/01 bal xx Unadj Bal (a) Expense 1/1 Bal 12/31 Exp 0 (a) Page 5 of 9 FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition 1,644 12/31 Bal 12/31 Bal (a) Requirement 4 HILLY MOUNTAIN FLAGPOLES Balance SheetPartial December 31, 2016 Assets Current Assets: Accounts Receivalbe Less: Allowance for Bad Debts Chapter 8: Receivables $ 54,800 (1,644) $ 53,156 Page 6 of 9 FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition E8-21 Journalize all entries required for Marathon Running Shoes. Solution: Date Accounts and Explanation 2016 Feb 4 Cash Credit Card Expense (107000x?%) Sales Revenue Record Sales for the month Sept. 1 Notes Receivable -- Jean Porter Cash Record Loan to employee Debit xx xx 96,000 xx Dec. 31 Interest Receivable xx Interest Revenue (17000x % x ?/12) Accrued interest earned on Porter note 2017 Sept. 1 Cash (17000 + ? + ?) xx Interest Receivable Interest Revenue (17000x%x?/12) Notes Receivable --- Jean Porter Collected note and interest from Porter Chapter 8: Receivables Credit xx xx xx xx xx Page 7 of 9 FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition E8-23 Journalize all required entries. Make sure to determine the missing maturity date. Solution: Date Accounts and Explanation 2016 Feb. 1 Notes Receivable -- Candace Smith Cash Record loan to Candace Smith Debit Credit 20,000 20,000 Apr. 6 Notes Receivablew --- Green Masters Sales Revenue Sold goods for a note xx Apr. 30 Interest Receivable Interest Revenue (20000 x % x ?/12)+(10000 x % x ?/360) Accrued interes earned on the two notes xx xx Jul. 5 Cash (10000 + 60 + 165) Interest Receivable Interest Revenue (10000x % x ?/360) xx 10,225 xx xx Collected note and interest from Green Masters 2017 Feb. 1 Cash (20000 + 300 + 900) Interest Receivable Interest Revenue (20000 x % x ?/12) Notes Receivable --- Candace Smith Collected note and interest from Smith Chapter 8: Receivables 21,200 xx xx xx Page 8 of 9 FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition turity date. Chapter 8: Receivables Page 9 of 9 SEE BELOW PAGE TWO E7-15Understanding internal control, components, procedures, and laws Learning Objectives 1, 2, 3 Match the following terms with their definitions. 1.Internal a. Two or more people working together to overcome internal control controls. 2.Control b. Part of internal control that ensures resources are not procedures wasted. c. Requires companies to review internal control and take 3.Firewalls responsibility for the accuracy and completeness of their financial reports. 4. Encryption d. Should be prenumbered to prevent theft and inefficiency. e. Limits access to a local network. 5. Environment f. Example: The person who opens the bank statement should not also be the person who is reconciling cash. 6. Information g. Identification of uncertainties that may arise due to a system company's products, services, or operations. 7. h. Examination of a company's financial statements and Separation of accounting system by a trained accounting professional. duties i. Without a sufficient one of these, information cannot properly be gathered and summarized. 8.Collusion 9. Documents 10.Audits 11. Operational efficiency j. The organizational plan and all the related measures that 12.Risk safeguard assets, encourage employees to follow company assessment policies, promote operational efficiency, and ensure accurate and reliable accounting data. 13. Sarbanes- k. Component of internal control that helps ensure business Oxley Act goals are achieved. l. Rearranges data by a mathematical process. E7-16Accounting for petty cash Learning Objective 4 2. Cash Short & Over $12 Joy's Dance Studio created a $270 imprest petty cash fund. During the month, the fund custodian authorized and signed petty cash tickets as follows: Requirements 1. Make the general journal entry to create the petty cash fund. Include an explanation. 2. Make the general journal entry to record the petty cash fund replenishment. Cash in the fund totals $83. Include an explanation. 3. Assume that Joy's Dance Studio decides to decrease the petty cash fund to $130. Make the general journal entry to record this decrease. E17- 19 E8-17 Accounting for uncollectible accounts using the allowance method (percent-of-sales) and reporting receivables on the balance sheet Learning Objectives 1, 3 2. AR, Dec. 31 $54,800 Requirements 1. Journalize Hilly's transactions that occurred during 2016. The company uses the allowance method. 2. Post Hilly's transactions to the Accounts Receivable and Allowance for Bad Debts T-accounts. 3. Journalize Hilly's adjustment to record bad debts expense assuming Hilly estimates bad debts as 4% of credit sales. Post the adjustment to the appropriate T-accounts. 4. Show how Hilly Mountain Flagpoles will report net accounts receivable on its December 31, 2016, balance sheet. E8-18 Accounting for uncollectible accounts using the allowance method (percent-of-receivables) and reporting receivables on the balance sheet Learning Objectives 1, 3 3. Bad Debts Expense $844 Requirements 1. Journalize Hilly's transactions that occurred during 2016. The company uses the allowance method. 2. Post Hilly's transactions to the Accounts Receivable and Allowance for Bad Debts T-accounts. 3. Journalize Hilly's adjustment to record bad debts expense assuming Hilly estimates bad debts as 3% of accounts receivable. Post the adjustment to the appropriate T-accounts. 4. Show how Hilly Mountain Flagpoles will report net accounts receivable on its December 31, 2016, balance sheet. E8-21 Journalizing credit card sales, note receivable transactions, and accruing interest Learning Objectives 1, 4 Marathon Running Shoes reports the following: 2016 Feb. Recorded credit card sales of $96,000, net of processor fee of 1%. 4 Ignore Cost of Goods Sold. Sep. Loaned $23,000 to Jess Prichett, an executive with the company, on a 1 one-year, 12% note. Dec. Accrued interest revenue on the Prichett note. 31 2017 Sep. Collected the maturity value of the Prichett note. 1 Journalize all entries required for Marathon Running Shoes. E8-23 Journalizing note receivable transactions Learning Objective 4 Feb. 1, 2017 Cash DR $21,200 The following selected transactions occurred during 2016 and 2017 for Mediterranean Importers. The company ends its accounting year on April 30. 2016 Feb. 1 Loaned $20,000 cash to Candace Smith on a one-year, 6% note. Apr. 6 Sold goods to Green Masters, receiving a 90-day, 9% note for $10,000. Ignore Cost of Goods Sold. Apr. Made a single entry to accrue interest revenue on both notes. 30 ? Collected the maturity value of the Green Masters note. 2017 Feb. Collected the maturity value of the Smith note. 1 Journalize all required entries. Make sure to determine the missing maturity date