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Question 1. Gary's Motors purchases high-performance auto parts from a Winnipeg vi Joel Sieben, the accountant for Gary's, verifies receipt of merchandise anc prepares, signs,
Question 1. Gary's Motors purchases high-performance auto parts from a Winnipeg vi Joel Sieben, the accountant for Gary's, verifies receipt of merchandise anc prepares, signs, and mails the cheque to the vendor.
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- Identify the internal control weakness over cash payments in this sc
- What could the business do to correct the weakness. Question 2. In the months of February and March, Apex Ski Shop wrote and journalized cheques in the amount of $6.532 and $9.764. respectively. Of these cheques, $5,220 cleared the bank in February and $8,223 cleared the bank in March. What is the amount of outstanding cheques at the end of February and at the end of March?
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