Questions from Financial Accounting

Q: Chen Company established a $200 petty cash fund on January 1

Chen Company established a $200 petty cash fund on January 1, Year 1. Required: a. Is the establishment of the petty cash fund an asset source, use, or exchange transaction? b. Show the establishment...

Q: Fresh Foods established a petty cash fund of $100 on January

Fresh Foods established a petty cash fund of $100 on January 2. On January 31, the fund contained cash of $9.20 and vouchers for the following cash payments: The three distinct accounting events aff...

Q: As of May 31, Year 1, the bank statement showed

As of May 31, Year 1, the bank statement showed an ending balance of $26,100. The unadjusted Cash account balance was $27,350. The following information is available: 1. Deposit in transit: $6,981. 2....

Q: The following information is available for Jenkins Company for the month of

The following information is available for Jenkins Company for the month of August: 1. The unadjusted balance per the bank statement on August 31 was $35,200. 2. Deposits in transit on August 31 were...

Q: Burson Company had an unadjusted cash balance of $8,120

Burson Company had an unadjusted cash balance of $8,120 as of April 30. The company’s bank statement, also dated April 30, included a $200 NSF check written by one of Burson’s customers. There were $1...

Q: The following information was taken from the accounts of Green Market,

The following information was taken from the accounts of Green Market, a small grocery store, at December 31, Year 1. The accounts are listed in alphabetical order, and all have normal balances. Dolla...

Q: Mountain Timber Company established a $180 petty cash fund on January

Mountain Timber Company established a $180 petty cash fund on January 1, Year 1. Required: a. Is the establishment of the petty cash fund an asset source, use, or exchange transaction? b. Show the es...

Q: Payton Inc. established a petty cash fund of $150 on

Payton Inc. established a petty cash fund of $150 on January 2. On January 31, the fund contained cash of $8.20 and vouchers for the following cash payments: The three distinct accounting events aff...

Q: a. Explain what the acronym SOX refers to. b

a. Explain what the acronym SOX refers to. b. Define the acronym COSO and explain how it relates to SOX. c. Name and briefly define the five components of COSO’s internal control framework. d. Define...

Q: a. Name and describe the two categories of internal controls.

a. Name and describe the two categories of internal controls. b. What is the purpose of internal controls?