Questions from Financial Accounting

Q: The following procedures were recently installed by Raspberry Creek Company:

The following procedures were recently installed by Raspberry Creek Company: a. After necessary approvals have been obtained for the payment of a voucher, the treasurer signs and mails the check. The...

Q: Cedar Springs Company completed the following selected transactions during June:

Cedar Springs Company completed the following selected transactions during June: June 1. Established a petty cash fund of $1,000. 12. The cash sales for the day, according to the cash register records...

Q: The cash account for Stone Systems at July 31 indicated a balance

The cash account for Stone Systems at July 31 indicated a balance of $17,750. The bank statement indicated a balance of $33,650 on July 31. Comparing the bank statement and the accompanying canceled c...

Q: The cash account for Collegiate Sports Co. on November 1 indicated

The cash account for Collegiate Sports Co. on November 1 indicated a balance of $81,145. During November, the total cash deposited was $293,150, and checks written totaled $307,360. The bank statement...

Q: Journalize the following transactions, using the direct write-off method

Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables: Oct. 2. Received $600 from Rachel Elpel and wrote off the remainder owed of $1,350...

Q: Sunshine Interiors deposits all cash receipts each Wednesday and Friday in a

Sunshine Interiors deposits all cash receipts each Wednesday and Friday in a night depository after banking hours. The data required to reconcile the bank statement as of July 31 have been taken from...

Q: The following procedures were recently installed by The China Shop:

The following procedures were recently installed by The China Shop: a. All sales are rung up on the cash register, and a receipt is given to the customer. All sales are recorded on a record locked ins...

Q: Select a business in your community and observe its internal controls over

Select a business in your community and observe its internal controls over cash receipts and cash payments. The business could be a bank or a bookstore, a restaurant, a department store, or another re...

Q: Wholesome and Happy Foods is a farm-to-family grocery

Wholesome and Happy Foods is a farm-to-family grocery store located in the Pacific Northwest. The company recently installed four self-checkout lanes that allow customers to scan their own groceries a...

Q: All-Around Sound Co. discovered a fraud whereby one of

All-Around Sound Co. discovered a fraud whereby one of its front office administrative employees used company funds to purchase goods such as computers, digital cameras, and other electronic items for...