Questions from Survey Accounting

Q: The following control procedures are used in Keaton Company for over-

The following control procedures are used in Keaton Company for over-the-counter cash receipts. 1. Each store manager is responsible for interviewing applicants for cashier jobs. They are hired if the...

Q: The following control procedures are used in Bunny’s Boutique Shoppe for cash

The following control procedures are used in Bunny’s Boutique Shoppe for cash disbursements. 1. Each week, 100 company checks are left in an unmarked envelope on a shelf behind the cash register. 2. T...

Q: What are the essential features of the allowance method of accounting for

What are the essential features of the allowance method of accounting for bad debts?

Q: At Martinez Company, checks are not prenumbered because both the purchasing

At Martinez Company, checks are not prenumbered because both the purchasing agent and the treasurer are authorized to issue checks. Each signer has access to unissued checks kept in an unlocked file c...

Q: Rachel Sells is unable to reconcile the bank balance at January 31

Rachel Sells is unable to reconcile the bank balance at January 31. Rachel’s reconciliation is shown as follows. Instructions (a) What is the proper adjusted cash balance per bank?...

Q: At April 30, the bank reconciliation of Back 40 Company shows

At April 30, the bank reconciliation of Back 40 Company shows three outstanding checks: No. 254 $650, No. 255 $700, and No. 257 $410. The May bank statement and the May cash payments record are given...

Q: The following information pertains to Lance Company. 1. Cash

The following information pertains to Lance Company. 1. Cash balance per bank, July 31, $7,328. 2. July bank service charge not recorded by the depositor $38. 3. Cash balance per books, July 31, $7,36...

Q: This information relates to the Cash account for Howard Company.

This information relates to the Cash account for Howard Company. Balance September 1—$16,500; Cash deposited—$64,000 Balance September 30—$17,600;...

Q: The cash records of Upton Company show the following. For

The cash records of Upton Company show the following. For July: 1. The June 30 bank reconciliation indicated that deposits in transit total $580. During July, the Cash account shows deposits of $16,90...

Q: Perth Inc.’s bank statement from Main Street Bank at August

Perth Inc.’s bank statement from Main Street Bank at August 31, 2017, gives the following information. A summary of the Cash account for August shows the following: balance, August...