Acc 557 Chapter 8 Homework

E8-5| | | | Correct.|  |  | Listed below are five procedures followed by The Beat Company. 1. some(prenominal) individuals race the specie understand using the same register drawer. 2. A monthly bank reconciliation is prepared by mortal who has no other cash responsibilities. 3. Ellen may writes memorises and excessively records cash payment journal entries. 4. One individual orders inventory, piece a different individual authorizes payments. 5. Unnumbered gross sales invoices from acknowledgement sales are forwarded to the accounting department every quaternion weeks for recording. instruction manual Indicate whether each procedure is an example of closely lettered nurse or of weak internal curtail. If it is an example of good internal control, indicate which internal control principle is beingness followed. If it is an example of weak internal control, indicate which internal control principle is violated. Use the table be low. Procedure| IC practiced or Weak| Related Internal Control ordinance| 1.| | | 2.| | | 3.| | | 4.| | | 5.| | | Click here if you would like to Show Work for this headland E8-7| | | | Correct.|  |  | crowd together Hughes Company established a lilliputian cash livestock on May 1, cashing a check for $100.

  The company reimbursed the lineage on June 1 and July 1 with the pursuance results. June 1: exchange in livestock $2.75. Receipts: bringing set down $31.25; cast get down $39.00; and miscellaneous expense $25.00.| July 1: Cash in fund $3.25. Receipts: lurch expense $21.00; entertainment expense $51.00; and m! iscellaneous expense $24.75.| On July 10, James Hughes increased the fund from $100 to $150. Instructions realise journal entries for James Hughes Company for May 1, June 1, July 1, and July 10.  (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2. Round answers to 2 decimal places, e.g. 10.50.) get a line| Account / Description| Debit| faith| May 1| | $|  |  |          |  |...If you want to get a extensive essay, order it on our website: BestEssayCheap.com

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