Acc 557 homework problems 5

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ACC 557 Week 5 Homework Problems – Strayer Click On The Link Below to Purchase A+ Graded Material Instant Download http://budapp.net/ACC-557-Week-5-Homework-Problems-Strayer-NEWACC557W5HP.htm Chapter 7 and 8 Chapter 7 Exercise 7-5 Your answer is correct. Listed below are five procedures followed by Parson Company. 1. Several individuals operate the cash register using the same register drawer. A monthly bank reconciliation is prepared by someone who has no other cash 2. responsibilities. 3. Fran Vorbeck writes checks and also records cash payment journal entries. 4. One individual orders inventory, while a different individual authorizes payments. Unnumbered sales invoices from credit sales are forwarded to the accounting 5. department every four weeks for recording. Indicate whether each procedure is an example of good internal control or of weak internal control. If it is an example of good internal control, indicate which internal control principle is being followed. If it is an example of weak internal control, indicate which internal control principle is violated. Exercise 7-7 Your answer is correct. LaSalle Company established a petty cash fund on May 1, cashing a check for $100. The company reimbursed the fund on June 1 and July 1 with the following results. June 1: Cash in fund $1.75. July 1: Cash in fund $3.25.

Receipts: delivery expense $31.25; postage expense $41; and miscellaneous expense $25. Receipts: delivery expense $21; entertainment expense $51; and miscellaneous expense $24.75.

On July 10, LaSalle increased the fund from $100 to $150.00. Prepare journal entries for LaSalle Company. (Credit account titles are automatically


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