Other - Business & Finance - September 2007

E7-3. The following control procedures are used in Elke Company for over-the-counter cash receipts.
1. Cashiers are experienced; thus, they are not bonded.
2. All over-the-counter receipts are registered by three clerks who share a cash register with a single cash drawer.
3. To minimize the risk of robbery, cash in excess of $100 is stored in an unlocked attaché case in the stock room until it is deposited in the bank.
4. At the end of each day the total receipts are counted by the cashier on duty and reconciled to the cash register total.
5. The company accountant makes the bank deposit and then records the day’s receipts.
Instructions:
(a) For each procedure, explain the weakness in internal control and identify the control principle that is violated.
(b) For each weakness, suggest a change in the procedure that will result in good internal control.

E7-6. Leng Xiong is unable to reconcile the bank balance at January 31. Leng’s reconciliation is shown here.
Cash balance per bank $3,660.20
Add: NSF check 370.00
Less: Bank service charge 25.00
Adjusted balance per bank $4,005.20

Cash balance per books $3,975.20
Less: Deposits in transit 590.00
Add: Outstanding checks 670.00
Adjusted balance per books $4,055.20

Instructions:
(a) What is the proper adjusted cash balance per bank?
(b) What is the proper adjusted cash balance per books?
(c) Prepare the adjusting journal entries necessary to determine the adjusted cash balance per books.

2007-09-28 18:28:13 · 1 answers · asked by Anonymous

I have heard that it should only be 1, but I have so much information to add that 1 just isn't enough.

2007-09-28 17:33:22 · 8 answers · asked by florita 4

I was wanting to know some info on how i might retrieve some info on how to start a gas station and how i might find laws on them. Basicly i wanted some info on the state and federal requirenments. And also how to run it or maybe education... thanks


p.s. anything helps

2007-09-28 17:31:19 · 4 answers · asked by Rico S 2

2007-09-28 15:39:48 · 1 answers · asked by sonia m 2

2007-09-28 15:33:47 · 4 answers · asked by stump_charles32 1

Clue...

Do people in a non-profit work for free ?

2007-09-28 14:57:54 · 2 answers · asked by Caesar J. B. Squitti 1

I need bulion. US Certified 24 karat gold. I need it in my posession. I want to pay for only the weight value, not collectable BS that is more expensive than the market price. I will pay service charges to the seller if there is no other way but not for some stamp upon the gold making it more expensive. I'm talking Fort Knox style gold.
No comodities, TANGIBLE GOLD.

2007-09-28 13:16:30 · 4 answers · asked by AWM 2

This name is already well known. No needs for huge ads

2007-09-28 09:44:19 · 5 answers · asked by separated_chicken 1

2007-09-28 09:02:34 · 2 answers · asked by Bianca M 1

2007-09-28 08:52:07 · 9 answers · asked by Sherry A 1

adresses for credit report

2007-09-28 08:50:37 · 2 answers · asked by labinot_dema 1

I have ordered over 100 uk pounds worth of goods for my little boys birthday I was told the items were dispatched on 19th September, but have not received them by 28th September and after reading info online am now worried I am not going to get the goods, has anyone had any positive from this company.

2007-09-28 07:46:28 · 4 answers · asked by Anonymous

motorbike courier so far i have some plus and minus points which r
plus points
love riding bikes
like riding all weather

minus points
hate doin stuff mechanical (but i hate that on all stuff)
any1 got any other info

2007-09-28 07:44:24 · 2 answers · asked by Anonymous

2007-09-28 07:15:11 · 1 answers · asked by ginetta848 2

Measure per gram please.

2007-09-28 06:19:50 · 1 answers · asked by Anonymous

2007-09-28 04:44:35 · 4 answers · asked by NELI Q 1

In the mail I recently got a letter stating that I could buy items at low, low prices. Many items at 25%-30% off. But the thing is that most of the items listed are high priced items such as laptops, HD TVs, gold jewelry, etc.

They accept credit card or money orders.
Do scam/con-artist accept money orders or credit card? I qwas thinking scammers wouldn't accept money order as to it will leave a paper trail. I may be wrong what do you think?

2007-09-28 02:51:46 · 2 answers · asked by AJMc 1

2007-09-28 02:08:24 · 4 answers · asked by jenn p 3

Is it different if i'm registering an online company or a physical company?

2007-09-28 01:56:13 · 2 answers · asked by Z.B. 1

what i mean is a comfy chair with the arms rests adapted to accomodate the functions usual to your keyboard a-la captain kirks command chair.
as computers and tv merge...i for one am going to want to be seated comfortably and have all i need at my fingertips when i want to engage with my tv/computer.......i dont want to look for the remote -i want it built into my chair.....i dont want to mess about with a keyboard on the floor -i want a swing out one built into my chair.
if they arent available already...arent people bound to want something like this when computers and tvs merge together?....youre no longer going to want to be sitting with your nose right up to a small 14 inch computer screen...youre going to want to sit back comfortably in your comfy sofa chair, watching your big flat screen tv...and your going to want the keybors etc built into the chair you sitting in to watch that screen.
am i right or am i right!

2007-09-28 00:34:25 · 6 answers · asked by Anonymous

wanted to order Harry Potter stamps for hubby as he collects all stuff and loves Harry Potter so only could order from Royal Mail site (main post offices only had these and none in stock in my local)
So on 25th July ordered a special pack got email two days later couldn't process order ,reordered on 27th (rang next day to see order gone through was told yes on the way can take 14 days) waited and waited after 2 weeks still no order rang back an account had been set up in my name but no order (and website showed my order) wrote a complaint form on site and had a manager ring me and he ordered the items said part of the order would be with the next day and another part wait ten days .
I got the one part next day and after 10 days still no other part rang in again (asked for manager and he was busy girl says sorry they hadn't been despatched but will send them today now that was 11 days ago what Should I do Now ,what would you say to them ?

2007-09-27 21:05:12 · 2 answers · asked by Nutty Girl 7

The customer completed an application form under a different company, now the money is due he will not pay, how can i report him as the company he has used have confirmed that they did not give permission but know the customer and do not seemed bothered that he has used their identity as they will not pay the debt

2007-09-27 21:02:11 · 5 answers · asked by christina b 1

This is the case I want a buy a bussines but for me the price is too higth but if I buy from someone who has one bussines allready he recive a discount of 50% cash so what i should do in this case i will finance 30000usd so I can pay 30000 or pay 15000 anyway i want a get the bussines so the other bussines owner want a help me if I give to him 25% cash 50/@% so I m still saving so I going to do it but how i make sure I will dont lost money in this trade or bussines..?

2007-09-27 19:10:43 · 2 answers · asked by william H 1

I am an O/O and the people I was leased to had me go and pick up a truck for them, they knew I was out of hours but insested that I go get there truck for them. So I use 1 book for that day and it made me lie on my book to get everthing done. Now I put 11hrs into getting there truck and they don't want to pay for for it. What kinda trouble can I get into I knew it was wrong but when they decide if you'r going to get a load or not you have to do what you have to do

2007-09-27 17:27:38 · 1 answers · asked by BOB 3

I'm having difficulty understanding the what and why of reversing entries. Is there a simpler example that someone can use to explain? The book states, "They are recorded in response to accrued assets and accrued liabilities that were created by adjusting entries at the end of a reporting period." So, are they only used on accrued assets and liabilities, not on expenses or revenues? Also, how do I spot when reversing entries are needed?

2007-09-27 17:00:53 · 1 answers · asked by shinya_dgch 1

2007-09-27 16:26:24 · 3 answers · asked by J.Q W 2

2007-09-27 16:09:01 · 3 answers · asked by tskelly0912 1

does anybody know how an employee would be penalised with if they are caught discriminating or harassing another staff member.
thankyou

2007-09-27 16:03:31 · 2 answers · asked by lionheartlisa91 3

What is it? How dose it work? Can I call it network bank?

How to choose a better one?

^_^

2007-09-27 15:42:20 · 2 answers · asked by vickemble 1

For eg.Since bank statement received on 4 oct 07, n close acc on 30sept 07.

should i transfer to p&l ?

2007-09-27 15:34:20 · 2 answers · asked by TLPreferBlue29 2