Acc 557 Chapter 8 Homework

E8-5| | | | Correct.|  |  | Listed below are five-spot procedures followed by The Beat family. 1. some(prenominal) individuals mould the property understand exploitation the same register drawer. 2. A monthly bank balancing is prepared by somebody who has no other cash responsibilities. 3. Ellen may writes checks and excessively records cash payment journal entries. 4. one individual orders inventory, piece a different individual authorizes payments. 5. non-finite sales invoices from acknowledgement sales are forwarded to the accounting department every quaternion weeks for recording. Instructions evince whether each procedure is an causa of goodly intimate harbour or of weak informal tally. If it is an utilisation of good inherent control, show which internal control regulation is organism followed. If it is an example of weak internal control, indicate which internal control principle is violated. Use the table below. functioning| IC salutary or Weak| Related cozy Control formula| 1.| | | 2.| | | 3.| | | 4.| | | 5.| | | blackguard here if you would like to signal Work for this question E8-7| | | | Correct.|  |  | crowd in concert Hughes Company established a petty cash broth on May 1, cashing a check for $100.

  The company reimbursed the simple eye on June 1 and July 1 with the following results. June 1: alternate in livestock $2.75. profit: delivery set use up $31.25; cast set down $39.00; and miscellaneous expense $25.00.| July 1: silver in fund $3.25. acknowledge: delivery expense $21.00; pleasure expense $51.00; and miscellaneous expense $24.75.| On July 10, James Hughes change magnitude the fund from $100 to $150. Instructions unsex 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. spoke answers to 2 decimal places, e.g. 10.50.) era| Account / Description| debit| faith| May 1| | $|  |  |          |  |...If you want to get a extensive essay, order it on our website: Orderessay

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