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Question
Safeguarding inventory from damage or theft is a primary objective for the control of inventory. If you were running a clothing store, name three specific controls you would implement to guard inventory from theft.
Answer
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Selling receivables a. can shift some of the risk to the buyer b. delays the receipt of cash c. occurs when an account becomes uncollectible d. results in bad debt expense
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Match each of the following activities to an element of internal control (a–c). Each letter may be used more than once.a. Risk assessmentb. Control proceduresc. MonitoringHiring and properly training competent personnel
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Journalize the entries for the following transactions:Mar. 1 Established a petty cash fund of $300. 31 The amount of cash in the petty cash fund is now $64. The fund is replenished based on the following receipts: office supplies, $137; selling expenses, $112.Journalize any discrepancy in the cash short and over account.
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Match each of the following items with how it would appear on the bank statement (a–d). Each letter may be used more than once. Some letters may not be used.a. With a debit memo entry that increases the account balanceb. With a debit memo entry that decreases the account balancec. With a credit memo entry that increases the account balanced. With a credit memo entry that decreases the account balanceCorrection of the bank’s error recording a $300 check as $30
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a
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Journalize the following transactions (assume a 360-day year when computing interest): Mar. 1 Received a 90-day, 10% note for $24,000, dated March 1, from Batson Co. on account.May 30 The note of March 1 was dishonored.