43.)Which one of the following is not an objective of a system of internal controls?
A.) Reduce the risks of errors.
B.) All of these are objectives of internal control.
C.) Safeguard company assets.
D.) Enhance the accuracy and reliability of accounting records.
128.) Vaughn Manufacturing had checks outstanding totaling $33000 on its June bank reconciliation. In July, Vaughn Manufacturing issued checks totaling $238100. The July bank statement shows that $161000 in checks cleared the bank in July. A check from one of Vaughn Manufacturing's customers in the amount of $1800 was also returned marked "NSF." The amount of outstanding checks on Vaughn Manufacturing's July bank reconciliation should be?
129.)Metlock, Inc. had checks outstanding totaling $30600 on its May bank reconciliation. In June, Metlock, Inc. issued checks totaling $191500. The June bank statement shows that $142600 in checks cleared the bank in June. A check from one of Metlock, Inc.'s customers in the amount of $1400 was also returned marked "NSF." The amount of outstanding checks on Metlock, Inc.'s June bank reconciliation should be?
151.)A check written by the company for $242 is incorrectly recorded by a company as $224. On the bank reconciliation, the $18 error should be
A.) added to the balance per books.
B.) deducted from the balance per books.
C.) added to the balance per bank.
D.) deducted from the balance per bank.
43.)Which one of the following is not an objective of a system of internal controls?
| A.) Reduce the risks of errors. |
| B.) All of these are objectives of internal control. |
| C.) Safeguard company assets. |
| D.) Enhance the accuracy and reliability of accounting records. 128.) Vaughn Manufacturing had checks outstanding totaling $33000 on its June bank reconciliation. In July, Vaughn Manufacturing issued checks totaling $238100. The July bank statement shows that $161000 in checks cleared the bank in July. A check from one of Vaughn Manufacturing's customers in the amount of $1800 was also returned marked "NSF." The amount of outstanding checks on Vaughn Manufacturing's July bank reconciliation should be? 129.)Metlock, Inc. had checks outstanding totaling $30600 on its May bank reconciliation. In June, Metlock, Inc. issued checks totaling $191500. The June bank statement shows that $142600 in checks cleared the bank in June. A check from one of Metlock, Inc.'s customers in the amount of $1400 was also returned marked "NSF." The amount of outstanding checks on Metlock, Inc.'s June bank reconciliation should be? 151.)A check written by the company for $242 is incorrectly recorded by a company as $224. On the bank reconciliation, the $18 error should be
|
Related questions
The following information is available to reconcile Branch Companyâs book balance of cash with its bank statement cash balance as of July 31, 2017.
a. On July 31, the companyâs Cash account has a $25,758 debit balance, but its July bank statement shows a $28,224 cash balance.
b. Check No. 3031 for $1,570 and Check No. 3040 for $777 were outstanding on the June 30 bank reconciliation. Check No. 3040 is listed with the July canceled checks, but Check No. 3031 is not. Also, Check No. 3065 for $561 and Check No. 3069 for $2,338, both written in July, are not among the canceled checks on the July 31 statement.
c. In comparing the canceled checks on the bank statement with the entries in the accounting records, it is found that Check No. 3056 for July rent expense was correctly written and drawn for $1,280 but was erroneously entered in the accounting records as $1,270.
d. The July bank statement shows the bank collected $5,500 cash on a noninterest-bearing note for Branch, deducted a $28 collection expense, and credited the remainder to its account. Branch had not recorded this event before receiving the statement.
e. The bank statement shows an $805 charge for a $795 NSF check plus a $10 NSF charge. The check had been received from a customer, Evan Shaw. Branch has not yet recorded this check as NSF.
f. The July statement shows a $8 bank service charge. It has not yet been recorded in miscellaneous expenses because no previous notification had been received.
g. Branchâs July 31 daily cash receipts of $6,652 were placed in the bankâs night depository on that date but do not appear on the July 31 bank statement. Required: 1. Prepare the bank reconciliation for this company as of July 31, 2017.
âBRANCH COMPANY
â Bank Reconciliation
â July 31, 2017
| Bank statement balance | Book balance | ||||
| Add: | Add: | ||||
| Deduct: | Deduct: | ||||
| Adjusted bank balance | Adjusted book balance |
2. Prepare the journal entries necessary to bring the companyâs book balance of cash into conformity with the reconciled cash balance as of July 31, 2017. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
a. Record the adjusting entry required, if any, related to the July 31 cash balance.
b. Record the adjusting entry required, if any, related to the outstanding checks.
c. Record the adjusting entry required, if any, related to Check No. 3056.
d. Record the adjusting entry required, if any, related to the non-interest-bearing note.
e. Record the adjusting entry required, if any, related to the NSF check.
f. Record the adjusting entry required, if any, related to bank service charges.
g. Record the adjusting entry required, if any, related to the July 31 deposit.
