Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

Q1) Records of Filippis Company point out a March 31 cash balance of 10,806.05 that comprises undeposited receipts for March 30 and 31. Cash balance on bank statement as of March 31 is 7,004.95. This balance comprises a note of 3,000 plus interest of 120.00 gathered by bank but not recorded in journal. Checks outstanding on March 31 were as follows: no. 670, 1,129.16; no.679,830.00; no.690,525.90; no.2148,127.40; no.2149,520.00; and no.2151,851.50 On March 3, cashier resigned, effective at end of month. Before leaving on March 31 cashier prepared this bank reconciliation: Cash balance per books, March 31 10,806.05 Add outstanding checks: No.2148 127.40 No.2149 520.00 No.2151 851.50 1,198.90 _________ 12,004.95 Less undeposited receipts 5,000 Cash balance per bank, March 31 7,004.95 Deduct unrecorded note with interest 3,120.00 True cash, March 31 3,884.95 Subsequently, owner discovered that cashier had stolen the unknown amount of undeposited receipts, leaving only 5,000 to be deposited. Find out amount the cashier stole in good form, how did cashier attempt to conceal theft?, Recognize two major weaknesses in internal control, suggest improvements in internal control. "

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M916942

Have any Question? 


Related Questions in Accounting Basics

Dq1respond to the ethics discussion case at the end of

DQ1 Respond to the Ethics Discussion Case at the end of chapter 13 in the textbook. Assume that you are a CPA and a tax specialist. Your clients include Ale and Grains, Inc., an S corporation, and Gustav and Heidi Lager, ...

Accounting cycle project transaction practice set - bampg

Accounting Cycle Project Transaction Practice Set - B&G Music You have been hired as an accountant for B&G Co., a corporation performing diverse consulting services in Detroit, Michigan. B&G Co. prepares financial statem ...

Taskas part of the planning process for your new accounting

TASK As part of the planning process for your new accounting information system, your manager has asked that you prepare flowcharts. This graphic presents the flow of information through the accounting cycles. • Using th ...

Accounting assignmentthis project requires you to select a

Accounting Assignment This project requires you to select a business and analyze part of its accounting information system. You will focus on a selected business process, develop conclusions from your observations, and a ...

Intercompany debt both long term and short term arises

Intercompany debt, both long term and short term, arises frequently. In some cases, intercorporate borrowings may arise because one affiliate can borrow at a cheaper rate than others, and lending to other affiliates may ...

Watch accounting witts video titled cash and accrual -

Watch Accounting WITT's video titled "Cash and Accrual - Conceptual": https://www.youtube.com/watch?v=aPwdgUDXkkE&feature=youtu.be Based on the video, explain two (2) advantages and two (2) disadvantages in using both th ...

Imagine you are the responsible accountant for one of our

Imagine you are the responsible accountant for one of our companies. Apart from local gaap or local accounting rules but with regard to HB II (Group financial statement) and with the help of the HB II accounting manual o ...

1 the manufacture of herbal health tonic is a competitive

1. The manufacture of herbal health tonic is a competitive industry. The manufacturing facilities have an annual output of 100,000 gallons. Operating costs are $2 per gallon. A 100,000 gallon capacity plant costs $500,00 ...

Accounting discussionbulldiscuss the advantages of

Accounting Discussion • Discuss the advantages of understanding accounting as it relates to your current or future position. (Consider careers in management, sales, business operations, finance, and business ownership.)

Almas recording studio rents studio time to musicians in

Alma's Recording Studio rents studio time to musicians in 2-hour blocks. Each session includes the use of the studio facilities, a digital recording of the performance, and a professional music producer/mixer. Anticipate ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen