Maurice Tutor

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Teaching Since: May 2017
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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 10 Jul 2017 My Price 14.00

measures strengthens internal control

3.    Each of the following measures strengthens internal control over cash receipts except:

a.       Factoring accounts receivable.

b.       Preparation of a daily listing of all checks received through the mail.

c.       The deposit of cash receipts in the bank on a daily basis.

d.       The use of cash registers.

Use the following data for questions 4 and 5:

Quinn Company’s bank statement at January 31 shows a balance of $13,360, while the ledger account for Cash in Quinn’s ledger

shows a balance of $12,890 at the same date. The only reconcil- ing items are the following:

•          Deposit in transit, $890.

•          Bank service charge, $24.

•          NSF check from customer Greg Denton in the amount of

$426.

•          Error in recording check no. 389 for rent: check was written in the amount of $1,320, but was recorded improperly in the accounting records as $1,230.

•          Outstanding checks, $?????

Answers

Maurice Tutor
(5)
Status NEW Posted 10 Jul 2017 09:07 PM My Price 14.00

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