Attached are two different templates for homework. Be sure to read through the instructions. Thanks
For this assignment, you will submit this document containing your answers to the below questions to the assignment link within Blackboard. A specific word count is not required, but each question should be answered thoroughly and in a professional manner.
After reading/viewing the materials for this module/week, answer the questions below. The questions will test your knowledge of concepts from Chapter 8 from the Principles of Accounting, Vol. I text.
Homework Exercise 7 is due by 11:59 p.m. (CT) on Sunday of Module/Week 7.
Chapter 8
What is an example of rationalization as one of the three elements causing a person to commit fraud?
Why is it important to have a very sound and well-developed internal control structure?
What are the functions of the internal control?
What is the role of the Sarbanes-Oxley Act and the Public Company Accounting Oversight Board?
Is it required to have only one petty cashier or should the company appoint more than one person to administer the fund? Why?
What is the purpose of the bank reconciliation?
Prepare the journal entry to reconcile the bank statement below:
Bank Statement Balance at (date) | $6,988 | Book Balance at (date) | $6,626 |
Add: Deposits in transit Bank error | 1,600 75 | Add: Check #2456 posting error | 90 |
Less: Outstanding checks | 2,022 | Less: Bank service charge | 75 |
Adjusted bank balance | $6,641 | Adjusted book balance | $6,641 |
Prepare a trial balance using the journal entries below:
GENERAL JOURNAL | Page 1 | ||||
Account | Post. Ref. | Debit | Credit | ||
A. | Cash | 10,000 | |||
Dodge, Capital | 10,000 | ||||
B. | Rent Expense | 500 | |||
Cash | 500 | ||||
C. | Petty Cash | 500 | |||
Cash | 500 | ||||
D. | Cash | 1,000 | |||
Services Income | 1,000 | ||||
E. | Office Supplies | 158 | |||
Cash | 158 | ||||
F. | Computer Equipment | 2,500 | |||
Cash | 1,350 | ||||
Accounts Payable | 1,150 | ||||
G. | Cash | 800 | |||
Services Income | 800 | ||||
H. | Wages Expense | 600 | |||
Cash | 600 | ||||
I. | Office Supplies | 256 | |||
Maintenance Expense | 108 | ||||
Miscellaneous Expense | 55 | ||||
Postage Expense | 77 | ||||
Cash Over and Short | |||||
Cash | 489 | ||||
J. | Petty Cash | 30 | |||
Cash | 30 |
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