Question

Y's bank statement for September 30 showed a cash balance of $1,350. The company's Cash September…

y's bank statement for September 30 showed a cash balance of $1,350. The company's Cash September 30. a A customer's check for NSF was charged the company's account a $25 processing fee. $100 marked NSF was returned to Brown Company by the bank. In addition, the bank b. The September 30 cash reccipts, 51,250, were placed in the bank's night depository after banking hours on that date and this amount did not appear on the September 30 bank statement. c. A S15 debit memorandum for checks printed by the bank was included with the canceled checks. d. Outstanding checks amounted to $1,145 e. A customer's note for $900 was collected by the bank. A collection fee of $25 was deducted by the bank and the difference was deposited in the account. f. Included with the canceled checks was a check for S275, drawn on another company, Browne Inc. (a) Prepare a bank reconciliation as of September 30. (b) Prepare any necessary adjusting journal entries necessary as a result of the bank reconciliation. 40. A company established a petty cash fund of $100 on September 1. On September 10, the petty cash fund receipts for: office supplies, S27; was replenished when there was $16 remaining and there courie above transactions in general journal form. were petty cash er, $32; and postage, $22. On September 15, the petty cash fund was increased to $125 in total. Record the 41. A properly designed internal control system is a key part of accounting information systems design, analysis and performance. True False 42. The use of internal controls provides guaranteed protection against losses due to operating activities. True False 43. Maintaining adequate records is an important intemal control principle. True False

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