Liberty ACCT 211 Learnsmart Assignment 6 Answers Complete Solutions
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Contrast how a depositor’s account is classified by a bank compared to how it is classified by the account owner by completing the following sentence.
A depositor’s account is a(n) _______ on the bank’s records, but it is a(n) ______ on the books of the account owner. Because of this, every time the account owner makes a deposit, the bank _____ the account owner’s account.
Summarize the internal control principle of establishing responsibility by completing the following sentence. Proper internal control means that responsibility for a ________ is clearly ________ and assigned to one person.
Jackson Brothers established a petty cash fund of $200 at the beginning of the year, but it decides to reduce the amount in the fund to $130. Demonstrate the correct journal entry to reduce the amount in the account by choosing the correct action from those given below.
Match the banking term on the left with its definition on the right.
Which of the following are correct regarding why management uses internal controls? (Check all that apply.)
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Demonstrate the required adjusting entry needed to record a $1,000 note receivable collected by the bank less the expense of having the bank perform the service ($30), by choosing the correct entry below.
Describe the internal control principle of separating recordkeeping from custody of assets by completing the following sentence.
A person who ________ or has access to an asset must ________ keep that asset’s accounting records.
At the end of the month, Brown Co.’s petty cash fund contains $4 in cash and receipts for postage of $50 and delivery expenses of $46. It started out with $100 in the fund at the beginning of the month. Demonstrate the journal entry to replenish the account by choosing the correct action from those given below.
Which of the answers below correctly describe the Cash Over and Short account? (Check all that apply.)
Review the items below and determine which would cause an increase in the monthly bank statement balance.
Choose the items below that would be subtracted from the book balance on a bank reconciliation.
Jackson Brothers decided to create a petty cash fund. They estimated that $200 would be needed in the fund. Demonstrate the correct journal entry to create the account by choosing the correct action from these below.
An invoice can be described as an itemized statement of goods prepared by the listing the customer’s name, items sold, sales prices and terms of sale.
Internal control policies and procedures have limitations that arise from many elements. Match the limitation on the left with its definition on the right.
Summarize the document flow, or steps, in a voucher system by placing the following actions in their correct order of occurrence.
Choose the items below that would be added to the book balance on a bank reconciliation. (Check all that apply.)
After posting the required adjusting journal entries from the bank reconciliation below, show what the balance of the Cash account in ABC Co.’s general ledger will be by selecting the correct answer below.
Identify the bank reconciliation items that would require adjustments to the book balance.
Review the items below and determine which would cause a decrease in the monthly bank statement balance.