www . acc557tutor . com
ACC 557 Week 5 Chapter 7 ( E7-5 E7-7 E7-14 P7-3A )
E7-5 : Listed below are five procedures followed by Parson Company . ............
Indicate whether each procedure is an example of good internal control or of weak internal control . If it is an example of good internal control , indicate which internal control principle is being followed . If it is an example of weak internal control , indicate which internal control principle is violated . ............
E7-7 : LaSalle Company established a petty cash fund on May 1 , cashing a check for $ 100 . The company reimbursed the fund on June 1 and July 1 with the following results . On July 10 , LaSalle increased the fund from $ 100 to $ 150.00 . ............ Prepare journal entries for LaSalle Company ............
E7-14 : Nayak Company has recorded the following items in its financial records . ............
The cash in bank is subject to a compensating balance of $ 5,000 . The highly liquid investments had maturities of 3 months or less when they were purchased . The stock investments will be sold in the next 6 to 12 months . The plant expansion project will begin in 3 years . What amount should Nayak report as ― Cash and cash equivalents ‖ on its balance sheet ? ............
P7-3A : On May 31 , 2014 , Terrell Company had a cash balance per books of $ 6,781.50 . The bank statement from Home Town State Bank