ACC 557 TUTOR Great Stories /acc557tutor.com ACC 557 TUTOR Great Stories /acc557tutor.com | Page 36

Raw materials.
Merchandise inventory.
Finished goods.
Work in process.
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ACC 557 Week 5 Chapter 7 (E7-5 E7-7 E7-14 P7-3A)
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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. ............