Auditing And Assurance Services
17th Edition
ISBN: 9780134897431
Author: ARENS, Alvin A.
Publisher: PEARSON
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Question
Chapter 23, Problem 24DQP
a.
To determine
Describe a substitute check and also state whether it constitute as a legal copy of the check.
b.
To determine
Identify how check 21 affects the payment of checks.
c.
To determine
Identify whether banks have to return the actual cancelled checks.
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The following procedures were recently installed by Raspberry Creek Company:
After necessary approvals have been obtained for the payment of a voucher, the trea- surer signs and mails the check. The treasurer then stamps the voucher and supporting documentation as paid and returns the voucher and supporting documentation to the accounts payable clerk for filing.
The accounts payable clerk prepares a voucher for each disbursement. The voucher along with the supporting documentation is forwarded to the treasurer’s office for approval.
Along with petty cash expense receipts for postage, office supplies, etc., several post- dated employee checks are in the petty cash fund.
At the end of the day, cash register clerks are required to use their own funds to make up any cash shortages in their registers.
At the end of each day, all cash receipts are placed in the bank’s night depository.
At the end of each day, an accounting clerk compares the duplicate copy of the daily cash deposit slip…
10. In Exhibit 3.6, you see a credit sale to G. H. Allen that is
recorded in a paper-based accounting system. On July 28,
2021, Aca Pool Co. received check number 6311 from
G. H. Allen in payment of his outstanding invoice.
Required:
a. Record the receipt of Allen's check on the cash
receipts prelist, document number CR645. Your
instructor will provide you a blank form.
b. Use the prelist as your source document to record
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14
Firebird Corp. prepares monthly bank reconciliations of its checking account balance. The bank statement for February 2019 indicated the following: The correct amount of check #7853 is $797. It was recorded as a cash disbursement of $779 bymistake. The check was issued to pay for merchandise purchases. The check appeared on thebank statement correctly.Required:1. Prepare a bank reconciliation schedule at February 28, 2019, in proper form.2. What is the amount of cash that should be reported on the February 28, 2019 balance sheet?
Chapter 23 Solutions
Auditing And Assurance Services
Ch. 23 - Explain the relationships among the initial...Ch. 23 - Prob. 2RQCh. 23 - Prob. 3RQCh. 23 - Prob. 4RQCh. 23 - Prob. 5RQCh. 23 - Prob. 6RQCh. 23 - Prob. 7RQCh. 23 - Prob. 8RQCh. 23 - Prob. 9RQCh. 23 - Prob. 10RQ
Ch. 23 - Prob. 11RQCh. 23 - Prob. 12RQCh. 23 - Prob. 13RQCh. 23 - Prob. 14RQCh. 23 - Prob. 15.1MCQCh. 23 - Prob. 15.2MCQCh. 23 - Prob. 15.3MCQCh. 23 - Prob. 16.1MCQCh. 23 - Prob. 16.2MCQCh. 23 - Prob. 16.3MCQCh. 23 - Prob. 17.1MCQCh. 23 - Prob. 17.2MCQCh. 23 - Prob. 17.3MCQCh. 23 - Prob. 18DQPCh. 23 - Prob. 19DQPCh. 23 - Prob. 20DQPCh. 23 - Prob. 21DQPCh. 23 - Prob. 22DQPCh. 23 - You are doing the first-year audit of Sherman...Ch. 23 - Prob. 24DQPCh. 23 - Prob. 25DQPCh. 23 - The amount of subjectivity involved in...
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