7-95 LO 10 Explain common techniques employed to control cash.
Reconciliation of Bank Balances
Schedule explaining any differences between the bank’s and the company’s records of cash.
Reconciling Items:
1. Deposits in transit.
2. Outstanding checks.
3. Bank charges and credits.
4. Bank or Depositor errors.
Time Lags
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APPENDIX
7A
CASH CONTROLS7-96 LO 10 Explain common techniques employed to control cash.
Reconciliation of Bank Balances
Illustration 7A-1 Bank Reconciliation Form and ContentAPPENDIX
APPENDIX
7A
CASH CONTROLS7-97 LO 10
APPENDIX
APPENDIX
7A
CASH CONTROLS7-98
Illustration 7A-2
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APPENDIX
7A
CASH CONTROLSAdvance slide in presentation mode to reveal answer.
7-99
Cash 542
Nov. 30
Office Expense 18
Accounts Receivable 220
Accounts Payable 180
Interest Revenue 600
Illustration: Journalize the adjusting entry on the books of Nugget Mining Company.
LO 10 Explain common techniques employed to control cash.
APPENDIX
APPENDIX
7A
CASH CONTROLS7-100
The reconciling item in a bank reconciliation that will result in an adjusting entry by the depositor is:
a. outstanding checks.
b. deposit in transit.
c. a bank error.
d. bank service charges.
Question
LO 10 Explain common techniques employed to control cash.
APPENDIX
APPENDIX
