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26. In the process of reconciling Marks Enterprises' bank statement for September, Mr. Marks compiles the following information: $6,275-Cash balance per company's books on Sept 30 $1,300-Deposits in transit at month-end $620-Outstanding checks at month-end $45-Bank charge for printing new checks $770-Note receivable and interest collected by bank on Mark's behalf $480-A check given to Marks during the month by a customer is returned by the bank as NSF The adjusted cash balance per the books on September 30 is: A. $ 6,900 B. $ 8,160 C. $ 4,600 D. $ 6,520 E. $ 5,840 28. A company made a bank deposit on September 30 that did not appear on the bank statement dated as of September 30. In preparing the September 30 bank reconciliation, the company should: A. Deduct the deposit from the bank statement balance. B. Send the bank a debit memorandum. C. Deduct the deposit from the September 30 book balance and add it to the October 1 book balance. D. Add the deposit to the book balance of cash. E. Add the deposit to the bank statement balance. 29. Which of the following procedures would weaken control over cash receipts that arrive through the mail? A. After the mail is opened, a list (in triplicate) of the money received is prepared with a record of the sender's name, the amount, and an explanation of why the money is sent. B. The bank reconciliation is prepared by a person who does not handle cash or record cash receipts. C. For safety, only one person should open the mail, and that person should immediately deposit the cash received in the bank. D. The cashier should not also be the record keeper who records the amounts received in the accounting records. E. All of these are good internal control procedures over cash receipts that arrive through the mail. 30. Internal control procedures for cash receipts require that: A. Custody over cash is kept separate from its recordkeeping. B. Cash sales should be recorded on a cash register at the time of each sale. C. Clerks having access to cash in a cash register should not have access to the register tape or file. D. An employee (with no access to cash receipts) should compare the total cash recorded by the register with the record of cash receipts reported by the cashier. E. All of these. 31. On a bank reconciliation, an unrecorded debit memorandum for printing checks is: A. Noted as a memorandum only. B. Added to the book balance of cash. C. Deducted from the book balance of cash. D. Added to the bank balance of cash. E. Deducted from the bank balance of cash. 32. Assume that the custodian of a $450 petty cash fund has $62.50 in coins and currency plus $382.50 in receipts at the end of the month. The entry to replenish the petty cash fund will include: A. A debit to Cash for $377.50. B. A credit to Cash Over and Short for $5.00. C. A debit to Petty Cash for $382.50. D. A credit to Cash for $387.50. E. A debit to Cash for $387.50.

Asked By: - 4/20/2010
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26. In the process of reconciling Marks Enterprises' bank statement for September, Mr. Marks compiles the following information... More
Answered By: Sandy - 4/20/2010
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