How to Sarbanes Oxley Internal control and cash

Survey Accounting

Assignment 6

CHAPTER 5 Sarbanes-Oxley, Internal Control, and Cash

Complete the following Exercise E5-13 and E5-18 on excel template.

E5-13 Recording cash sales; cash over

 The actual cash received from cash sales was $14,356, and the amount indicated by the cash register total was $14,290.

 a. What is the amount deposited in the bank for the day's sales?

b. What is amount recorded for the day's sales?

c. How should the difference be recorded?

 d. If a cashier is consistently over or short, what action should be taken?

E5-18 Bank reconciliation

✓ Adjusted balance: $24,500

The following data were accumulated for use in reconciling the bank account of Camela Co. for July:

1. Cash balance according to the company's records at July 31, $24,010.

2. Cash balance according to the bank statement at July 31, $22,750.

3. Checks outstanding, $7,350.

4. Deposit in transit, not recorded by bank, $9,100.

5. A check for $170 in payment of an account was erroneously recorded in the check register as $710.

6. Bank debit memo for service charges, $50.