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Module 4 Assignment | LoudCloud Sy…
Grand Canyon University – Digital Res…
horngrens_accounting_the_financi…
109 %
557 of 1182
Q
III
Jo
what a me amount wat vrou Own Magro casu po.
P8-22a
a
<
Lea
>
o
P8-22A Correcting internal control weakness
Each of the following situations has an internal control weakness.
a. Upside-Down Applications develops custom programs to customer’s specifica-
tions. Recently, development of a new program stopped while the programmers
redesigned Upside-Down’s accounting system. Upside-Down’s accountants
could have performed this task.
b. Norma Rottler has been your trusted employee for 24 years. She performs all
cash-handling and accounting duties. Ms. Rottler just purchased a new Lexus
and a new home in an expensive suburb. As owner of the company, you wonder
how she can afford these luxuries because you pay her only $30,000 a year and
she has no source of outside income.
c. Izzie Hardwoods, a private company, falsified sales and inventory figures in
order to get an important loan. The loan went through, but Izzie later went
bankrupt and could not repay the bank.
d. The office supply company where Pet Grooming Goods purchases sales
receipts recently notified Pet Grooming Goods that its documents were not
pre-numbered. Howard Mustro, the owner, replied that he never uses receipt
numbers.
e. Discount stores such as Cusco make most of their sales in cash, with the
remainder in credit card sales. To reduce expenses, one store manager ceases
purchasing fidelity bonds on the cashier.
f. Cornelius’ Corndogs keeps all cash receipts in an empty box for a week because he
likes to go to the bank on Tuesdays when Joann is working.
Requirements
1. Identify the missing internal control characteristics in each situation.
2. Identify the possible problem caused by each control weakness.
3. Propose a solution to each internal control problem.
с
ISBN 1-269-32781-X
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109 %
explanation.
a
P8-25a
<
>
Lea
P8-25A Preparing a bank reconciliation and journal entries
The December cash records of Dunlap Insurance follow:
o
1. Adjusted Balance $16,230
Cash Receipts
Cash Payments
Date
Cash Debit
Check No.
Cash Credit
Dec. 4
1416
$ 860
$ 4,170
510
9
1417
130
14
530
1418
650
17
1419
2,180
1,850
31
1420
1,490
1,440
900
1421
1422
630
ISBN 1-269-32781-X
Horngren’s Accounting, The Financial Chapters, Tenth Edition, by Tracie Nobles, Brenda Mattison, and Ella Mae Matsumura. Published by Prentice Hall.
Copyright © 2014 by Pearson Education, Inc.
с
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CHAPI
Dunlap’s Cash account shows a balance of $16,740 at December 31. On
December 31, Dunlap Insurance received the following bank statement:
a
P8-25a
<
>
Bank Statement for December
o
$ 13,600
Beginning Balance
Deposits and other Credits:
Dec. 1
EFT
$ 300
Dec.
5
4,170
Dec.
10
510
Dec.
15
530
Dec.
18
2,180
Dec.
22
BC
1,400
9,090
Checks and other Debits:
Dec.
8
NSE
1,000
Dec.
11 (check no. 1416)
860
Dec.
19
EFT
700
Dec.
130
Dec.
22 (check no. 1417)
29 (check no. 1418)
31 (check no. 1419)
650
Dec.
1,940
Dec.
31
SC
60
(5,340)
Ending Balance
$ 17,350
Explanations: BC-bank collection; EFT-electronic funds transfer;
NSF-nonsufficient funds checks; SC-service charge
Additional data for the bank reconciliation follows:
The EFT credit was a receipt of rent. The EFT debit was an insurance payment.
b. The NSF check was received from a customer.
c. The $1,400 bank collection was for a note receivable.
d. The correct amount of check 1419, for rent expense, is $1,940. Dunlap’s
controller mistakenly recorded the check for $1,490.
Requirements
1. Prepare the bank reconciliation of Dunlap Insurance at December 31, 2015.
2. Journalize any required entries from the bank reconciliation.
с
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Learning Objective
a
P9-28a
<
>
P9-28A Accounting for uncollectible accounts using the allowance method
(aging-of-receivables), and reporting receivables on the balance sheet
At September 30, 2014, the accounts of Mountain Terrace Medical Center
(MTMC) include the following:
2. Allowance CR Bal. $11
at Dec 31, 2014
o
Accounts Receivable
$ 145,000
3,500
Allowance for Bad Debts (credit balance)
During the last quarter of 2014, MTMC completed the following selected transactions:
Dec. 28
Wrote off accounts receivable as uncollectible: Regan,
Co., $1,300; Owen Mac, $900; and Rain, Inc., $700
Recorded bad debts expense based on the aging
of accounts receivable, as follows:
31
ISBN 1-269-32781-X
Horngren’s Accounting, The Financial Chapters, Tenth Edition, by Tracie Nobles, Brenda Mattison, and Ella Mae Matsumura. Published by Prentice Hall.
Copyright © 2014 by Pearson Education, Inc.
594 chapter 9
Age of Accounts
Accounts Receivable
1-30 Days
31-60 Days
61-90 Days
Over 90 Days
$97,000
$37,000
$14,000
$17,000
$165,000
Estimated percent uncollectible
0.3%
3%
30%
35%
CHAPTER 9
с
Requirements
1. Journalize the transactions.
2. Open the Allowance for Bad Debts T-account, and post entries affecting that
account. Keep a running balance.
3. Show how Mountain Terrace Medical Center should report net accounts
receivable on its December 31, 2014, balance sheet.
5
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Module 4 Assignment | LoudCloud Sy…
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Q
III
Learning Objective
Q
P9-28a
<
>
P9-28A Accounting for uncollectible accounts using the allowance method
(aging-of-receivables), and reporting receivables on the balance sheet
At September 30, 2014, the accounts of Mountain Terrace Medical Center
(MTMC) include the following:
2. Allowance CR Bal. $11,
at Dec. 31, 2014
o
Accounts Receivable
$ 145,000
3,500
Allowance for Bad Debts (credit balance)
During the last quarter of 2014, MTMC completed the following selected transactions:
Dec. 28
Wrote off accounts receivable as uncollectible: Regan,
Co., $1,300; Owen Mac, $900; and Rain, Inc., $700
Recorded bad debts expense based on the aging
of accounts receivable, as follows:
31
ISBN 1-269-32781-X
Horngren’s Accounting, The Financial Chapters, Tenth Edition, by Tracie Nobles, Brenda Mattison, and Ella Mae Matsumura. Published by Prentice Hall.
Copyright © 2014 by Pearson Education, Inc.
594 chapter 9
Age of Accounts
Accounts Receivable
1-30 Days
31-60 Days
61-90 Days
Over 90 Days
$97,000
$17,000
$165,000
Estimated percent uncollectible
$37,000
3%
$14,000
30%
0.3%
35%
CHAPTER 9
с
Requirements
1. Journalize the transactions.
2. Open the Allowance for Bad Debts T-account, and post entries affecting that
account. Keep a running balance.
3. Show how Mountain Terrace Medical Center should report net accounts
receivable on its December 31, 2014, balance sheet.
5
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View Questions | Studypool
Module 4 Assignment | LoudCloud Sy…
Grand Canyon University – Digital Res…
horngrens_accounting_the_financi…
109 %
557 of 1182
Q
III
Jo
what a me amount wat vrou Own Magro casu po.
P8-22a
a
<
Lea
>
o
P8-22A Correcting internal control weakness
Each of the following situations has an internal control weakness.
a. Upside-Down Applications develops custom programs to customer’s specifica-
tions. Recently, development of a new program stopped while the programmers
redesigned Upside-Down’s accounting system. Upside-Down’s accountants
could have performed this task.
b. Norma Rottler has been your trusted employee for 24 years. She performs all
cash-handling and accounting duties. Ms. Rottler just purchased a new Lexus
and a new home in an expensive suburb. As owner of the company, you wonder
how she can afford these luxuries because you pay her only $30,000 a year and
she has no source of outside income.
c. Izzie Hardwoods, a private company, falsified sales and inventory figures in
order to get an important loan. The loan went through, but Izzie later went
bankrupt and could not repay the bank.
d. The office supply company where Pet Grooming Goods purchases sales
receipts recently notified Pet Grooming Goods that its documents were not
pre-numbered. Howard Mustro, the owner, replied that he never uses receipt
numbers.
e. Discount stores such as Cusco make most of their sales in cash, with the
remainder in credit card sales. To reduce expenses, one store manager ceases
purchasing fidelity bonds on the cashier.
f. Cornelius’ Corndogs keeps all cash receipts in an empty box for a week because he
likes to go to the bank on Tuesdays when Joann is working.
Requirements
1. Identify the missing internal control characteristics in each situation.
2. Identify the possible problem caused by each control weakness.
3. Propose a solution to each internal control problem.
с
ISBN 1-269-32781-X
5
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Module 4 Assignment | LoudCloud Sy…
Grand Canyon University – Digital Res…
horngrens_accounting_the_financi…
559 of 1182
Q
III
109 %
explanation.
a
P8-25a
<
>
Lea
P8-25A Preparing a bank reconciliation and journal entries
The December cash records of Dunlap Insurance follow:
o
1. Adjusted Balance $16,230
Cash Receipts
Cash Payments
Date
Cash Debit
Check No.
Cash Credit
Dec. 4
1416
$ 860
$ 4,170
510
9
1417
130
14
530
1418
650
17
1419
2,180
1,850
31
1420
1,490
1,440
900
1421
1422
630
ISBN 1-269-32781-X
Horngren’s Accounting, The Financial Chapters, Tenth Edition, by Tracie Nobles, Brenda Mattison, and Ella Mae Matsumura. Published by Prentice Hall.
Copyright © 2014 by Pearson Education, Inc.
с
5
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c
个 |
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View Questions | Studypool
Module 4 Assignment | LoudCloud Sy…
Grand Canyon University – Digital Res…
horngrens_accounting_the_financi…
75 %
560 of 1182
Q
=
CHAPI
Dunlap’s Cash account shows a balance of $16,740 at December 31. On
December 31, Dunlap Insurance received the following bank statement:
a
P8-25a
<
>
Bank Statement for December
o
$ 13,600
Beginning Balance
Deposits and other Credits:
Dec. 1
EFT
$ 300
Dec.
5
4,170
Dec.
10
510
Dec.
15
530
Dec.
18
2,180
Dec.
22
BC
1,400
9,090
Checks and other Debits:
Dec.
8
NSE
1,000
Dec.
11 (check no. 1416)
860
Dec.
19
EFT
700
Dec.
130
Dec.
22 (check no. 1417)
29 (check no. 1418)
31 (check no. 1419)
650
Dec.
1,940
Dec.
31
SC
60
(5,340)
Ending Balance
$ 17,350
Explanations: BC-bank collection; EFT-electronic funds transfer;
NSF-nonsufficient funds checks; SC-service charge
Additional data for the bank reconciliation follows:
The EFT credit was a receipt of rent. The EFT debit was an insurance payment.
b. The NSF check was received from a customer.
c. The $1,400 bank collection was for a note receivable.
d. The correct amount of check 1419, for rent expense, is $1,940. Dunlap’s
controller mistakenly recorded the check for $1,490.
Requirements
1. Prepare the bank reconciliation of Dunlap Insurance at December 31, 2015.
2. Journalize any required entries from the bank reconciliation.
с
5
….. Verizon LTE
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* 99%
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c
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View Questions | Studypool
Module 4 Assignment | LoudCloud Sy…
Grand Canyon University – Digital Res…
horngrens_accounting_the_financi…
75 %
617 of 1182
Q
III
Learning Objective
Q
P9-28a
<
>
P9-28A Accounting for uncollectible accounts using the allowance method
(aging-of-receivables), and reporting receivables on the balance sheet
At September 30, 2014, the accounts of Mountain Terrace Medical Center
(MTMC) include the following:
2. Allowance CR Bal. $11,
at Dec. 31, 2014
o
Accounts Receivable
$ 145,000
3,500
Allowance for Bad Debts (credit balance)
During the last quarter of 2014, MTMC completed the following selected transactions:
Dec. 28
Wrote off accounts receivable as uncollectible: Regan,
Co., $1,300; Owen Mac, $900; and Rain, Inc., $700
Recorded bad debts expense based on the aging
of accounts receivable, as follows:
31
ISBN 1-269-32781-X
Horngren’s Accounting, The Financial Chapters, Tenth Edition, by Tracie Nobles, Brenda Mattison, and Ella Mae Matsumura. Published by Prentice Hall.
Copyright © 2014 by Pearson Education, Inc.
594 chapter 9
Age of Accounts
Accounts Receivable
1-30 Days
31-60 Days
61-90 Days
Over 90 Days
$97,000
$17,000
$165,000
Estimated percent uncollectible
$37,000
3%
$14,000
30%
0.3%
35%
CHAPTER 9
с
Requirements
1. Journalize the transactions.
2. Open the Allowance for Bad Debts T-account, and post entries affecting that
account. Keep a running balance.
3. Show how Mountain Terrace Medical Center should report net accounts
receivable on its December 31, 2014, balance sheet.
5
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Q
III
Dec.
5
Collected in full on account from Ambiance, Corp.
Accrued the interest on the Creed, Inc. note.
a
P9-31a
<
>
31
o
Record the transactions in the journal of Relaxing Recliner Chairs. Explanations
are not required. (For notes stated in days, use a 360-day year. Round to the nearest
dollar.)
Learning Objective 4
P9-31A Accounting for notes receivable and accruing interest
Kelly Realty loaned money and received the following notes during 2014.
1. Note 3—Jan. 18, 2015
Note
Date
Principal Amount
Interest Rate
Term
(1)
Aug. 1
$ 24,000
17%
1 year
(2)
Nov. 30
18,000
6%
6 months
(3)
Dec. 19
12,000
12%
30 days
Requirements
1. Determine the maturity date and maturity value of each note.
2. Journalize the entry to record the inception of each of the three notes and also
journalize a single adjusting entry at December 31, 2014, the fiscal year-end, to
record accrued interest revenue on all three notes. Explanations are not required.
3. Journalize the collection of principal and interest at maturity of all three notes.
Explanations are not required.
ISBN 1-269-32781-X
Horngren’s Accounting, The Financial Chapters, Tenth Edition, by Tracie Nobles, Brenda Mattison, and Ella Mae Matsumura. Published by Prentice Hall.
Copyright © 2014 by Pearson Education, Inc.
с
5

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