1.When does a visitor’s Classified Information Nondisclosure Agreement (SF-312) have to be coordinated with the visitor’s organization?
August 26, 2020
if the dividend payout ratio for Epics is 35% what is the value of the retained earnings account on December 31,2005
August 26, 2020
Show all

Bardwell is a privately owned incorporated business that operates a garage which repairs and services motor vehicles. Most customers are required to…

1. Bardwell is a privately owned incorporated business that operates a garage which repairs and services motor vehicles. Most customers are required to pay cash or check on collecting their vehicle. Credit accounts are available to business customers. These customers sign the invoice on collection of the vehicle and their business is billed monthly. Separate series of prenumbered invoices are drawn up by the foreman for cash sales and for credit sales. All customer accounts are maintained by the receptionist. His duties include the following:Cash Sales–Collect cash or checks from customers on collecting their vehicle–At the end of the day, check the numerical sequence of cash sale invoices, add the sales total and agree the total to the amount of cash and checks received–Record the total cash sales in the cash receipts bookCredit Sales–Obtain the customer’s signature on the invoice copy of business account customers–Enter the invoices in numerical sequence in the sales journal and post the customer’s account in the A/R ledger–Send monthly statements to credit account customers and follow up overdue accounts–List the balances on the A/R ledger at the end of the month and reconcile the total with the control account in the G/LCash Receipts–Open the mail, extract checks from credit account customers, record them in the case receipts book, and post the A/R ledger–Make up the day’s banking cash and checks from both cash and credit sales, prepare the deposit slip and bank the cash and checksAll other accounting duties are the responsibility of two further accounts clerks and all are subject to supervision by the garage manager. Required:As a member of the audit staff of the company’s external auditors, you visit the garage and make a count of cash on hand. You subsequently compare details of unbanked cash receipts that you counted with the entry in the cash receipts book for that date. Although the total in the cash receipts book is the same, the amount of banknotes and coins is less and there is a check from a business customer that you did not record.(1)Explain the procedures to be followed in making a cash count for audit purposes

 

Connect with a professional writer in 5 simple steps

Please provide as many details about your writing struggle as possible

Academic level of your paper

Type of Paper

When is it due?

How many pages is this assigment?

“Looking for a Similar Assignment? Get Expert Help at an Amazing Discount!”

The post Bardwell is a privately owned incorporated business that operates a garage which repairs and services motor vehicles. Most customers are required to… appeared first on Graduate Paper Help.

Looking for a Similar Assignment? Let us take care of your classwork while you enjoy your free time! All papers are written from scratch and are 100% Original.