EXERCISES Identify each of the following as relating to (a) the control environment, (b) control...
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Accounting
EXERCISES Identify each of the following as relating to (a) the control environment, (b) control procedures, or (c) monitoring. 1. Hiring of external auditors to review the adequacy of controls 2. Personnel policies 3. Safeguarding inventory in a locked warehouse Prepare journal entries for each of the following: a. Issued a cheque to establish a petty cash fund of $300. b. The amount of cash in the petty cash fund is $95. Issued a cheque to replenish the fund, based on the following summary of petty cash receipts: store supplies, $120, and miscellaneous selling expense, $75. Record any missing funds in the cash over / short account The following items may appear on a bank statement: 1. Bank correction of an error from posting another customer's cheque to the company's account & hy's
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