List the internal control objectives illustrated by the following: (a) keeping the inventory storeroom locked...
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Accounting
List the internal control objectives illustrated by the following: (a) keeping the inventory storeroom locked (b) counting the inventory at the end of the accounting period and comparing it with the inventory ledger clerk's records (c) using subsidiary ledgers and a perpetual inventory system TT T Arial 3 (12pt) Path:p Words:0 QUESTION 50 Read each transaction and identify the appropriate journal that it should be recorded in; 1. Owner withdrew supplies 2. Sale made on account 3. Payment to vendor on account 4. Payment received from customer on account 5. Purchases on account 6. Adjusting journal entry for supplies used 7. Owner withdrew cash 8. Company borrows money from bank 9. Record monthly depreciation 10. Close revenue accounts at month end TT T Arial 3 (12pt) T Path: P Words:0 QUESTION 52 Based upon the following data, determine the cost of merchandise sold for August. Merchandise Inventory August 1 Merchandise Inventory August 31 Purchases Purchases Returns & Allowances Purchases Discounts Freight in TT T Arial 3 (12pt) $ 75,560 96,330 373,880 14,760 10,900 4,135 ABC VT Path: P Words:0
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