The cash account for Collegiate Sports Co. on November 1, 20Y9, indicated a balance of $13,070. During November, the total cash deposited was $72,560 and checks written totaled $67,370. The bank statement indicated a balance of $24,600 on November 30, 20Y9. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items: Checks outstanding totaled $10,960. A deposit of $8,920, representing receipts of November 30, had been made too late to appear on the bank statement. A check for $720 had been incorrectly charged by the bank as $270. A check for $250 returned with the statement had been recorded by Collegiate Sports Co. as $520. The check was for the payment of an obligation to Ramirez Co. on account. The bank had collected for Collegiate Sports Co. $4,720 on a note left for collection. The face of the note was $4,350. Bank service charges for November amounted to $50. A check for $1,090 from Hallen Academy was returned by the bank because of insufficient funds.

Required:
Journalize the necessary entries (a.) that increase cash and (b.) that decrease cash.

What is an example of a good stock to buy in a recession? a) cyclical stock b) defensive stock c) income stock d) bond

Insurance companies have internal controls in place to protect assets, monitor the accuracy of accounting records and encourage operational efficiencies and adherence to policies. these internal controls are generally of two types: administrative controls and accounting controls. administrative controls are the policies and procedures that guide the daily actions of employees. accounting controls are the policies and procedures that delineate authorizations of financial transactions that are done, safeguard assets, and provide reports on the company’s financial status in a reliable and timely manner. internal controls should include both preventative and detective controls. the purpose of preventative controls is to stop problems and errors before they occur. detective controls identify problems after they have occurred. preventative controls are usually more effective at reducing problems, but they also tend to be more expensive. internal controls must be flexible to adjust for changes in laws and regulations in addition to adding new products or modifying current ones. companies must also do regular analyses to ensure that the benefits of implementing the controls are worth their costs. when concerned about paying unwarranted insurance claims which type of control would be useful?

Transactions that affect earnings do not necessarily affect cash. identify the effect, if any, that each of the following transactions would have upon cash and net income. the first transaction has been completed as an example. (if an amount reduces the account balance then enter with negative sign preceding the number e. g. -15,000 or parentheses e. g. (15, cash net income (a) purchased $120 of supplies for cash. –$120 $0 (b) recorded an adjustment to record use of $35 of the above supplies. (c) made sales of $1,370, all on account. (d) received $700 from customers in payment of their accounts. (e) purchased equipment for cash, $2,450. (f) recorded depreciation of building for period used, $740. click if you would like to show work for this question: open show work