71) Emerald Corporation uses a voucher system and completed the following transactions:


Dec. 31 Prepared voucher #422 to replenish the petty cash fund based on the following receipts:                             supplies $47, postage $48, and cash short $2.

31Issued check #1003 in payment of voucher #422.


Required: Prepare general journal entries to record the above transactions. Omit explanations.

72) Button Corporation uses a voucher system. Record the following transactions in general journal format. Omit the explanations.


Nov. 8Purchased office equipment from Tram Company, $800; voucher no. 200 was prepared.

Nov. 12Established a petty cash fund of $80; voucher no. 201 was prepared.

Nov. 14Purchased merchandise from Carr Corporation, $800; voucher no. 202 was prepared.


73) Name and discuss the two most important internal control principles embedded in the voucher system.



74) In the voucher register “miscellaneous accounts” are classified as ________ accounts.


75) Separation of duties in a voucher system leads to a more effective ________ for the management of cash payments.

76) Vouchers should be filed in the tickler file ________ rather than alphabetically.




Source link

Leave a Reply

Your email address will not be published. Required fields are marked *