Communication Activity 7-1
In 150 words or fewer, explain what an accounting information system is and
describe an effective system.
Compute the cash ratio for Budget Banners.
1. On September 30, how much cash should the petty cash fund hold before it is replenished?
2. Journalize all required entries to (a) create the fund and (b) replenish it. Include explanations.
3. Make the entry on October 1 to increase the fund balance to $525. Include an explanation.
1. Prepare the bank reconciliation for Wollaston’s Healthcare at October 31, 2016.
2. Journalize any required entries from the bank reconciliation. Include an explanation for each entry.
1. Prepare the March bank reconciliation.
2. Journalize any transactions required from the bank reconciliation. Compute the adjusted account balance for the Cash T-account, and denote the balance as End. Bal.
Decision Case 8-2
1. Describe in detail the main internal control weakness in this situation. Specify what negative result(s) could occur because of the internal control weakness.
2. Describe what you would do to correct the internal control weakness.
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