Journalize entry to record cash receipts and cash sales


Response to the following questions:

1. The mailroom employees send all remittances and remittance advices to the cashier. The cashier deposits the cash in the bank and forwards the remittance advices and duplicate deposit slips to the Accounting Department.

a. Indicate the weak link in internal control in the handling of cash receipts.

b. How can the weakness be corrected?

2. The actual cash received from cash sales was $6,973.60, and the amount indicated by the cash register total was $6,932.15. Journalize the entry to record the cash receipts and cash sales.

 

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Accounting Basics: Journalize entry to record cash receipts and cash sales
Reference No:- TGS02131329

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