# ACC 111 unit 5 Homework

## ACC 111 unit 5 Homework

M5-4

Matching Cash Receipt Processes to Internal Control Principles
1
2
3
4
5

D
E
C
B
A

M5-12
Preparing a Bank Reconciliation

Updates to Bank Statement
Ending Cash Balance per
Bank Statement

Updates to Company's Books
\$

195.00 Ending Cash Balance per books

Deposit in transit

\$

305.00

\$
\$

50.00
5.00

\$

250.00

\$

Deductions
Outstanding Check 7
Check 3

\$
\$

Up to date ending cash balance

\$

150.00

Deductions
25.00 NSF Check
70.00 Service Charge

250.00 Up to date ending cash balance

M5-13
Accounting for Unrecorded Items on Bank Reconciliation

A
Chk #4

Accounts Receivable
Cash
To record service charge by bank

B

Office Expenses

Cash
To record service charge by bank

DB
\$ 50.00

\$

5.00

CR
\$ 50.00

\$

5.00

M6-15

Computing and Interpreting the Gross Profit Percentage

Gross Profit
Percentage

40%
27.84%
34.71%

=

Gross Profit
= Net Sales
\$
400
\$
\$
1,350
\$
\$

1,010.00

\$

1,000
4,850
2,910

x

\$
\$

100
100
100

\$

100

The following transacti
July

12
15
20

Aug.

23
25

ons were selected from the records of Evergreen Company:
Sold merchandise to Wally Butler, who paid the \$1,000 purchase with cash. The goods cost
Evergreen Company \$600.
Sold merchandise to Claudio’s Chair Company at a selling price of \$5,000 on terms 3/10, n/30. The
goods cost Evergreen Company \$3,500.
Sold merchandise to Otto’s Ottomans at a selling price of \$3,000 on terms 3/10, n/30. The goods
cost Evergreen Company \$1,900.
Collected payment from Claudio’s Chair Company from the July 15 sale.
Collected payment from Otto’s Ottomans from the July 20 sale.

M6-17

Determining the Cause of Increasing Gross Profit
Show your calculations and explain your conclusion
20-Nov
400 - 300 = \$
25-Nov 4000-(3%)= 3880
2500 = \$
= \$
28-Nov 6000-(3%)= 5820
4000 = \$
= \$
29-Nov 5820/10=582
= \$
\$...