Mastery Problemt Internal Control and Cash Murdstone, Inc., You ve just been hired as an accountant at Murdstone, Incy, a cetailer of supplies for arts and crafts. Since the previous accountant left his position suddenly, the controller of Murdstone, Inc, has asked for your assistance in filing in some missing dota for the compamy's januory accounting records. Youll also be responsible for training the company's new accounting intern. Cash short and Over The controller has completed the T accounts for the cash and sales accounts as of January 30, but needs to attend an important conference in another city. She has requerted that you prepare the T account for the cash sbort and over account as of January 30 also. You are told that the balance of the account is tero as of the. beginning of January, and that all the company's sales are in cash. To simplify, this problem assumes that a compooy has only one bank account, which is identifec in the Ledger as "Cash." Review the following T accounts, and then scroll down to complete the cash short and over T account and sriswer the assocated question that follows it. Review the preceding T accounts, and then complete the cash short and over T account and associated question that follows it. What will happen to the ending balance in the cash short and over account at the end of the accounting period? Murdstone, Inc. issued a check on January 2 to establish a petty cash fund of 5500 . On January 31 , the amount of cash in the petty cash fund is $439. The company would like to issue a check to replenish the fund, based on the following summary of petty cash recelpts: The company's policy is to record any missing funds in the cash short and over account. The new intern has prepared a proposed joumal entry to record the replenishing of the petty cosh fund: Prepare for your discutsion with the intern by joumalizing the correct entry for the replenishment of the potty cash fund. If an amount box does nat require an entry, lesve it blonk: The company's accounting intern has prepared the end-of-January bank reconclliation from the bank statement, and is worried because the adjusted balance amounts do not agree. After reviewing the bank reconciliation, scroll down for the next steps in helping the intern. You assist the intem to check source documents, and find that most of the dollar amounts are correct; however, two dollar amounts are incorrect. After reviewing the following table, scroil down for the next steps in helping the intern. You assist the intern to check source documents, and find that most of the doliar amounts are correct; howevor, two doliar amounts are incorrect. After reviewing the following table, scroll down for the next steps in helping the intern. After asking the intem to search for other errors by comparing her reconcikation to prior bank reconcliations prepared by the former accountant, you work together to compute the corrected adyusted balance. Round your answer to two decimal places. Corrected adjusted balance amounts 4 Mastery Problemt Internal Control and Cash Murdstone, Inc., You ve just been hired as an accountant at Murdstone, Incy, a cetailer of supplies for arts and crafts. Since the previous accountant left his position suddenly, the controller of Murdstone, Inc, has asked for your assistance in filing in some missing dota for the compamy's januory accounting records. Youll also be responsible for training the company's new accounting intern. Cash short and Over The controller has completed the T accounts for the cash and sales accounts as of January 30, but needs to attend an important conference in another city. She has requerted that you prepare the T account for the cash sbort and over account as of January 30 also. You are told that the balance of the account is tero as of the. beginning of January, and that all the company's sales are in cash. To simplify, this problem assumes that a compooy has only one bank account, which is identifec in the Ledger as "Cash." Review the following T accounts, and then scroll down to complete the cash short and over T account and sriswer the assocated question that follows it. Review the preceding T accounts, and then complete the cash short and over T account and associated question that follows it. What will happen to the ending balance in the cash short and over account at the end of the accounting period? Murdstone, Inc. issued a check on January 2 to establish a petty cash fund of 5500 . On January 31 , the amount of cash in the petty cash fund is $439. The company would like to issue a check to replenish the fund, based on the following summary of petty cash recelpts: The company's policy is to record any missing funds in the cash short and over account. The new intern has prepared a proposed joumal entry to record the replenishing of the petty cosh fund: Prepare for your discutsion with the intern by joumalizing the correct entry for the replenishment of the potty cash fund. If an amount box does nat require an entry, lesve it blonk: The company's accounting intern has prepared the end-of-January bank reconclliation from the bank statement, and is worried because the adjusted balance amounts do not agree. After reviewing the bank reconciliation, scroll down for the next steps in helping the intern. You assist the intem to check source documents, and find that most of the dollar amounts are correct; however, two dollar amounts are incorrect. After reviewing the following table, scroil down for the next steps in helping the intern. You assist the intern to check source documents, and find that most of the doliar amounts are correct; howevor, two doliar amounts are incorrect. After reviewing the following table, scroll down for the next steps in helping the intern. After asking the intem to search for other errors by comparing her reconcikation to prior bank reconcliations prepared by the former accountant, you work together to compute the corrected adyusted balance. Round your answer to two decimal places. Corrected adjusted balance amounts 4