Easton Co. deposits all cash receipts on the day they are received and makes all cash payments by check. At the close of business on June 30, its Cash account shows a debit balance of $60,209. Easton’s June bank statement shows $58,349 on deposit in the bank. Determine the adjusted cash balance using the following information:       Deposit in transit $ 3,800 Outstanding checks $ 1,925 Check printing fee, not yet recorded by company $ 15 Interest earned on account, not yet recorded by the company $ 30 The adjusted cash balance should be:

A single-step income statement includes cost of goods sold as another expense and shows only one subtotal for total expenses.

Brinker accepts all major bank credit cards, including First Savings Bank’s, which assesses a 2.5% charge on sales for using its card. On May 26, Brinker had $4,800 in First Savings Bank Card credit sales. What entry should Brinker make on May 26 to record the deposit?

Kenai Company sold $600 of merchandise to a customer who used a National Bank credit card. National Bank deducts a 3% service charge for sales on its credit cards. Kenai electronically remits the credit card sales receipts to the credit card company and receives payment immediately. The journal entry to record the collection from the credit card company would be:

On September 12, Vander Company sold merchandise in the amount of $5,800 to Jepson Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Jepson uses the periodic inventory system and the gross method of accounting for purchases. Jepson pays the invoice on September 18, and takes the appropriate discount. The journal entry that Jepson makes on September 18 is:

Separation of duties involves dividing responsibility for a transaction or a series of related transactions between two or more individuals or departments.

The following statements regarding gross profit are true except:

The Petty Cash account is a separate bank account used for small amounts.

The Sarbanes-Oxley Act (SOX) requires managers and auditors of companies whose stock is traded on an exchange to document and certify the system of internal controls.

A bank statement provided by the bank includes: