Checks received through the mail shouldGroup of answer choicesbe cashed at the bank as soon as possible.be "rung up" on a cash register immediately.immediately be endorsed "For Deposit Only."be sent to the accounts receivable subsidiary ledger clerk for immediate posting to the customer's account.

hich of the following is an internal control for checks received through the mail?Multiple ChoiceThe cashier prepares a journal entry to record price, quantity sold, and cash received.The accounting department counts the cash, prepares the deposit slip and deposits the cash in the bank.The accounting department compares the cash in the register with the cash count sheet.The mail clerk gives checks and money orders to the person who makes the bank deposit.

Notification by the bank that a deposited customer check was returned NSF requires that the company make the following adjusting entry:Group of answer choicesCash         Accounts Receivable No adjusting entry is necessary.Accounts Receivable         Cash Miscellaneous Expense         Accounts Receivable

To maintain control of cash payments, all payments should be made by check exceptMultiple choice question.large payments made by petty cashemployee paychecks made by cashsmall payments made by petty cashpurchases of equipment made by cash

Posting: Group of answer choices should be performed in account number order. accumulates the effects of journalised transactions in the individual ledger accounts. involves transferring all debits and credits on a journal page to the trial balance. is accomplished by examining ledger accounts and seeing which ones need updating.

After a business transaction has been analysed and entered in the journal, the next step in the recording process is to transfer the information to: Group of answer choices the bank. the trial balance. ledger accounts. financial statements.