Task Team of FUNDAMENTAL ACCOUNTING School of Business Sun Yat-sen University 3) Service charge Miscellaneous Expense XX NSF check Account receivable 5) EFT-an EFT can be used for various transactions. The account, other than Cash, that is involved will depend on the situation Receipt Payment Various account Various accounts Cash 6) An adjusting entry for errors is made only when the error affects the book side of the reconciliat (5 )Owners and managers of small businesses do not have the luxury of separation of duties The bank reconciliation can be used to help control cash 5. Apply internal controls to cash receipts (1)Internal control over cash receipts ensures that all cash is deposited and that the record (2)Point-of-sale terminals(cash registers) can provide control for cash receipts over the counter I)The register should be positioned so that the customer can see the amounts entered 2)A receipt should be issued for each sale recorded by the register 3)The cash drawer should open only when the clerk enters an amount so that all transactions will be recorded on the register tape 4)The merchandise should be priced at"uneven, amounts to require that the clerk make change from the cash drawer 5)The cashier should deposit the cash, with the register tape being sent to the accountingTask Team of FUNDAMENTAL ACCOUNTING School of Business, Sun Yat-sen University 3) Service charge Miscellaneous Expense XX Cash XX 4) NSF check Account Receivable XX Cash XX 5) EFT—an EFT can be used for various transactions. The account, other than Cash, that isinvolved will depend on the situation. Receipt Payment Cash XX Various Accounts XX Various Accounts XX Cash XX 6) An adjusting entry for errors is made only when the error affects the book side of the reconciliation. (5)Owners and managers of small businesses do not have the luxury of separation of duties. The bank reconciliation can be used to help control cash. 5. Apply internal controls to cash receipts (1)Internal control over cash receipts ensures that all cash is deposited and that the accounting records are correct. (2)Point-of-sale terminals (cash registers) can provide control for cash receipts over the counter. 1)The register should be positioned so that the customer can see the amounts entered. 2)A receipt should be issued for each sale recorded by the register. 3)The cash drawer should open only when the clerk enters an amount so that all transactions will be recorded on the register tape. 4)The merchandise should be priced at “uneven” amounts to require that the clerk make change from the cash drawer. 5)The cashier should deposit the cash, with the register tape being sent to the accounting department