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Answer and Explanation:
The Journal entry is shown below:-
1. Cash Dr, $31,770
To Common stock $31,770
(Being issuance of shares for cash is recorded)
2. No Journal Entry is required
3. Office furniture Dr, $3,740
To Accounts payable $3,740
(Being purchase of office furniture on credit is recorded)
4. Accounts receivable $10,430
To service revenue $10,430
(Being customer billed for service is recorded)
5. Cash $185
To credit revenue $185
(Being cash received for service is recorded)
6. Accounts payable $800
To cash $800
(Being cash paid for office furniture purchased is recorded)
7. Salaries expense Dr, $3560
To cash $3560
(Being salary paid is recorded)
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The general guideline for the segregation of duties is that the following areas should be separated by accounting controls : 1. custody of assets, 2. authorization of transactions, and 3. record-keeping responsibilities.
<h3>Give a brief account on segregation of duties.</h3>
The assignment of distinct steps in a process to different personnel is known as the segregation of duties. By exercising extreme control over a process, the goal is to prevent situations in which someone might steal something or do another fraud. In essence, distinct parties should have physical custody of an asset, record-keeping responsibilities for it, and acquisition and disposal authority.
A key component of a control system is the separation of roles. When evaluating an entity's system of internal controls, auditors will consider duty segregation and will give the system a lower rating if there are any segregation problems.
The auditors will change their methods when there are segregation problems because they will presume that the danger of fraud has increased. This method shift typically entails a rise in audit workload, which is passed on to the customer in the form of higher audit fees.
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