unaffected account each time an entry is made,
the chapel fund administrator can check the
figures more easily after each transaction.
22. COMPOSITE BALANCE—add the
ROMAN CATHOLIC ACCOUNT BALANCE
(
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,262.51) and the PROTESTANT AC-
COUNT BALANCE (
||content||
,497.57). The new
balance is ,760.08. Remember to check the
figures.
Either or both of the foregoing procedures may
be utilized to ensure that the figures are
accurate. After the entries have been completed
on the Receipts and Expenditures Record, there
is one final thing that must be done. The COM-
POSITE BALANCE in the Receipts and Expen-
ditures Record must be cross-checked with the
latest balance in the checkbook to ensure that
the figures are accurate. Since the records for a
complete checking account are not being main-
tained for this practice accounting application, it
may be assumed that all the entries on the
Receipts and Expenditures Record in the COM-
POSITE BALANCE column equal the sum of
the latest checkbook figure plus the in the
petty cash fund.
This completes the required steps for posting
the purchase of the religious medals. A brief
summary should help clear up any problem
areaa. Part 1 of the Purchase Order (NAV-
COMPT Form 2213) will not be mentioned in
this summary since it would have been mailed to
the vendor on the day that it was prepared (July
17, 1980).
. Purchase Order (Part 3)—after the mer-
chandise arrives, the Roman Catholic account
custodian should perform the following steps:
a. Check the shipment for damaged
goods.
b. Count the items in the shipment to
make sure that the number ordered coincides
with the number received.
c. After verifying that the goods were
not damaged and the shipment matched what
was ordered, the account custodian dates the
bottom half of the Part 3 and enteres the words
“Authorized for Payment” on the form and
gives Part 3 to the chapel fund administrator.
. Checking Account—after receiving the
“Authorized for Payment” Part 3, the chapel
fund administrator should take the following
steps:
a. Issue and mail a check to the company
from which the goods were ordered.
b. Post the check and subtract the
amount of this check from the previous balance
in the checkbook.
. Receipts and Expenditures Record—after
issuing the check, the chapel fund administrator
should take the following steps:
a. Post all the required entries to the
account which is affected by this transaction.
b. Compute the new balance for the
affected account.
c. Carry forward the last balance of the
account not affected by this transaction.
d. Figure the new composite balance by
adding the Roman Catholic account balance to
the Protestant account balance.
e. Compare the new composite balance
with the latest balance in the checkbook. If they
are the same after adding the in the petty
cash fund to the latest checkbook balance, then
the chapel fund administrator is ready for the
next transaction.
AUGUST 7, 1980
The Protestant advisory council held a
luncheon today for the prospective Sunday
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