Homework Help is Here – Start Your Trial Now!
Business
Accounting
Alaska Impressions Co. records all cash receipts on the basis of its cash register tapes. Alaska Impressions Co. discovered during October that one of its salesclerks had stolen an undetermined amount of cash receipts while taking the daily deposits to the bank. The following data have been gathered for October: Cash in bank according to the general ledger Cash according to the October 31 bank statement Outstanding checks as of October 31 Bank service charge for October Note receivable, including interest collected by bank in October $11,680 13,275 3,670 40 2,100 No deposits were in transit on October 31. a. Determine the amount of cash receipts stolen by the salesclerk. b. -What accounting controls would have prevented or detected this theft?

Alaska Impressions Co. records all cash receipts on the basis of its cash register tapes. Alaska Impressions Co. discovered during October that one of its salesclerks had stolen an undetermined amount of cash receipts while taking the daily deposits to the bank. The following data have been gathered for October: Cash in bank according to the general ledger Cash according to the October 31 bank statement Outstanding checks as of October 31 Bank service charge for October Note receivable, including interest collected by bank in October $11,680 13,275 3,670 40 2,100 No deposits were in transit on October 31. a. Determine the amount of cash receipts stolen by the salesclerk. b. -What accounting controls would have prevented or detected this theft?

Excel Applications for Accounting Principles
Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
Chapter5: Bank Reconciliation (bankrec)
Section: Chapter Questions
Problem 3R
See similar textbooks
icon
Related questions
Question
Alaska Impressions Co. records all cash receipts on the basis of its cash register tapes. Alaska Impressions Co. discovered during October that one of its salesclerks had stolen an undetermined amount of cash receipts while taking the daily deposits to the bank. The following data have been gathered for October: Cash in bank according to the general ledger Cash according to the October 31 bank statement Outstanding checks as of October 31 Bank service charge for October Note receivable, including interest collected by bank in October $11,680 13,275 3,670 40 2,100 No deposits were in transit on October 31. a. Determine the amount of cash receipts stolen by the salesclerk. b. -What accounting controls would have prevented or detected this theft?
Transcribed Image Text:Alaska Impressions Co. records all cash receipts on the basis of its cash register tapes. Alaska Impressions Co. discovered during October that one of its salesclerks had stolen an undetermined amount of cash receipts while taking the daily deposits to the bank. The following data have been gathered for October: Cash in bank according to the general ledger Cash according to the October 31 bank statement Outstanding checks as of October 31 Bank service charge for October Note receivable, including interest collected by bank in October $11,680 13,275 3,670 40 2,100 No deposits were in transit on October 31. a. Determine the amount of cash receipts stolen by the salesclerk. b. -What accounting controls would have prevented or detected this theft?
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps with 3 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
Excel Applications for Accounting Principles
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning
Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS