Alaska Impressions Co. records all cash receipts on the basis of its cash register tapes. Alaska Impressions discovered during October 20Y3 that one of its sales clerks had stolen an undetermined amount of cash receipts by taking the daily deposits to the bank. The following data have been gathered for October: Cash in bank according to the general ledger $11,950 Cash according to the October 31, 20Y3, bank statement 14,125 Outstanding checks as of October 31, 20Y3 3,535 Bank service charge for October 30 Note receivable, including interest collected by bank in October 1,985 No deposits were in transit on October 31. A. Determine the amount of cash receipts stolen by the sales clerk. B. What accounting controls would have prevented or detected this theft? Cash receipts stolen A. Determine the amount of cash receipts stolen by the sales clerk. Final question B. What accounting controls would have prevented or detected this theft? The theft of the cash receipts might have been prevented by having make the daily deposit.
Alaska Impressions Co. records all cash receipts on the basis of its cash register tapes. Alaska Impressions discovered during October 20Y3 that one of its sales clerks had stolen an undetermined amount of cash receipts by taking the daily deposits to the bank. The following data have been gathered for October: Cash in bank according to the general ledger $11,950 Cash according to the October 31, 20Y3, bank statement 14,125 Outstanding checks as of October 31, 20Y3 3,535 Bank service charge for October 30 Note receivable, including interest collected by bank in October 1,985 No deposits were in transit on October 31. A. Determine the amount of cash receipts stolen by the sales clerk. B. What accounting controls would have prevented or detected this theft? Cash receipts stolen A. Determine the amount of cash receipts stolen by the sales clerk. Final question B. What accounting controls would have prevented or detected this theft? The theft of the cash receipts might have been prevented by having make the daily deposit.
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
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Question
Alaska Impressions Co. records all cash receipts on the basis of its cash register tapes. Alaska Impressions discovered during October 20Y3 that one of its sales clerks had stolen an undetermined amount of cash receipts by taking the daily deposits to the bank. The following data have been gathered for October:
Cash in bank according to the general ledger | $11,950 |
Cash according to the October 31, 20Y3, bank statement | 14,125 |
Outstanding checks as of October 31, 20Y3 | 3,535 |
Bank service charge for October | 30 |
Note receivable, including interest collected by bank in October | 1,985 |
No deposits were in transit on October 31.
A. | Determine the amount of cash receipts stolen by the sales clerk. |
B. | What accounting controls would have prevented or detected this theft? |
Cash receipts stolen
A. Determine the amount of cash receipts stolen by the sales clerk.
Final question
B. What accounting controls would have prevented or detected this theft?
The theft of the cash receipts might have been prevented by having make the daily deposit.
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