Using bank reconciliation to determine cash receipts stolen 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: 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?
Financial And Managerial Accounting
Financial And Managerial Accounting
Solutions
Using bank reconciliation to determine cash receipts stolen
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:
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?
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