Alaska Impressions Co. records all cash receipts on the basis of its cash register tapes. Alaska Impressions discovered during October 20Y3 that one ofits sales clerks had stolen an undetermined amount of cash receipts by taking the daily deposits to the bank. The following data have been gathered forOctober:Cash in bank according to the general ledger$12,700Cash according to the October 31, 20Y3, bank statement13,530Outstanding checks as of October 31, 20Y33,660Bank service charge for October40Note receivable, including interest collected by bank in October2,020No deposits were in transit on October 31.This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers inthe questions below.Open spreadsheeta. Determine the amount of cash receipts stolen by the sales clerk, Round your answer to the nearest dollar.4,810b. What accounting controls would have prevented or detected this theft? eBookShow Me HowI Office 365TES SGTES QerkS TIGU SCOIEM an undeeM med diIvunt oI Casn TECEIpts by lakIng uie Ually depOSICS to te Damk. mE TONOWIMg dala Tiave Deen gaunerEOctober:Cash in bank according to the general ledger$12,700Cash according to the October 31, 20Y3, bank statement13,530Outstanding checks as of October 31, 20Y33,660Bank service charge for October40Note receivable, including interest collected by bank in October2,020No deposits were in transit on October 31.This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers inthe questions below.Proper authorization.Separation of duties.h receipts stolen by the sales clerk. Round your answer to the nearest dollar.Competent personnel.Security measures.None of these choices are correct. ld have prevented or detected this theft?

Introduction: Bank reconciliation statement: To reconcile the differences between cash book and pass…

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 $12,700 Cash according to the October 31, 20Y3, bank statement 13,530 Outstanding checks as of October 31, 20Y3 3,660 Bank service charge for October 40 Note receivable, including interest collected by bank in October 2,020 No deposits were in transit on October 31. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below.

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 $12,700 Cash according to the October 31, 20Y3, bank statement 13,530 Outstanding checks as of October 31, 20Y3 3,660 Bank service charge for October 40 Note receivable, including interest collected by bank in October 2,020 No deposits were in transit on October 31. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Sal's Surf Shop deposits all receipts in the bank and makes all payments by check. On July 31 the cash account had a balance of $6,105.42. The bank statement on July 31 reported a balance of $4,146.46. Upon comparing the bank statement to the books, the following items were found.
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The following data were accumulated for use in reconciling the bank account of Kaycee Sisters Inc. for August 20Y9: Cash balance according to the company's records at August 31, $16,840. Cash balance according to the bank statement at August 31, $17,570. Checks outstanding, $3,420. Deposit in transit, not recorded by bank, $2,740. A check for $340 in payment of an account was erroneously recorded by Kaycee Sisters Inc. as $430. Bank debit memo for service charges, $40. Prepare a bank reconciliation, using the format shown in Exhibit 12.
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