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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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 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 $11,680 Cash according to the October 31 bank statement 13,275 Outstanding checks as of October 31 3,670 Bank service charge for October 40 Note receivable, including interest collected by bank in October 2,100 No deposits were in transit on October 31. a. Determine the amount of cash receipts stolen by the sales clerk.
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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 $12,620 Cash according to the October 31, 20Y3, bank statement 12,990 Outstanding checks as of October 31, 20Y3 3,340 Bank service charge for October 35 Note receivable, including interest collected by bank in October 2,260 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…
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