EX 8-23 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: OBJ. 2, 3, 5 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.
EX 8-23 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: OBJ. 2, 3, 5 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
ALASKA IMPRESSIONS CO. Bank Reconciliation October 31 |
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Cash balance according to bank statement |
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Note Receivable and interest collected by bank |
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Adjusted balance |
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Cash balance according to company’s records |
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Adjusted balance |
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