y-off balance to sell the car, he learned that the payment had not been credited to the loan. On May 12, the customer went to the bank to inquire about the payment and met with the manager. The manager said the payme
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1. A bank auditor met with the senior operations manager to discuss a customer’s complaint that an auto
loan payment was not credited on time. The customer said the payment was made on May 5, its due
date, at a teller’s window using a check drawn on an account in the bank. On May 10, when the
customer called for a loan pay-off balance to sell the car, he learned that the payment had not been
credited to the loan. On May 12, the customer went to the bank to inquire about the payment and met
with the manager. The manager said the payment had been made on May 11. The customer was
satisfied because no late charge would have been assessed until May 15. The manager asked whether
the auditor was comfortable with this situation.
The auditor located the customer’s paid check and found that it had cleared on May 5. The auditor
traced the item back through the computer records and found that the teller had processed the check
as being cashed. The auditor traced the payment through the entry records of May 11 and found that
the payment had been made with cash instead of a check.
Required: discuss what type of embezzlement scheme is being
depicted and how it operates.
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- While preparing the February 28 bank reconciliation, the accountant identifies the following items: company’s balance according to the general ledger, $23,100; outstanding cheques, $550; interest earned on the chequing account, $100; a customer’s NSF cheque returned by the bank, $1,000. While preparing the reconciliation, the accountant discovers an error in recording a customer’s cheque; the amount has been incorrectly recorded on the books as a cash receipt of $600, while the bank correctly has recorded the amount as $650. What is the company’s adjusted cash balance on February 28? $22,250 $22,200 $22,150 $21,700Question: The following errors were found when the controller at Mountain Motel was doing the June 30 bank reconciliation. On June 25, the bank posted a cheque in the amount of $825 to Mountain’s bank account. The cheque had been written by another company, Mountainside Company. For each of these errors, (a) indicate if and how it would be shown on the bank reconciliation, and (b) prepare the journal entry for Mountain if required. Please explain for the answer.During the preparation of the bank reconciliation for The Image Co., Chris Renees, the assistant controller,discovered that Empire National Bank incorrectly recorded a $936 check written by The Image Co. as $396. Chris has decided not to notify the bank but wait for the bank to detect the error. Chris plans to record the $540 error as Other Income if the bank fails to detect the error within the next three months. Determine whether Chris is behaving in a professional manner.
- "The current month's bank statement for your account arrives in the mail. In reviewing the statement, you notice a deposit listed for $400 that you did not make. It has been credited in error to your account. Discuss whether you have an ethical or legal obligation to inform the bank of the error. What action should you take?" Thoroughly discuss the pros and cons of what the results would be if you reported it versus not reporting it. Be sure to tell what option you would choose and explain why."The following errors were found when the controller at Crane Hotel was doing the March 31 bank reconciliation. 1. 2. 3. On March 5, Crane recorded a payment of an account payable as $2,710. The correct amount was $1,270. It was correctly recorded by the bank. On March 19, Crane recorded a deposit as $2,820. The correct amount was $4,280. The deposit was for the collection of an account receivable and the bank recorded it correctly. On March 31, the bank recorded a deposit as $5,610. The correct amount was $2,650. This error was corrected by the bank on April 1. Crane had correctly recorded the deposit. For each of these errors indicate if and how it would be shown on the bank reconciliation. 1. 2. 3. $ $ $prepare journal entries for this The following errors were found when the controller at Crane Hotel was doing the March 31 bank reconciliation. 1. 2. 3. On March 5, Crane recorded a payment of an account payable as $2,710. The correct amount was $1,270. It was correctly recorded by the bank. On March 19, Crane recorded a deposit as $2,820. The correct amount was $4,280. The deposit was for the collection of an account receivable and the bank recorded it correctly. On March 31, the bank recorded a deposit as $5,610. The correct amount was $2,650. This error was corrected by the bank on April 1. Crane had correctly recorded the deposit. For each of these errors indicate if and how it would be shown on the bank reconciliation. 1. 2. 3. $ $ +A
- During the preparation of the bank reconciliation for Apache Grading Co., Sarah Ferrari, the assistant controller, discovered that Rocky Spring Bank incorrectly recorded a $610 check written by Apache Grading Co. as $160. Sarah has decided not to notify the bank but wait for the bank to detect the error. Sarah plans to record the $450 error as Other Income if the bank fails to detect the error within the next three months. Discuss whether Sarah is behaving in a professional manner.The accountant at Fidel Trading has received the November 2010 bank statement. She immediately investigates the difference between the bank account balance of the cash book and the balance of the bank statement. The accountant has found the following discrepancies: i. A cheque for $3,000 received from a debtor was deposited at the bank but no journal entry was made to record the transaction in the cash book. ii. The repayment of a mortgage is made on behalf of POWERS TEAM WORK the business by the bank on the authority of a standing order. The payment of $18,000 for the month of November 2010 was not recorded in the cash book. iii. A $36,900 deposit made to the bank on November 30, 2010, did not appear on the bank statement. iv. A cheque for $67,000 which was paid to a creditor was incorrectly recorded in the cash book as $76,000. V. Bank charges of $2,400 appeared on the bank statement only. vi. The direct transfer of $10,000 from Fidel's bank to the bank of the supplier was not…The accountant at Fidel Trading has received the November 2010 bank statement. She immediately investigates the difference between the bank account balance of the cash book and the balance of the bank statement. The accountant has found the following discrepancies: A cheque for $3,000 received from a debtor was deposited at the bank but no journal entry was made to record the transaction in the cash book. The repayment of a mortgage is made on behalf of the business by the bank on the authority of a standing order. The payment of $18,000 for the month of November 2010 was not recorded in the cash book. A $36,900 deposit made to the bank on November 30, 2010, did not appear on the bank statement. A cheque for $67,000 which was paid to a creditor was incorrectly recorded in the cash book as $76,000. Bank charges of $2,400 appeared on the bank statement only. The direct transfer of $10,000 from Fidel’s bank to the bank of the supplier was not recorded in the cash book. Cheques…
- The accountant at Fidel Trading has received the November 2010 bank statement. She immediately investigates the difference between the bank account balance of the cash book and the balance of the bank statement. The accountant has found the following discrepancies: A cheque for $3,000 received from a debtor was deposited at the bank but no journal entry was made to record the transaction in the cash book. The repayment of a mortgage is made on behalf of the business by the bank on the authority of a standing order. The payment of $18,000 for the month of November 2010 was not recorded in the cash book. A $36,900 deposit made to the bank on November 30, 2010, did not appear on the bank statement. A cheque for $67,000 which was paid to a creditor was incorrectly recorded in the cash book as $76,000. Bank charges of $2,400 appeared on the bank statement only. The direct transfer of $10,000 from Fidel’s bank to the bank of the supplier was not recorded in the cash book. Cheques amounting…The accountant at Fidel Trading has received the November 2010 bank statement. She immediately investigates the difference between the bank account balance of the cash book and the balance of the bank statement. The accountant has found the following discrepancies: A cheque for $3,000 received from a debtor was deposited at the bank but no journal entry was made to record the transaction in the cash book. The repayment of a mortgage is made on behalf of the business by the bank on the authority of a standing order. The payment of $18,000 for the month of November 2010 was not recorded in the cash book. A $36,900 deposit made to the bank on November 30, 2010, did not appear on the bank statement. A cheque for $67,000 which was paid to a creditor was incorrectly recorded in the cash book as $76,000. Bank charges of $2,400 appeared on the bank statement only. The direct transfer of $10,000 from Fidel’s bank to the bank of the supplier was not recorded in the cash book. Cheques…The accountant at Fidel Trading has received the November 2010 bank statement. She immediately investigates the difference between the bank account balance of the cash book and the balance of the bank statement. The accountant has found the following discrepancies: A cheque for $3,000 received from a debtor was deposited at the bank but no journal entry was made to record the transaction in the cash book. The repayment of a mortgage is made on behalf of the business by the bank on the authority of a standing order. The payment of $18,000 for the month of November 2010 was not recorded in the cash book. A $36,900 deposit made to the bank on November 30, 2010, did not appear on the bank statement. A cheque for $67,000 which was paid to a creditor was incorrectly recorded in the cash book as $76,000. Bank charges of $2,400 appeared on the bank statement only. The direct transfer of $10,000 from Fidel’s bank to the bank of the supplier was not recorded in the cash book. Cheques amounting…