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Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac
Edition 14ISBN: 978-1305653535Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac
Edition 14ISBN: 978-1305653535 Exercise 30
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?
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?
Explanation
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Bank reconciliation statement (BRS): The...
Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac
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