n attempt to keep clerical and office expenses to a minimum, the company has combined the jobs of cashier and bookkeeper. As a esult, Bret Turrin handles all cash receipts, keeps the accounting records, and prepares the monthly bank reconciliations. he balance per the bank statement on October 31, 2022, was $18,890.00. Outstanding checks were No. 62 for $149.00, No. 183 or $171.00, No. 284 for $262.00, No. 862 for $222.00, No. 863 for $277.00, and No. 864 for $202.00. Included with the statement vas a credit memorandum of $209.00 indicating the collection of a note receivable for Crane Company by the bank on October 25. his memorandum has not been recorded by Crane. he company's ledger showed one Cash account with a balance of $22,311.00. The balance included undeposited cash on hand. Because of the lack of internal controls, Bret took for personal use all of the undeposited receipts in excess of $3,803.00. He then repared the following bank reconciliation in an effort to conceal his theft of cash. Cash balance per books, October 31 $22,311.00 Add: Outstanding checks No. 862 $222.00 No. 863 277.00 No. 864 202.00 591.00 22,902.00 Less: Undeposited receipts 3,803.00 Unadjusted balance per bank, October 31 19,099.00

n attempt to keep clerical and office expenses to a minimum, the company has combined the jobs of cashier and bookkeeper. As a esult, Bret Turrin handles all cash receipts, keeps the accounting records, and prepares the monthly bank reconciliations. he balance per the bank statement on October 31, 2022, was $18,890.00. Outstanding checks were No. 62 for $149.00, No. 183 or $171.00, No. 284 for $262.00, No. 862 for $222.00, No. 863 for $277.00, and No. 864 for $202.00. Included with the statement vas a credit memorandum of $209.00 indicating the collection of a note receivable for Crane Company by the bank on October 25. his memorandum has not been recorded by Crane. he company's ledger showed one Cash account with a balance of $22,311.00. The balance included undeposited cash on hand. Because of the lack of internal controls, Bret took for personal use all of the undeposited receipts in excess of $3,803.00. He then repared the following bank reconciliation in an effort to conceal his theft of cash. Cash balance per books, October 31 $22,311.00 Add: Outstanding checks No. 862 $222.00 No. 863 277.00 No. 864 202.00 591.00 22,902.00 Less: Undeposited receipts 3,803.00 Unadjusted balance per bank, October 31 19,099.00

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter6: Bank Accounts, Cash Funds, And Internal Controls

Section: Chapter Questions

Problem 5E

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