Patricia Company had poor internal control over its cash transactions. Facts about its cash position at...
Patricia Company had poor internal control over its cash
transactions. Facts about its cash position at November 30, 2022,
were as follows:
The cash ledger showed a balance of $18,901.62, which included
undeposited receipts which were on hand at November 30. A credit of
$100 on the bank’s records did not appear on the books of the
company. The balance per bank statement was $15,550. Outstanding
checks were #62 for $116.25, #183 for $150, #284 for $253.25, #8621
for $190.71, #8623 for $206.80, and #8632 for $145.28.
The cashier subtracted undeposited receipts of $3,794.41 and
prepared the following reconciliation:
|
Balance per books, November 30, 2022 |
$18,901.62 | |||||
|---|---|---|---|---|---|---|
|
Add: Outstanding checks |
||||||
|
8621 |
$190.71 | |||||
|
8623 |
206.80 | |||||
|
8632 |
145.28 | 442.79 | ||||
| 19,344.41 | ||||||
|
Less: Undeposited receipts |
(3,794.41 | ) | ||||
|
Balance per bank, November 30, 2022 |
15,550.00 | |||||
|
Deducted: Unrecorded credit |
100.00 | |||||
|
True cash, November 30, 2022 |
$15,450.00 | |||||
Prepare a working paper showing how much the cashier embezzled.
Homework Answers
Solution:
Total outstanding checks = $116.25 + $150 + $253.25 + $190.71 + $206.80 + $145.28 = $1,062.29
True balance as per bank = $15,550 + Undeposited receipts - Outstanding checks
= $15,550 + $3,794.41 - $1,062.29 = $18,282.12
True balance of cash = $18,901 + Unrecorded credit = $18,901.62 - $100 = $19,001.62
Cash embezzled by cashier = $19,001.62 - $18,282.12 = $719.50
Add Answer to:
Patricia Company had poor internal control over its cash
transactions. Facts about its cash position at...
Class Discussion Assignment Patricia Company had poor internal control over its cash transactions. Facts about its...
Class Discussion Assignment Patricia Company had poor internal control over its cash transactions. Facts about its cash position at November 30, 2022, were as follows: The cash ledger showed a balance of $18,901.62, which included undeposited receipts which were on hand at November 30. A credit of $100 on the bank's records did not appear on the books of the company. The balance per bank statement was $15,550. Outstanding checks were #62 for $116.25, #183 for $150, #284 for $253.25,...
Patricia Company had poor internal con over its cash transactions. Facts about its cash position at November 3...
Patricia Company had poor internal con over its cash transactions. Facts about its cash position at November 30, 2022, were as follows: The cash ledger showed a balance of $18,901.62, which included undeposited receipts which were on hand at November 30. A credit of $100 on the bank's records did not appear on the books of the company. The balance per bank statement was $15,550. Outstanding checks were #62 for $116.25, #183 for $150, # 284 for $253.25, #8621 for...
The records of Parker Company indicate a July 31, 2016 cash balance of $10,400, which includes...
The records of Parker Company indicate a July 31, 2016 cash balance of $10,400, which includes undeposited receipts for July 30 and 31. The cash balance on the bank statement as of July 31 is $10, 575. This balance inlcudes a note of $2,250 plus $150 interest collected by the bank but not recorded in the journal. Checks outstanding on July 31 were as follows: Check No. Amount 2670 $1,050 3679 $675 3690 $1,650 5148 $225 5149 $750 5151 $800...
Daisey Company is a very profitable small business. It has not, however, given much consideration to internal control. For example, in an attempt to keep clerical and office expenses to a minimum, the...
Daisey Company is a very profitable small business. It has not, however, given much consideration to internal control. For example, in an attempt to keep clerical and office expenses to a minimum, the company has combined the jobs of cashier and bookkeeper. As a result, Bret Turrin handles all cash receipts, keeps the accounting records, and prepares the monthly bank reconciliations. Prepare a comprehensive bank reconciliation with theft and internal control deficiencies. The balance per the bank statement on October...
Show all work and photo is the questions The records of Parker Company indicate a July...
Show all work and photo is the questions
The records of Parker Company indicate a July 31 cash balance of $10,400, which includes undeposited receipts for July 30 and 31. The cash balance on the bank statement as of July 31 is $10,575. This balance includes a note of $2,250 plus $150 interest collected by the bank but not recorded in the journal. Checks outstanding on July 31 were as follows: No. 2670, $1,050; No. 3679, $675; No. 3690, $1,650;...
Problem 8 07A a Daisey Company is a very profitable small business. It has not, however,...
Problem 8 07A a Daisey Company is a very profitable small business. It has not, however, given much consideration to internal control. For example, in an attempt to keep clerical and office expenses to a minimum, the company has combined the jobs of cashier and bookkeeper. As a result Bret Turrin handles all cash receipts, keeps the accounting records, and prepares the monthily bank reconciliations. No. 863 for $226.81 190 : astober 25 hic momoandum bar nnt hoon recceded he...
Cullumber Company is a very profitable small business. It has not, however, given much consideration to...
Cullumber Company is a very profitable small business. It has not, however, given much consideration to internal control. For example, in an attempt to keep clerical and office expenses to a minimum, the company has combined the jobs of cashier and bookkeeper. As a result, Bret Turrin handles all cash receipts, keeps the accounting records, and prepares the monthly bank reconciliations. The balance per the bank statement on October 31, 2017, was $19,923.00. Outstanding checks were No. 62 for $144.00,...
Sur Inria les me keep on belo w the short in a year wally clear about...
Sur Inria les me keep on belo w the short in a year wally clear about Sio to $10 extra per day Discuss this case from the viewpoint of proper controls and professional behavior Case S-5 Bank reconciliation and internal control The records of Clairement Company indicate an August 31, 20Y1 cash balance of $6.675 which includes undeposited receipts for August 30 and 31. The cash balance on the bank statement as of August 31 .350. This balance includes note...
Required: 1. Prepare a corrected bank reconciliation statement showing both balances adjusted over/(short) 2. Prepare the...
Required:
1. Prepare a corrected bank reconciliation statement showing
both balances adjusted over/(short)
2. Prepare the necessary compound adjusting entries.
P
is Philippine Peso (Philippine Currency)
197,054.64 2,288.52 4.881.60 BANK RECON 2 The following bank recon is prepared by a cashier. Balance per books Add: Outstanding checks 0223 0225 0227 Unrecorded debit Less: Undeposited receipts Unrecorded credit Correct cash balance 1.983.48 9.153.60 1.224.00 (32.110.241 (1,624.00) 171.498.00 Additional information: a The Cash book balance included undeposited receipts. b Acredit of P3,624...
A. Internal Control The following control procedures are used at Torres Company for over-the-counter cash receipts....
A. Internal Control The following control procedures are used at Torres Company for over-the-counter cash receipts. 1. To minimize the risk of robbery, cash in excess of $100 is stored in an unlocked briefcase in the stock room until it is deposited in the bank. 2. All over-the-counter receipts are processed by three clerks who use a cash register with a single cash drawer. 3. The company accountant makes the bank deposit and then records the day's receipts. 4. At...
Patricia Company had poor internal con over its cash transactions. Facts about its cash position at November 30, 2022, were as follows: The cash ledger showed a balance of $18,901.62, which included undeposited receipts which were on hand at November 30. A credit of $100 on the bank's records did not appear on the books of the company. The balance per bank statement was $15,550. Outstanding checks were #62 for $116.25, #183 for $150, # 284 for $253.25, #8621 for...
Show all work and photo is the questions
The records of Parker Company indicate a July 31 cash balance of $10,400, which includes undeposited receipts for July 30 and 31. The cash balance on the bank statement as of July 31 is $10,575. This balance includes a note of $2,250 plus $150 interest collected by the bank but not recorded in the journal. Checks outstanding on July 31 were as follows: No. 2670, $1,050; No. 3679, $675; No. 3690, $1,650;...
Problem 8 07A a Daisey Company is a very profitable small business. It has not, however, given much consideration to internal control. For example, in an attempt to keep clerical and office expenses to a minimum, the company has combined the jobs of cashier and bookkeeper. As a result Bret Turrin handles all cash receipts, keeps the accounting records, and prepares the monthily bank reconciliations. No. 863 for $226.81 190 : astober 25 hic momoandum bar nnt hoon recceded he...
Sur Inria les me keep on belo w the short in a year wally clear about Sio to $10 extra per day Discuss this case from the viewpoint of proper controls and professional behavior Case S-5 Bank reconciliation and internal control The records of Clairement Company indicate an August 31, 20Y1 cash balance of $6.675 which includes undeposited receipts for August 30 and 31. The cash balance on the bank statement as of August 31 .350. This balance includes note...
Required:
1. Prepare a corrected bank reconciliation statement showing
both balances adjusted over/(short)
2. Prepare the necessary compound adjusting entries.
P
is Philippine Peso (Philippine Currency)
197,054.64 2,288.52 4.881.60 BANK RECON 2 The following bank recon is prepared by a cashier. Balance per books Add: Outstanding checks 0223 0225 0227 Unrecorded debit Less: Undeposited receipts Unrecorded credit Correct cash balance 1.983.48 9.153.60 1.224.00 (32.110.241 (1,624.00) 171.498.00 Additional information: a The Cash book balance included undeposited receipts. b Acredit of P3,624...
A. Internal Control The following control procedures are used at Torres Company for over-the-counter cash receipts. 1. To minimize the risk of robbery, cash in excess of $100 is stored in an unlocked briefcase in the stock room until it is deposited in the bank. 2. All over-the-counter receipts are processed by three clerks who use a cash register with a single cash drawer. 3. The company accountant makes the bank deposit and then records the day's receipts. 4. At...
Most questions answered within 3 hours.
-
1.
A hemophiliac male mates with a healthy female. what are the
possible genotypes for the...
asked 13 minutes ago -
You could argue that even though Rockefeller clearly had
enormous market power (90% of the market)...
asked 28 minutes ago -
At the beginning of the year, Palermo Brothers, Inc., purchased
a new plastic water bottle making...
asked 27 minutes ago -
Calculate the change in the Gibbs energy of the system for the
following processes: a) 6.0...
asked 16 minutes ago -
After reading the Primary Care scenario in the Allied Health
Community, what could have been implemented...
asked 21 minutes ago -
A solution is prepared by dissolving 11.60 g of a mixture of
sodium carbonate and sodium...
asked 26 minutes ago -
1. Mini Case Study: Suppose that, in the future, most jobs will
be bid upon by...
asked 28 minutes ago -
Plantinga argues for the view that there is no solution to the
problem of moral evil....
asked 23 minutes ago -
For this Discussion, you examine a case study of
hearing-impaired children who developed their own language...
asked 28 minutes ago -
The moment of inertia of a disk rotating about its axis of
symmetry is Icm=1/2MR^2
The...
asked 35 minutes ago -
When using a relational database what makes data
formatting so important and critical to the functions...
asked 46 minutes ago -
The following temperatures show the (fictional) daily low
measured at O'Hare airport every January 1st from...
asked 1 hour ago