Prometheus Co. records all cash receipts on the basis of its cash register receipts. Prometheus Co. discovered
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Cash in bank according to the general ledger ....... $12,573.22
Cash according to the April 30, 2006, bank statement ..... 13,271.14
Outstanding checks as of April 30, 2006 .......... 1,750.20
Bank service charge for April ............... 45.10
Note receivable, including interest collected by bank in April . 5,200.00
No deposits were in transit on April 30, which fell on a Sunday.
a. Determine the amount of cash receipts stolen by the sales clerk.
b. What accounting controls would have prevented or detected this theft?
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Related Book For
Financial Accounting An Integrated Statements Approach
ISBN: 978-0324312119
2nd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
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