Winfray Co. records all cash receipts on the basis of its cash register tapes. Winfray Co. discovered
Question:
Note collection.............................................................................. $1,250
Bank service charges ................................................................... 40
Interest earned............................................................................. 250
Outstanding cheques as of January 31, 2014.............................. 3,225
Cash in the bank per the general ledger account......................... 15,500
Cash according to the January 31, 2014, bank statement........... 18,469
There were no outstanding deposits on January 31, 2014.
Required
1. Determine the amount of cash receipts stolen by the sales clerk.
2. What accounting controls would have prevented or detected this theft?
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Related Book For
Accounting Volume 1
ISBN: 978-0132690096
9th Canadian edition
Authors: Charles T. Horngren, Walter T. Harrison, Jo Ann L. Johnston, Carol A. Meissner, Peter R. Norwood
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