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  • Pala Co Records All Cash Receipts On The Basis of

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    Miroslav Gegoski
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    Pala Co records cash receipts based on cash register tapes but discovered a sales clerk stole an unknown amount of cash from daily deposits in April 2012. By comparing company cash records to bank statements, it was determined the clerk stole $9,610, as there was $28,175 in the bank but company records only showed $19,565. Proper separation of cash handling duties and regular bank reconciliations could have prevented or detected the theft.

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    Pala Co Records All Cash Receipts on the Basis Of

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    Pala Co Records All Cash Receipts on the Basis Of

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    Pala Co records cash receipts based on cash register tapes but discovered a sales clerk stole an unknown amount of cash from daily deposits in April 2012. By comparing company cash records to bank statements, it was determined the clerk stole $9,610, as there was $28,175 in the bank but company records only showed $19,565. Proper separation of cash handling duties and regular bank reconciliations could have prevented or detected the theft.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    22 views1 page

    Pala Co Records All Cash Receipts On The Basis of

    Uploaded by

    Miroslav Gegoski
    Pala Co records cash receipts based on cash register tapes but discovered a sales clerk stole an unknown amount of cash from daily deposits in April 2012. By comparing company cash records to bank statements, it was determined the clerk stole $9,610, as there was $28,175 in the bank but company records only showed $19,565. Proper separation of cash handling duties and regular bank reconciliations could have prevented or detected the theft.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    Pala Co records all cash receipts on the basis of #8860

    Pala Co records all cash receipts on the basis of

    Pala Co. records all cash receipts on the basis of its cash register tapes. Pala Co. discovered
    during April 2012 that one of its sales clerks had stolen an undetermined amount of cash
    receipts when she took the daily deposits to the bank.
    The following data have been gathered for April:
    Cash in bank according to the company records .......... $19,565
    Cash according to the April 30, 2012, bank statement ......... 28,175
    Outstanding checks as of April 30, 2012 ............ 12,100
    Bank service charges for April ................... 75
    Note receivable, including interest collected by bank in April .... 3,710

    No deposits were in transit on April 30.


    a. Determine the amount of cash receipts stolen by the sales clerk.
    b. What accounting controls would have prevented or detected this theft?

    Pala Co records all cash receipts on the basis of

    ANSWER
    http://paperinstant.com/downloads/pala-co-records-all-cash-receipts-on-the-basis-of/

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