Business, 06.06.2021 23:10 isiahamccoy8822
The question is, Indicate the three ways that Bret attempted to conceal the theft and the dollar amount involved in each method.
Scenario: 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 book-keeper. 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 $18,380. Outstanding checks were No. 62 for $140.75, No. 183 for $180, No. 284 for $253.25, No. 862 for $190.71, No. 863 for $226.80, and No. 864 for $165.28. Included with the statement was a credit memorandum of $185 indicating the collection of a note receivable for Daisey Company by the bank on October 25.
This memorandum has not been recorded by Daisey.
The company's ledger showed one Cash account with a balance of $21,877.72. The balance included undepositied cash on hand. Because of the lack of internal controls, Bret took for personal use all of the undeposited receipts in excess of $3,795.51. He then prepared the following bank reconciliation in an effort to conceal his theft of cash:
Cash balance per books, October 31 $21,877.72
Add: Outstanding checks
No. 862$190.71
No. 863226.80
No. 864165.28482.79
22,360.51
Less: Undeposited receipts 3,795.51
Unadjusted balance per bank, October 31 18,565.00
WRITTEN BELOW IS THE CORRECTION TO THE BANK RECONCILIATION.
No.
Amount
No.
Amount
No.62
$140.75
No. 862
$190.71
No.183
$180.00
No.863
$226.80
No. 284
$253.25
No. 864
$165.28
Total Outstanding Checks
$1,156.79
Adjusted Balance Per Bank
$21,018.72
My answer to the Bank Reconciliation below is:
Indicate the three ways that Bret attempted to conceal the theft and the dollar amount involved in each method.
$18,380.00
DAISEY COMPANY
Bank Reconciliation
October 31, 2017
Balance as Per Bank Statement
$18,380.00
Added Undeposited Receipts
$3,795.51
Less Outstanding Checks
No.
Amount
No.
Amount
No.62
$140.75
No. 862
$190.71
No.183
$180.00
No.863
$226.80
No. 284
$253.25
No. 864
$165.28
Total Outstanding Checks
$1,156.79
Adjusted Balance Per Bank
$21,018.72
Cash Balance Per Bank
$21,877.72
Add Bank Credit (Collection of Notes Receivable)
Receivable)
$185.00
Adjusted Balance Per books before Theft
$22,062.72
Less Value of Theft (22062.72 - 21018.72)
$1,044.00
Adjusted Balance Per Books
$21,018.72
Answers: 1
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