Alaska Impressions Co. records all cash receipts on the basis of its cash regist

Question

Alaska Impressions Co. records all cash receipts on the basis of its cash register tapes. Alaska Impressions discovered during October 20Y3 that one of its sales clerks had stolen an undetermined amount of cash receipts by taking the daily deposits to the bank. The following data have been gathered for October: Cash in bank according to the general ledger Cash according to the Octoher 31, 20Y3, bank statement Outstanding checks as of October 31, 20Y3 Bank service charge for October Note receivable, including interest collected by bank in October 2,435 $12,340 12,410 3,600 30 No deposits were in transit on October 31 A. Determine the amount of cash receipts stolen by the sales clerk.

Explanation / Answer

Adjusted bank balance = 12410-3600 = 8810

Adjusted cash balance = 12340-30+2435 = 14745

Amount of cash receipts stolen by the sales clerk = 14745-8810 = 5935

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