Pala Co. records all cash receipts on the basis of its cash register tapes. Pala Co....
Pala Co. records all cash receipts on the basis of its cash register tapes. Pala Co. discovered during April 20Y1 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 | $9,195 |
| Cash according to the April 30, 20Y1, bank statement | 21,240 |
| Outstanding checks as of April 30, 20Y1 | 6,070 |
| Bank service charges for April | 30 |
| Note receivable, including interest collected by bank in April | 9,840 |
No deposits were in transit on April 30.
a. Determine the amount of cash receipts stolen
by the sales clerk.
Homework Answers
Calculate cash receipt stolen by sales clerk
| Unadjusted balance of bank statement | 21240 |
| Less: Outstanding Check | -6070 |
| Adjusted balance of bank statement | 15170 |
| Unadjusted balance of company records | 9195 |
| Less: Bank Charges | -30 |
| Add: Notes receivable | 9840 |
| Adjusted balance | 19005 |
a) Cash receipts stolen by the sales clerk = 19005-15170 = 3835
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