Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 24 Sep 2017 My Price 10.00

Frederickson Company

Frederickson 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 bookkeeper. As a result, Kenny Dillon handles all cash receipts, keeps the accounting records, and prepares the monthly bank reconciliations. The balance per the bank statement on October 31, 2010, was $18,380. Outstanding checks were: No. 62 for $126.75, 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 $200 indicating the collection of a note receivable for Frederickson Company by the bank on October 25. This memorandum has not been recorded by Frederickson. The company’s ledger showed one cash account with a balance of $21,892.72. The balance included undeposited cash on hand. Because of the lack of internal controls,

Kenny 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

  

$21,892.72

Add: Outstanding checks

    

No. 862

$190.71

  

No. 863

226.80

  

No. 864

165.28

482.79
   

22,375.51

Less: Undeposited receipts

  

3,795.51

Unadjusted balance per bank, October 31

  

18,580.00

Less: Bank credit memorandum

  

200.00

Cash balance per bank statement, October 31

$18,380.00

Instructions

(a) Prepare a correct bank reconciliation.

(b) Indicate the three ways that Kenny attempted to conceal the theft and the dollar amount involved in each method.

(c) What principles of internal control were violated in this case?

Answers

Maurice Tutor
(5)
Status NEW Posted 24 Sep 2017 11:09 PM My Price 10.00

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