Maurice Tutor

(5)

$15/per page/Negotiable

About Maurice Tutor

Levels Tought:
Elementary,Middle School,High School,College,University,PHD

Expertise:
Algebra,Applied Sciences See all
Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 402 Weeks Ago, 5 Days Ago
Questions Answered: 66690
Tutorials Posted: 66688

Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 22 Jul 2017 My Price 15.00

Gamel Company

Gamel 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, Jan Worthy handles all cash receipts, keeps the accounting records, and prepares the monthly bank reconciliations.

The balance per the bank statement on October 31, 2014, was $15,313. Outstanding checks were: no. 62 for $107.74, no. 183 for $127.50, no. 284 for $215.26, no. 862 for $132.10, no. 863 for $192.78, and no. 864 for $140.49. Included with the statement was a credit memorandum of $460 indicating the collection of a note receivable for Gamel Company by the bank on October 25. This memorandum has not been recorded by Gamel Company.

The company"s ledger showed one cash account with a balance of $18,608.81. The balance included un deposited cash on hand. Because of the lack of internal controls, Jan took for personal use all of the un deposited receipts in excess of $3,226.18. She then prepared the following bank reconciliation in an effort to conceal her theft of cash.

BANK RECONCILIATION

 

Cash balance per books, October 31 Add: Outstanding checks

  

$18,608.81

No. 862

$132.10

  

No. 863

192.78

  

No. 864

140.49

390.37
   

18,999.18

Less: Un deposited receipts

  

3,226.18

Unadjusted balance per bank, October 31

  

15,773.00

Less: Bank credit memorandum

  

460.00

Cash balance per bank statement, October 31

  

$15,313.00

Instructions

(a)Prepare a correct bank reconciliation.

(b)Indicate the three ways that Jan attempted to conceal the theft and the dollar amount pertaining to each method.

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

Answers

Maurice Tutor
(5)
Status NEW Posted 22 Jul 2017 05:07 PM My Price 15.00

Hel-----------lo -----------Sir-----------/Ma-----------dam----------- Â-----------  -----------Tha-----------nk -----------You----------- fo-----------r u-----------sin-----------g o-----------ur -----------web-----------sit-----------e a-----------nd -----------acq-----------uis-----------iti-----------on -----------of -----------my -----------sol-----------uti-----------on.-----------Ple-----------ase----------- pi-----------ng -----------me -----------on -----------cha-----------t I----------- am----------- on-----------lin-----------e o-----------r i-----------nbo-----------x m-----------e a----------- me-----------ssa-----------ge -----------I w-----------ill----------- be----------- ca-----------tch-----------

Not Rated(0)