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problem: The Jamison Cardstock Corporation did not spend a lot of time or money instituting proper internal controls over its cash transactions. The following data reflects Jamison's cash position as of June 30:

[A] The cash recorded on Jamison's accounting records disclosed a balance of $18,901.62 that also included un-deposited cash receipts.

[B] A credit of dollar 100 on bank statement was not recorded in the corporation's accounting records.

[C] The balance on bank statement was $15,550.

[D] Outstanding Checks:

Check Number

Amount

62

$116.25

183

$150.00

284

$253.25

8621

$190.71.

8623

$206.80

8632

$145.28

The corporation cashier embezzled all un-deposited cash receipts in excess of the $3,794.41 listed on bank reconciliation that she create, as shown next.

Balance, per books, June 30

$18,901.62

 

Add:

Outstanding Checks:

 

 

 

 

 

NO. 8621

$190.71

 

 

 

 

 

NO. 8623

$206.80

 

 

 

 

 

NO. 8632

$145.28

442.79

 

 

 

 

 

 

 

$19,344.41

 

 

Subtract: Un-deposited Receipts

 

 

3,794.41

 

   

Balance per bank, June 30

 

$15,550.00

 

 

   

Subtract: Unrecorded Credit

 

100.00

 

 

   

True Cash, June 30

 

$15,450.00 

 

 

   

Make a schedule showing how much the cashier embezzled.

 

 

 

Cost Accounting, Accounting

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  • Reference No.:- M923506

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