Assume the same person handles all cash and checks received in payment of an account. Explain how lapping works. Using the following information showing the day in August each payment was received; determine the amount lapped on each day. Comment on how lapping can be prevented.LO1

Transcribed Image Text:

Customer Name Amount of Check Date Payment Received Arnold $ 51.40 2 Sayers 62.11 4 Carter 101.10 7 Tuney 110.90 12 Lossie 141.20 14 Martie 162.75 17 Buddy 172.83 22 Smithe 185.22 27 Brown 202.90 30