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0 1, 2, 3 E4-20A. (Learning Objectives 1, 2, 3: Describe fraud and its impact; explain the objectives and components of internal control; evaluate internal
0 1, 2, 3 E4-20A. (Learning Objectives 1, 2, 3: Describe fraud and its impact; explain the objectives and components of internal control; evaluate internal controls over cash receipts and cash payments) Ruth Bixby served as executive director of Uptown Allentown, an organization created to revitalize Allentown, Pennsylvania. Over the course of 13 years, Bixby embezzled $543,000 through a variety of methods. Bixby deposited the organization's cash receipts in her own bank account. She wrote Uptown Allentown checks to herself, and she also created phony entities to which Uptown Allentown wrote checks. Uptown Allentown was led by a board of directors comprised of civic leaders. Bixby's embezzlement went undetected until the organization couldn't pay its bills. Give four ways Bixby's embezzlement could have been prevented. L0 4 E4-21A. (Learning Objective 4: Prepare a bank reconciliation) Sangreen Company's checkbook lists the following: The May bank statement shows: Requirement 1. Prepare Sangreen's bank reconciliation at May 31, 2022. L04 E4-22A. (Learning Objective 4: Use a bank reconciliation) Jim Patrick operates a roller skating center, Skatetown USA. He has just received the company's monthly bank statement at March 31 from Ringley National Bank, and the statement shows an ending balance of $710. Listed on the statement are an EFT rent collection of $315, a service charge of $10, two NSF checks totaling $100, and an $1I charge for printed checks. In reviewing his cash records, Patrick identifies outstanding checks totaling $615 and a March 31 deposit in transit of $1,775. During March, he recorded a $210 check for the sulary of a part-time employee as $21. Patrick's Cash account shows a March 31 cash balance of $1,865. How much cash does Patrick actually have at March 31,2021 ? L0 4 E4-23A. (Learning Objective 4: Use a bank reconciliation) Use the data from Exeicise 4-22A to make the journal entries that Patrick sbould record on March 31 to update his Cash accountInclude an explanation for each entry
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