385 Ow Chapter 7 Internal Control and Cash EX 7-23 Using bank reconciliation to determine cash receipts stolen Alaska Impressions Co. records all cash receipts on the basis of its cash register tapes. Alaska Obj. 2,3,5 Impressions discovered during October 20Y3 that one of its sales clerks had stolen an undeter- mined amount of cash receipts by taking the daily deposits to the bank. The following data have been gathered for October: Cash in bank according to the general ledger $11,680 Cash according to the October 31, 2043, bank statement 13,275 Outstanding checks as of October 31, 20Y3 3,670 Bank service charge for October 40 Note receivable, including interest collected by bank in October 2,100 No deposits were in transit on October 31. a. Determine the amount of cash receipts stolen by the sales clerk. detected this theft? 124 Petty cash fund entries Obj. Journalize the entries to record the following: a. Check No. 12-375 is issued to establish a petty cash fund of $500. b. The amount of cash in the petty cash fund is now $40. Check No. 12-476 is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $212; miscellaneous selling expense, 5156; miscel- laneous administrative expense, $61. (Because the amount of the check to replenish the fund plus the balance in the fund do not equal $500, record the discrepancy in the cash short and over account.) molinos