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Week 5 Student Name: Scenario: Daisey Company is a very profitable small business. It has not, however given much consideration to example, in an attempt to keep clerical and office expenses to a minimum, the company has combined the jobs o keeper. As a result, Bret Turrin handles all cash receipts, keeps the accounting records, and prepares the month The balance per the bank statement on October 31, 2017, was $18,380. Outstanding checks were No. 62 for $1 No. 284 for $253.25, No. 862 for $190.71, No. 863 for $226.80, and No. 864 for $165.28. Included with the statement was a credit memorandum of $185 indicating the collection of a note receivable for bank on October 25. This memorandum has not been recorded by Daisey. The company's ledger showed one Cash account with a balance of $21,877.72. The balance included undeposit Because of the lack of internal controls, Bret took for personal use all of the undeposited receipts in excess of $3 prepared the following bank reconciliation in an effort to conceal his theft of cash: Cash balance per books, October 31 Add: Outstanding checks No. 862 No. 863 No. 864 $21,877.72 $190.71 226.80 165.28 Less: Undeposited receipts Unadjusted balance per bank, October 31 Less: Bank credit memorandum Cash balance per bank statement, October 31 482.79 22,360.51 3,795.51 18,565.00 185.00 $18,380.00 (a) Prepare a bank reconciliation report (hint: deduct the amount of the theft from the adjusted balance per book DAISEY COMPANY Bank Reconciliation October 31, 2017 Balance per Bank Statement: No. Adjusted Bank Balance: Amount No. Amount Cash Balance per Books: Adjusted Balance per Books: In 200 words, answer the following 2 questions: (b) Indicate the three ways that Bret attempted to conceal the theft and the dollar amount involved in each metho (c) What principles of internal control were violated in this case? n much consideration to internal control. For has combined the jobs of cashier and bookand prepares the monthly bank reconciliations. ecks were No. 62 for $140.75, No. 183 for $180, . of a note receivable for Daisey Company by the ance included undepositied cash on hand. receipts in excess of $3,795.51. He then justed balance per books): t involved in each method