Do question 5-23

14.010 Cash balance according to company's records Add: Proceeds of note collected by bank: $4,000 Principal Interest 120 $4,120 18 4,138 $11141 Service charges $ 945 Deduct: Check returned because of insufficient funds Adjusted balance First Impressions Co. records all cash receipts on the basis of its cash register 1,8002745 s8396 Error in recording April 20 deposit of $5,300 as $3,500 E5-23 Using bank reconciliation determine cash receipts stolen clerks had stolen an undetermined amount of cash receipts when she took the Objs 2, 3, 5 tapes. First Impressions Co. discovered during June 2010 that one of its sales daily deposits to the bank. The following data have been gathered for June: to Cash in bank according to the general ledger Cash according to the June 30, 2010 bank statement Outstanding checks as of June 30, 2010 Bank service charge for June Note receivable, including interest collected by bank in June $ 7,865 18,175 5,190 25 8,400 No deposits were in transit on June 30. a. Determine the amount of cash receipts stolen by the sales clerk. b. What accounting controls would have prevented or detected this theft? Illustrate the effect on the accounts and financial statements of the following transactions: a. Established a petty cash fund of $1,000. 24 petty cash fund ns 14.010 Cash balance according to company's records Add: Proceeds of note collected by bank: $4,000 Principal Interest 120 $4,120 18 4,138 $11141 Service charges $ 945 Deduct: Check returned because of insufficient funds Adjusted balance First Impressions Co. records all cash receipts on the basis of its cash register 1,8002745 s8396 Error in recording April 20 deposit of $5,300 as $3,500 E5-23 Using bank reconciliation determine cash receipts stolen clerks had stolen an undetermined amount of cash receipts when she took the Objs 2, 3, 5 tapes. First Impressions Co. discovered during June 2010 that one of its sales daily deposits to the bank. The following data have been gathered for June: to Cash in bank according to the general ledger Cash according to the June 30, 2010 bank statement Outstanding checks as of June 30, 2010 Bank service charge for June Note receivable, including interest collected by bank in June $ 7,865 18,175 5,190 25 8,400 No deposits were in transit on June 30. a. Determine the amount of cash receipts stolen by the sales clerk. b. What accounting controls would have prevented or detected this theft? Illustrate the effect on the accounts and financial statements of the following transactions: a. Established a petty cash fund of $1,000. 24 petty cash fund ns