Duplicate Deposit Slips Group Project 3 Problem 1 (50 points) Deposit Slip Cash Date 4/30/10 00 00 Currency Coins List of Checks Gilly 915 00 915 00 Supreme Company's bookkeeper prepared the bank reconciliation for May 31, 2010. The bookkeeper had the following responsibilities: All bookkeeping, the handling monthly bank reconciliation and the deposit at the bank. Assume that the bookkeeper prepared all of Total fcash receipts, the preparation of the Dsit Slip 5/1/10 Currency Coins 750 00 hecks nd the tht wore wat countodl sh and uorit tho dobit to h in the eah resinte iur t of Checks 250 00 1000 00 credit to cash in the cash payments journal. Assume that the office manager pertormed all other duties. Jones Total May 31 Bank Statement 4/30 Deposit Slip Cash Date 156 00 Currency Coins Balance of Six denosits and other redits totalina $12,760 List of Checks 596 5/4/10 Slade 4.977 Eleven checks and other debts totaling 737 00 Total $15, 379 Current balance as of this statement Deposit Slip Cash 500 00 Currency Coins Date Amount Transition Type Date List of Checks See Duplicate Deposit Slips Page 2 350 00 850 00 Deposi 5/13/10 Luce. Total 737 850 5/5 Deposit Deposi /1. ISadea 600 00 Deposit Slip Cash Currency Coins 5/28 5/31 5/31 NSF Check Service Charge Bank Collection (581) S (11) $2.550 List of Checks 129 00 729 00 10 (Collection on note, principal $2,500) Total Date Check Amount See Carbon Copy of Checks Issued Pages 3 -5 S 112 5500 S215 $ 100 392 393 394 395 Deposit Slip Date 5/27/10 Currency Coins 445 00 Cash List of Checks Dudley 5/2 5/3 5/4 370 00 815 00 Total 5117 399 S1.000 5/27 5/28 $543 S 450 400 0l 00 Currency Coins Deposit Slip Cash 175 List of Checks Date 5/31/10 915 00 915 00 Gill Total Date: 4/30/10 Copies of Written Checks 396 Supreme Company Pay to the Order of Al Kazam Leisure Man $514.00 Date: 4/17/10 Supreme Company 391 NBT Bank Five Hundred fourteen and no cents Pay to the Order of Jones & Company $125.00 Memo: Invoice 010 Jill Supreme One Hundred Twenty-Five and no cents NBT Bank Supreme Company Date: 4/30/10 397 Memo: Supplies Jill Supreme $771.00 Pay to the Order of Jones International Supreme Company Date: 4/15/10 392 NBT Bank Seven Hundred seventy one and no cents Pay to the Order of Jordon $ 112.00 Jill Supreme Memo: Invoice 010 NBT Bank One Hundred twelve and no cents Date: 5/01/10 Supreme Company 398 Memo: Invoice 2324 Jill Supreme Pay to the Order of Carr Office Supplies $750.00 Supreme Company Date: 4/21/10 393 Seven Hundred fifty and no cents NBT Bank S500.00 Pay to the Order of Jones & Company Memo: Invoice 870 Jill Supreme NBT Bank Five Hundred and no cents Supreme Company Date: 5/12/10 399 Memo: Invoice 5132 Jill Supreme Pay to the Order of Jill Supreme S 1,000.00 Date: 4/24/10 Supreme Company 394 One Thousand and no cents NBT Bank Pay to the Order of King and Company $215.00 Memo: Withdrawal Jill Supreme NBT Bank Two Hundred fifteen and no cents Supreme Company Date: 5/20/10 400 Memo: Invoice 700 Jill Supreme $ 543.00 Pay to the Order of Hooyah Supreme Company 395 Date: 4/28/10 NBT Bank Five Hundred forty three and no cents Pay to the Order of Jones & Company 100.00 Memo: Invoice 571 Jill Supreme NBT Bank One Hundred and no cents Date: 5/22/10 401 Supreme Company Memo: Invoice 2360 Jill Supreme $ 450.00 Pay to the Order of King Company NBT Bank Four Hundred fifty and no cents Memo: Invoice 556 Jill Supreme Date: 5/24/10 Supreme Conmpany 402 SUPREME COMPANY'S BOOKS the Order of Utility Company 175.00 Pay Cash Receipts Recorded in Cash Receipts Journal Date NBT Bank One Hundred seventy-five and no cents Cash Debit 5/4 Jill Supreme Memo: May Electric Bill $737 $ 1,285 $ 850 5/9 JS JS 5/13 Supreme Company Date: 5/27/10 403 S815 $915 Total $6.331 F27 5/31 IS $ 415.00 Pay to the Order of Olyoop Four Hundred fiteen and no cents NBT Bank Jill Supreme Memo: Invoice 5002 Cash Payments Recorded In Cash Payments Journal redit k No. $750 $1.000 Supreme Company Date: 5/28/10 404 399 Pay to the Order of Gardiner Company 300.00 400 349 402 $ 175 $ 415 $300 NBT Bank Three Hundred and no cents 403 404 Memo: Invoice 444 Jill Supreme Supreme Company Date: 5/30/10 405 $ 800 Total $4,909 407 Pay to the Order of Father & Sons 160.00 One Hundred sixty and no cents NBT Bank See duplicate deposit slips on page 2. See duplicate carbon copies f checks on pages 3 5. Supreme counted I cash receipts, and she verified the debit in the cash Assume that owner- Memo: Invoice 123 Jill Supreme receipts journal and the bookkeeper deposited in bank on the same day. Date: 5/31/10 Supreme Company Assume that Ideposits cleared the bank the day after they were recorded in the cash receipts ournal and deposited. (e 5/4 deposit cleared on 5/5 see page 1). Assume that any cash 406 $ 514.00 Pay to the Order of Thomson Learning receipt that did not clear the bank by the next day was never deposited in the bank NBT Bank Flve Hundred fourteen and no cents Cash General Ledger Explanation Memo: Books Jill Supreme Balance 11.338 Date Debit Credit Balance 4/30 Date: 5/21/10 Supreme Company Cash Receipts atr | Cash Payments 6.331 5/31 407 4.909 12,760 Pay to the Order 800 00 Olyoop Check No. 400 was issued for $543 to Hooyah in payment of an accounts payable. The NSF check Eight Hundred and no cents NBT Bank returned with the bank statement was received from customer, Pat Slade in payment of his Accounts Jll Supreme Memo: Invoice 5020 Receivable, The NSF check has not been recorded in the general ledger SUPREME COMPANY The following is the bank reconciliation prepared by the bookkeeper for April 30, 2010. BANK RECONCILIATION SUPREME COMPANY May 31, 2010 BANK RECONCILIATION Cash balance according to bank statement Add: Deposits in Transit 5/31 $15,379 April 30, 2010 $915 915 $16.294 $12,760 $ 915 nk statement Less Add Denosite in Transit 4/30 Outstanding Checks $915 $13,675 300 160 $514 5 406 407 Less Outstanding Checks 391 392 $ 800 $ 125 1,774 $14,520 $ 112 Adjusted Balance 394 $ 100 $ 514 $ 771 $2,337 $11,338 395 $ 12.760 Cash balance according to the ledger Addi Additions to bank account not recorded on b0oks proceeds from collection of note 396 397 $ 2.500 $50 Principal Adjusted Balance Interest $2,550 $ 15,310 Cash balance according to the ledger Add: $9.200 Deductions bank not recorded on books Check Retuned NSF Bank Service Charge Error in recording check 400 581 $ 11 Additions to bank account not recorded on books proceeds from collection of note S 2,500 Principal 198 $790 $ 14,520 $ 180 Error in recording check 389 Adjusted Balance $2,730 $11,930 Deductions by bank not recorded on books Required: $581 $11 Check Returned NSF Bank Service Charge 1 Review the Bank Reconciliation prepared by your employee on May 31 above and prepare a econciliation. (Prepare on the Group Project Excel Spreadsheet Problem tab Cne $592 $11,338 Adjusted Balance 2 ance. How empiovee.conceal the embezziement? (Prenare on the Group Project Excel Spreadsheet Problem 1 parts 2 & 3 tab) Recommend any improvements to internal controls to prevent this embezzlement from occurring again. Assume that the only parties who will be working in this business will be Jill Supreme (owner), the new bookkeeper and the office manager. Include in vour discussion the following: Who should receive the cash receipts and make the deposit at the bank when the owner is out of the office? Include the rationale for your answer. Who should prepare the monthly bank reconciliation? Include the rationale for your answer. Who should sign the checks? Include the rationale for your answer. Who should do the bookkeeping? Include the rationale for your answer. (Prepare Part 3 on the Group Project Excel Spreadsheet Problem 1 parts 2 & 3 tab) 4. Record all required journal entries for May 31, 2010 related to the bank reconciliation including a journal entry for the embezzlement. Assume the embezzlement was never recovered. (Record the journal entries on the Group Project Excel Spreadsheet Problem 1 1 & 4 tab) Submit one set of answers per group for all four problems. Make sure to include each group members name at the top of each spreadsheet. Duplicate Deposit Slips Group Project 3 Problem 1 (50 points) Deposit Slip Cash Date 4/30/10 00 00 Currency Coins List of Checks Gilly 915 00 915 00 Supreme Company's bookkeeper prepared the bank reconciliation for May 31, 2010. The bookkeeper had the following responsibilities: All bookkeeping, the handling monthly bank reconciliation and the deposit at the bank. Assume that the bookkeeper prepared all of Total fcash receipts, the preparation of the Dsit Slip 5/1/10 Currency Coins 750 00 hecks nd the tht wore wat countodl sh and uorit tho dobit to h in the eah resinte iur t of Checks 250 00 1000 00 credit to cash in the cash payments journal. Assume that the office manager pertormed all other duties. Jones Total May 31 Bank Statement 4/30 Deposit Slip Cash Date 156 00 Currency Coins Balance of Six denosits and other redits totalina $12,760 List of Checks 596 5/4/10 Slade 4.977 Eleven checks and other debts totaling 737 00 Total $15, 379 Current balance as of this statement Deposit Slip Cash 500 00 Currency Coins Date Amount Transition Type Date List of Checks See Duplicate Deposit Slips Page 2 350 00 850 00 Deposi 5/13/10 Luce. Total 737 850 5/5 Deposit Deposi /1. ISadea 600 00 Deposit Slip Cash Currency Coins 5/28 5/31 5/31 NSF Check Service Charge Bank Collection (581) S (11) $2.550 List of Checks 129 00 729 00 10 (Collection on note, principal $2,500) Total Date Check Amount See Carbon Copy of Checks Issued Pages 3 -5 S 112 5500 S215 $ 100 392 393 394 395 Deposit Slip Date 5/27/10 Currency Coins 445 00 Cash List of Checks Dudley 5/2 5/3 5/4 370 00 815 00 Total 5117 399 S1.000 5/27 5/28 $543 S 450 400 0l 00 Currency Coins Deposit Slip Cash 175 List of Checks Date 5/31/10 915 00 915 00 Gill Total Date: 4/30/10 Copies of Written Checks 396 Supreme Company Pay to the Order of Al Kazam Leisure Man $514.00 Date: 4/17/10 Supreme Company 391 NBT Bank Five Hundred fourteen and no cents Pay to the Order of Jones & Company $125.00 Memo: Invoice 010 Jill Supreme One Hundred Twenty-Five and no cents NBT Bank Supreme Company Date: 4/30/10 397 Memo: Supplies Jill Supreme $771.00 Pay to the Order of Jones International Supreme Company Date: 4/15/10 392 NBT Bank Seven Hundred seventy one and no cents Pay to the Order of Jordon $ 112.00 Jill Supreme Memo: Invoice 010 NBT Bank One Hundred twelve and no cents Date: 5/01/10 Supreme Company 398 Memo: Invoice 2324 Jill Supreme Pay to the Order of Carr Office Supplies $750.00 Supreme Company Date: 4/21/10 393 Seven Hundred fifty and no cents NBT Bank S500.00 Pay to the Order of Jones & Company Memo: Invoice 870 Jill Supreme NBT Bank Five Hundred and no cents Supreme Company Date: 5/12/10 399 Memo: Invoice 5132 Jill Supreme Pay to the Order of Jill Supreme S 1,000.00 Date: 4/24/10 Supreme Company 394 One Thousand and no cents NBT Bank Pay to the Order of King and Company $215.00 Memo: Withdrawal Jill Supreme NBT Bank Two Hundred fifteen and no cents Supreme Company Date: 5/20/10 400 Memo: Invoice 700 Jill Supreme $ 543.00 Pay to the Order of Hooyah Supreme Company 395 Date: 4/28/10 NBT Bank Five Hundred forty three and no cents Pay to the Order of Jones & Company 100.00 Memo: Invoice 571 Jill Supreme NBT Bank One Hundred and no cents Date: 5/22/10 401 Supreme Company Memo: Invoice 2360 Jill Supreme $ 450.00 Pay to the Order of King Company NBT Bank Four Hundred fifty and no cents Memo: Invoice 556 Jill Supreme Date: 5/24/10 Supreme Conmpany 402 SUPREME COMPANY'S BOOKS the Order of Utility Company 175.00 Pay Cash Receipts Recorded in Cash Receipts Journal Date NBT Bank One Hundred seventy-five and no cents Cash Debit 5/4 Jill Supreme Memo: May Electric Bill $737 $ 1,285 $ 850 5/9 JS JS 5/13 Supreme Company Date: 5/27/10 403 S815 $915 Total $6.331 F27 5/31 IS $ 415.00 Pay to the Order of Olyoop Four Hundred fiteen and no cents NBT Bank Jill Supreme Memo: Invoice 5002 Cash Payments Recorded In Cash Payments Journal redit k No. $750 $1.000 Supreme Company Date: 5/28/10 404 399 Pay to the Order of Gardiner Company 300.00 400 349 402 $ 175 $ 415 $300 NBT Bank Three Hundred and no cents 403 404 Memo: Invoice 444 Jill Supreme Supreme Company Date: 5/30/10 405 $ 800 Total $4,909 407 Pay to the Order of Father & Sons 160.00 One Hundred sixty and no cents NBT Bank See duplicate deposit slips on page 2. See duplicate carbon copies f checks on pages 3 5. Supreme counted I cash receipts, and she verified the debit in the cash Assume that owner- Memo: Invoice 123 Jill Supreme receipts journal and the bookkeeper deposited in bank on the same day. Date: 5/31/10 Supreme Company Assume that Ideposits cleared the bank the day after they were recorded in the cash receipts ournal and deposited. (e 5/4 deposit cleared on 5/5 see page 1). Assume that any cash 406 $ 514.00 Pay to the Order of Thomson Learning receipt that did not clear the bank by the next day was never deposited in the bank NBT Bank Flve Hundred fourteen and no cents Cash General Ledger Explanation Memo: Books Jill Supreme Balance 11.338 Date Debit Credit Balance 4/30 Date: 5/21/10 Supreme Company Cash Receipts atr | Cash Payments 6.331 5/31 407 4.909 12,760 Pay to the Order 800 00 Olyoop Check No. 400 was issued for $543 to Hooyah in payment of an accounts payable. The NSF check Eight Hundred and no cents NBT Bank returned with the bank statement was received from customer, Pat Slade in payment of his Accounts Jll Supreme Memo: Invoice 5020 Receivable, The NSF check has not been recorded in the general ledger SUPREME COMPANY The following is the bank reconciliation prepared by the bookkeeper for April 30, 2010. BANK RECONCILIATION SUPREME COMPANY May 31, 2010 BANK RECONCILIATION Cash balance according to bank statement Add: Deposits in Transit 5/31 $15,379 April 30, 2010 $915 915 $16.294 $12,760 $ 915 nk statement Less Add Denosite in Transit 4/30 Outstanding Checks $915 $13,675 300 160 $514 5 406 407 Less Outstanding Checks 391 392 $ 800 $ 125 1,774 $14,520 $ 112 Adjusted Balance 394 $ 100 $ 514 $ 771 $2,337 $11,338 395 $ 12.760 Cash balance according to the ledger Addi Additions to bank account not recorded on b0oks proceeds from collection of note 396 397 $ 2.500 $50 Principal Adjusted Balance Interest $2,550 $ 15,310 Cash balance according to the ledger Add: $9.200 Deductions bank not recorded on books Check Retuned NSF Bank Service Charge Error in recording check 400 581 $ 11 Additions to bank account not recorded on books proceeds from collection of note S 2,500 Principal 198 $790 $ 14,520 $ 180 Error in recording check 389 Adjusted Balance $2,730 $11,930 Deductions by bank not recorded on books Required: $581 $11 Check Returned NSF Bank Service Charge 1 Review the Bank Reconciliation prepared by your employee on May 31 above and prepare a econciliation. (Prepare on the Group Project Excel Spreadsheet Problem tab Cne $592 $11,338 Adjusted Balance 2 ance. How empiovee.conceal the embezziement? (Prenare on the Group Project Excel Spreadsheet Problem 1 parts 2 & 3 tab) Recommend any improvements to internal controls to prevent this embezzlement from occurring again. Assume that the only parties who will be working in this business will be Jill Supreme (owner), the new bookkeeper and the office manager. Include in vour discussion the following: Who should receive the cash receipts and make the deposit at the bank when the owner is out of the office? Include the rationale for your answer. Who should prepare the monthly bank reconciliation? Include the rationale for your answer. Who should sign the checks? Include the rationale for your answer. Who should do the bookkeeping? Include the rationale for your answer. (Prepare Part 3 on the Group Project Excel Spreadsheet Problem 1 parts 2 & 3 tab) 4. Record all required journal entries for May 31, 2010 related to the bank reconciliation including a journal entry for the embezzlement. Assume the embezzlement was never recovered. (Record the journal entries on the Group Project Excel Spreadsheet Problem 1 1 & 4 tab) Submit one set of answers per group for all four problems. Make sure to include each group members name at the top of each spreadsheet