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Pala Co. records all cash receipts on the basis of its cash register tapes. Pala Co. discovered during April 20Y1 that one of its sales
Pala Co. records all cash receipts on the basis of its cash register tapes. Pala Co. discovered during April 20Y1 that one of its sales clerks had stolen an undetermined amount of cash receipts when she took the daily deposits to the bank. The following data have been gathered for April: Cash in bank according to the company records $19,565 Cash according to the April 30, 20Y1, bank statement 28,175 Outstanding checks as of April 30, 20Y1 12,100 Bank service charges for April 75 Note receivable, including interest collected by bank in April 3,710 No deposits were in transit on April 30. a. Determine the amount of cash receipts stolen by the sales clerk. $fill in the blank 1 b. Daily reconciliation of the amount of cash receipts, comparing the cash register tapes to a receipt from the bank as to the amount deposited, like a duplicate deposit ticket , would discourage theft of the cash receipts, as in the case of Pala Company
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