Show Me How Using bank reconcation to determine cash receipts stolen Alaska Impressions Co. records all cash receipts on the basis of its cash register tapes Alaska Impressions covered during October 2013 stolen an undetermined amount of cash receipts by taking the daily deposits to the bank. The following data have been thered for October Cash in bank according to the general ledger $11,680 Cash according to the October 31, 2013, bank statement 13,225 Outstanding checks as of October 31, 2013 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. 1,000 X b. What accounting controls would have prevented or detected this theft? None of these choices are correct X Food Check My World a. Prepare a bank reconciliation. Because the cash has been stolen, the adjusted balances in the bank and company sections of the reconciation will not be equal. The difference is the stolen cash b. Control procedures provide reasonable assurance that business goals will be achieved, including the prevention of fraud. Control procedures, which constitute one of the most important elements of internal control, include the following: 1. Competent personnel, rotating duties, and mandatory vacations 2. Separating responsibilities for related operations Previous Next) Chuck My Work