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Using bank reconciliation to determine cash receipts stolen Alaska Impressions Co. records all cash receipts on the basis of its cash register tapes. Alaska Impressions

Using bank reconciliation to determine cash receipts stolen

Alaska Impressions Co. records all cash receipts on the basis of its cash register tapes. Alaska Impressions discovered during October 20Y3 that one of its sales clerks had stolen an undetermined amount of cash receipts by taking the daily deposits to the bank. The following data have been gathered for October:

Cash in bank according to the general ledger $11,670
Cash according to the October 31, 20Y3, bank statement 14,640
Outstanding checks as of October 31, 20Y3 4,060
Bank service charge for October 30
Note receivable, including interest collected by bank in October 2,290

No deposits were in transit on October 31.

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