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View Policies Current Attempt in Progress Sheridan Company is a very profitable small business. It has not, however, given much consideration to internal control. For

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View Policies Current Attempt in Progress Sheridan Company is a very profitable small business. It has not, however, given much consideration to internal control. For example in an attempt to keep clerical and office expenses to a minimum, the company has combined the jobs of cashier and bookkeeper As a result. Bret Turrin handies all cash receipts, keeps the accounting records, and prepares the monthly bank reconciliations The balance per the bank statement on October 31, 2020, was $18, 110. Outstanding checks were No. 62 for $160.20, No 183 for $196, No. 284 for $284.00, NO. 862 for $222.10, No. 863 for $238.00, and No. 864 for $176.00. Included with the statement was a credit memorandum of $96.10 indicating the collection of a note receivable for Daisey Company by the bank on October 25. This memorandum has not been recorded by Daisey. The company's ledger showed one Cash account with a balance of $21,960,00. The balance included undeposited cash on hand. Because of the lack of internal controls, Bret took for personal use all of the undeposited receipts in excess of $4.290.00. He then prepared the following bank reconciliation in an effort to conceal his theft of cash. Cash balance per books, October 31 $21.960.00 Outstanding checks No 862 5222.10 No. 363 238.00 176.00 536.10 22.496.10 Less: Undeposited receipts 4290.00 Unadjusted balance per bank October 31 18,206,10 Less Bank credit memorandum 96,10 Cash balance per bank statement. October 31 518 110 Add No. 864 player/index.html?launchid=18d4bcc-ace-49f0-b8ef-eac68a5dc0a9#/question/1 Question 2 of 5 > -/1 SHERIDAN COMPANY Bank Reconciliation October 31, 2020 Balance Per Bank Statement $ 18110 Add V Undeposited Receipts 4290 22400 Loss V Outstanding Checks No. 62 $ 160.20 No. 183 196 No 284 284 No 862 222.10 No. 863 238 No.864 176 1276.30 Autod balance Per Bank 5 Cash Balance Per Boold 5 Bank Credit Castle of None Real No 183 196 No. 284 284 No. 862 222.10 No.8637 238 No 864 176 1276,30 Adjusted balance Per Bank > Cash Balance Per Books

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