Question

Nebraska Fields Co. records all cash receipts from data on the c amount is not known. The sales clerk was responsible for taking

Cash in bank according to the general ledger $ 21,530
Cash according to the June 30 bank statement 25,620
Outstanding checks at June 30 4,800
Bank service charge for June 30
Notes receivable collected by bank 2,000
Interest collected on note receivable 80
No deposits were in transit on June 30.

Determine the amount of cash stolen by the clerk.

Answer 1

To determine the amount of cash stolen by the clerk, you need to reconcile the cash according to the general ledger with the cash according to the bank statement.

Step-by-step explanation:

To determine the amount of cash stolen by the clerk, we need to reconcile the cash according to the general ledger with the cash according to the bank statement.

Here are the steps to calculate the cash stolen:

1. Starting with the cash according to the bank statement ($25,620), subtract the outstanding checks ($4,800) and the bank service charge for June 30.
2. Add the notes receivable collected by the bank ($2,000) and the interest collected on the note receivable ($80).
3. The result will give us the adjusted cash balance according to the bank statement.
4. Now, we need to compare the adjusted cash balance according to the bank statement with the cash balance according to the general ledger ($21,530).
5. The difference between the two amounts represents the amount of cash stolen by the clerk.

By following these steps, you should be able to determine the amount of cash stolen by the clerk.