Accounting Question – 20210626N

Poor internal control over its cash transactions are becoming a problem for the Johnson Company. The following are facts about its cash position on August 31: The bank statement’s balance was $ 15,347.45. Check Number Amount No. 255 for No. 289 for No. 292 for No. 8511 for No. 8632 for No. 8719 for $116.25 $130.00 $253.25 $170.71 $206.80 $125.28 The only deposit was for $3,885.31 on September 7. The cashier personally handles all incoming cash and bank deposits. He is responsible for reconciling the monthly bank statement as well. The September 30 reconciliation: Balance per books, August 31: $19,029.97 Add: Outstanding Checks Check Number Amount 8511 8632 8719 Check totals Total $ 70.71 $106.80 $ 25.28 $ 202.79 $19,232.76 Balances Amount Less Undeposited Receipts Balance per Bank, August 31 Deduct Unrecorded credit True Cash, August 31 $ 3,885.31 $ 15,347.45 $ 300.00 $15,047.45 Requirements: You are suspicious that the cashier may have pocketed some money and suspect that some of the un-deposited receipts of $3,885.31 may have been taken. Create a schedule presenting your estimate of the loss. Your written response paper should be 3-4 pages in length. Please type your response in a Word document and follow APA format, according to CSU Global Writing Center (Links to an external site.). Include a title page and reference page. Use two (2) outside academic sources other than the textbook, course materials, or other information provided as part of the course materials. Requirements: 3 pages The company’s books showed a balance of $ 19,029.97, which included undeposited receipts. A credit of $300 on the bank statement is not included in the company’s books. Outstanding checks were: How did the cashier endeavor to conceal the robbery? Based on the scenario alone, name two specific components of internal control that were seemingly missing. If the cashier’s August 31 reconciliation is known to be accurate and you start your audit on October 10, what specific substantive audit procedures would help you detect the missing money? How did the cashier endeavor to conceal the robbery?
Based on the scenario alone, name two specific components of internal control that were seemingly missing.
If the cashier’s August 31 reconciliation is known to be accurate and you start your audit on October 10, what specific substantive audit procedures would help you detect the missing money?

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