Nebraska Fields Co

Essay

Nebraska Fields Co. records all cash receipts from data on the cash register tapes. Nebraska discovered during June that one of its sales clerks had stolen some cash. However, the amount is not known. The sales clerk was responsible for taking cash deposits to the bank. To determine the amount stolen, the following data have been obtained for June:
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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
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No deposits were in transit on June 30.
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(a) Determine the amount of cash stolen by the clerk.
(b) Suggest accounting controls that would have prevented or detected the theft.
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