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Ivanhoe 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 handles all cash receipts, keeps the accounting records, and prepares the monthly bank reconciliations.

The drop-down menus consist of: (the large boxes on the top half) adjusted balances per books, undeposited receipts, theft, balance per bank statement, outstanding checks, bank credit (collection of note recieveable)

(small boxes to the left) add, less

(medium size boxes in the middle) No. 62, 183, 284, 862, 863, 864, 63, 184, 285

(large boxes on the bottom half) adjusted balance per books (before theft), cash balance per books, bank credit (collection of notes recievable), theft, adjusted balance per books, undeposited reciepts, outstanding checks

Ivanhoe 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 harndles all cash receipts, keeps the accounting records, and prepares the monthly bank reconciliations The balance per the bank st temant on actober 31, 2019, was $19,489.00 outstanding checks were N 62 $152 aD, No. 183 or 170 Da No. 284 fnr $288.0D No. 862 or $222.00, No. 863 for $275.0D, and No. 854 far $178 DO Included with the statement as a credit memorandum of $246.00 indicating the collection of a note recelvable for Ivanhoe Company by the bank on October 25. This memorandum has not been recorded by Ivanhoe. The company's ledger showed one Cash account with a balance of $23,257.00. The balance included undeposited cash on hand. Decause of the lack ot intemal controls, Bret took for personal use all ot the undeposited receipts in excess of $4,037.00. He then prepared the fellowing bank reconciliation in an efort to coniceal his thert of cash Cash balance per books, October 31 Add: Outstanding checks $23,257,00 No. 862 No. 863 No. 864 $222.00 275.00 Less: Undeposited receipts Unadjusted halance per hank, October 3 Less: Bark credit memorandum Cash balance per hank statement, Ortaber 31 23,772.00 4,037.00 19,735.0D 246.00 19,489.00 (a prepare a correct bank reconciliation. Hint: Deduct the amount o the theft on the ad usted balance per books (List tems that l crease bala ce as er bank & books first. Round answers to 2 decimal ces e g. 52.50

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