You are provided with the following information taken from Washburne Inc.’s Prepare a cash budget. March 31, 2012, balance sheet.

Prepare a comprehensive bank reconciliation with theft and internal control deficiencies.

(SO 2, 3, 4, 5), E

The balance per the bank statement on October 31, 2012, was $18,380. Outstanding checks were: No. 62 for $140.75, No. 183 for $180, No. 284 for $253.25, No. 862 for $190.71, No. 863 for $226.80, and No. 864 for $165.28. Included with the statement was a credit memorandum of $185 indicating the collection of a note receivable for Fetter Company by the bank on October 25. This memorandum has not been recorded by Fetter.

The company’s ledger showed one Cash account with a balance of $21,877.72. The balance included undeposited cash on hand. Because of the lack of internal controls, Allan took for personal use all of the undeposited receipts in excess of $3,795.51. He then prepared the following bank reconciliation in an effort to conceal his theft of cash.



Cash balance per books, October 31


Add: Outstanding checks

      No. 862




      No. 863




      No. 864
Less: Undeposited receipts
Unadjusted balance per bank, October 31
Less: Bank credit memorandum


Cash balance per bank statement, October 31



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