The following is an excerpt from a conversation between two sales clerks, Fred Loya and Steph Gillespie.
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The following is an excerpt from a conversation between two sales clerks, Fred Loya and Steph Gillespie. Both Fred and Steph are employed by Wireless Electronics, a locally owned and operated electronics retail store.objs. 4, 5
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Fred: Did you hear the news? Steph: What news? Fred: Alice and John were both arrested this morning. Steph: What? Arrested? You're putting me on! Fred: No, really! The police arrested them first thing this morning. Put them in handcuffs, read them their rights-the whole works. It was unreal! Steph: What did they do? Fred: Well, apparently they were filling out merchandise refund forms for fictitious cus- tomers and then taking the cash. Steph: I guess I never thought of that. How did they catch them? Fred: The store manager noticed that returns were twice that of last year and seemed to be increasing. When he confronted Alice, she became flustered and admitted to taking the cash, apparently over $5,000 in just three months. They're going over the last six months' transactions to try to determine how much John stole. He apparently started stealing first. Suggest appropriate control procedures that would have prevented or detected the theft of cash.
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Related Book For
Financial Accounting
ISBN: 9780324380675
10th Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
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