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: No deposits were in transit on June 30.
(a) Determine the amount of cash stolen by the clerk.(b) Suggest accounting controls that would have prevented or detected the theft.

Question

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:  No deposits were in transit on June 30.​
(a) Determine the amount of cash stolen by the clerk.(b) Suggest accounting controls that would have prevented or detected the theft.​

Quizplus · Accepted Answer

The Answer of 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:  No deposits were in transit on June 30.​
(a) Determine the amount of cash stolen by the clerk.(b) Suggest accounting controls that would have prevented or detected the theft.​