Question

Q 7.34: At the end of a shift, the sales clerk turned over $21,476.38 in cash, checks, and credit card receipts to the cashier. When the supervisor looked at the cash register tape for that shift, the tape stated that the sales clerk had sold $21,478.23 in merchandise. What should the company do as a result of this difference

Answer 1

A cash shortage of $1.85 has occurred. The sales clerk must have taken away more in tips than she should.

The company can ask the sales clerk to refund the sum of $1.85 shortage provided it allows the sales clerk also to take away overages. If not, the shortage can be taken from the overtages, if any.

Step-by-step explanation:

In handling cash, shortages and overages occur. The best policy is to prevent such shortfall and excess in cash handling as they can lead to other problems. But, where the shortages and overages are tolerable, the company should accommodate them by creating clear company policies about the issues. Policies provide guides to employees so that they know what they are ordinarily expected to do.