Acct Week 3 2023 Business Finance

2023 The following is an excerpt from a conversation between two sales clerks Tracy Rawlin and Jeff Weimer

The following is an excerpt from a conversation between two sales clerks, Tracy Rawlin and Jeff Weimer. Both Tracy and Jeff are employed by Magnum Electronics, a locally owned and operated electronics retail store.

Tracy: Did you hear the news?

Jeff: What news?

Tracy: Bridget and Ken were both arrested this morning.

Jeff: What? Arrested? You’re putting me on!

Tracy: No, really! The police arrested them first thing this morning. Put them in handcuffs, read them their rights— the whole works. It was unreal!

Jeff: What did they do?

Tracy: Well, apparently they were filling out merchandise refund forms for fictitious customers and then taking the cash.

Jeff: I guess I never thought of that. How did they catch them?

Tracy: The store manager noticed that returns were twice that of last year and seemed to be increasing. When he confronted Bridget, she became flustered and admitted to taking the cash, apparently over $ 15,000 in just three months. They’re going over the last six months’ transactions to try to determine how much Ken stole. He apparently started stealing first.

Suggest appropriate control procedures that would have prevented or detected the theft of cash.

Instructions: Your initial response should be no less than 250 words with at least one scholarly journal reference (dictionary-type websites are excluded). Reply to at least two of your classmates.  Replies to classmates should be a minimum of 100 words and include direct questions. In-text citations and references must be in APA format. Refer to the Forum Grading Rubric below for additional guidelines.

Initial Post Due: Wednesday by 11:55 pm ET
Replies to Classmates Due: Sunday by 11:55 pm ET

Make sure you are using credible sources in your discussions and assignments. Scholarly journals are the preferred source of credible/quality references. These consist of peer-reviewed articles published in academic journals related to the field, which are found via our Library.  Websites such as Investopedia,,, or dictionary-type of websites limit the insight to the topics. Wikipedia is not acceptable as it is not a reliable, credible source of reference. The purpose is to bring in new information and how does it apply to our topic from a real-world perspective, instead of extending on definitions that are found in the book.
More information what a credible source consists of can be found here:

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