1. Internal controls are often implemented to guard against theft of cash. To co

Question

1. Internal controls are often implemented to guard against theft of cash. To conceal the theft of $1,500 cash, which journal entry might an accountant perform to best conceal the theft?

a. Cash             $1,500

         Inventory               $1,500

b. Petty Cash       $1,500

         Cash                   $1,500

c. Wage and Salary Expense       $1,500

            Cash                                           $1,500

d. Cash               $1,500

         Wage and Salary Expense               $1,500

e. Accounts Receivable       $1,500

                 Cash                                   $1,500

Explanation / Answer

Answer D

Cash               $1,500

         Wage and Salary Expense               $1,500

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