1. Connie Chaudri performs all the accounting tasks for Discount Sales, a small merchandising firm. Finding herself in financial difficulty, she devises the following plan to steal money from the business. She believes she can, at any time, remove an amount of cash from the daily bank deposit and replace the cash with a cheque received in the mail from a customer. She will not include the cheque in her list of cheques received for the day. To prevent the customer from complaining about an incorrect amount owing, Connie will make the following general journal entry for the amount of the cheque and post it to the all ledger accounts affected: Particulars Sales returns and allowances Date P.R. Debit Credit XX Accounts Receivable XX (a) Would the company's general ledger balance? Explain. (b) Would the control account balance with the schedule of accounts receivable? Explain. (c) Is Connie likely to get caught? Explair.

1. Connie Chaudri performs all the accounting tasks for Discount Sales, a small merchandising firm. Finding herself in financial difficulty, she devises the following plan to steal money from the business. She believes she can, at any time, remove an amount of cash from the daily bank deposit and replace the cash with a cheque received in the mail from a customer. She will not include the cheque in her list of cheques received for the day. To prevent the customer from complaining about an incorrect amount owing, Connie will make the following general journal entry for the amount of the cheque and post it to the all ledger accounts affected: Particulars Sales returns and allowances Date P.R. Debit Credit XX Accounts Receivable XX (a) Would the company's general ledger balance? Explain. (b) Would the control account balance with the schedule of accounts receivable? Explain. (c) Is Connie likely to get caught? Explair.

Name: can you please help with a, b, and c using the information in the phot
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Description: can you please help with a, b, and c using the information in the photo. this is for my accounting homework 1. Connie Chaudri performs all the accounting tasks for Discount Sales, a small merchandisingfirm. Finding herself in financial difficulty, sh

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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