• Article by: Nicholas Covington

    I am an armchair philosopher with interests in Ethics, Epistemology (that's philosophy of knowledge), Philosophy of Religion, Politics and what I call "Optimal Lifestyle Habits."

    5 comments

    1. Question: How much did the cashier lose? i.e. what is the cash shortage.

      Given only 1 register in the store, when the register is closed out, there will be a variance between the close out report and the drawer cash count.

      e.g. simplest case:
      i. Per the register open – $130 dollars cash is placed in the register cash drawer and the register tally is re-set to 130.
      ii. The day is slow (and the cashier is also slow) with one transaction, so the register cash drawer tally is 130 + 100 – 30 = 200
      iii. The day ends with $100 dollars cash in the register cash drawer and a close out report of 200, thus there is a $100 cash shortage.

      Possible Outcomes:
      1) A $30 cash loss is added to the books + the inventory shortage is expensed.
      2) A $100 cash loss expense is added to the books.

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