You oversee the $250 petty cash for your company. When anemployee needs a special item that is not in inventory, you takemoney from petty cash to purchase that item.
One day, you are short on cash for lunch. You decide to borrow$10 each day for the next 3 days until payday for a total of $30from petty cash. After payday, you do not have enough to repaypetty cash, so you decide to record a cash short/over expense of$30.
Since this is the first time you have ever done this, is this aproblem? If so, what steps should be taken to fix this problem? Ifnot, why not?
