Borrowing from Petty Cash
Daniel Brown is in charge of the $250 petty cash fund for Metro Auto Repair Service. When an employee needs a special part that is not in inventory, Daniel takes money from petty cash to buy the part. One day Daniel was short of cash and needed some lunch money. He decides to borrow $10 that he will pay back on payday in three days. Daniel continues this practice for three days for a total of $30. He does not have enough to pay the petty cash back. When he reconciles the petty cash, he records this $30 as Cash short/over expense. This is the first time he has done it. Is this an ethical action? What should Daniel do to fix this problem if there is one?
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