You are the newly elected vice-president of campus life for the business students' association at your institution.

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You are the newly elected vice-president of campus life for the business students' association at your institution. The first big event of the year is a party that has three live bands playing from 5:00 p.m. to midnight; tickets are $20 (cash only). A number of people are helping you sell tickets during the two weeks prior to the event. At the end of each day, you collect the cash from each seller and reconcile it against the tickets sold (the tickets are sequentially numbered). You place your records and the cash in a locked filing cabinet in your office, which is always locked. In less than two weeks, all of the tickets are sold. After collecting the cash from the ticket sellers on the day of the sellout, you're feeling terrific about the success of the sales campaign you organized for the event and go to your office, unlock the door, and immediately notice that the filing cabinet has been tampered with ... all of the money is gone ... over $35,000!!
Required
Using the elements of critical thinking described on the inside front cover, comment.
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Fundamental Accounting Principles

ISBN: 978-0071051507

Volume I, 14th Canadian Edition

Authors: Larson Kermit, Tilly Jensen

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