The following selected transactions relate to cash collections for a firm that m

Question

The following selected transactions relate to cash collections for a firm that maintains a $100 change fund at all times. Present entries to record the transactions for each of the two days of cash receipts from sales. (a) Actual cash in cash register, $4,512.36; cash receipts per cash register tally, $4,413.07. (b) Actual cash in cash register, $3,812.95; cash receipts per cash register tally, $3,712.16. Round your answers to two decimal places. For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0

Explanation / Answer

Question a. Account title Debit Credit Cash          4,412.36 Cash Over and Short                  0.71 Sales 4413.07 Amount as per cash register          4,512.36 Less: Change Fund             100.00 Actual Cash received          4,412.36 Less: Cash Receipt 4413.07 Cash Shortage                  0.71 Question b. Account title Debit Credit Cash          3,712.95 Cash Over and Short              0.79 Sales 3712.16 Amount as per cash register          3,812.95 Less: Change Fund             100.00 Actual Cash received          3,712.95 Less: Cash Receipt 3712.16 Cash Shortage                (0.79)

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