The following selected transactions relate to cash collections for a firm that m
ID: 2457331 • Letter: T
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)