At the end of the day the clerk for Jack’s Variety Shop noticed an error in the amount of cash he should have. Total cash sales from the sales tape were $1,208, whereas the total cash in the register was $1,156. Jack keeps a $28 change fund in his shop. Prepare an appropriate general journal entry to record the cash sale as well as reveal the cash shortage.
Answer to relevant QuestionsIndicate whether the following items would appear on the income statement (IS), statement of owner’s equity (OE), or balance sheet (BS).a. ______ Tutoring Fees Earnedb. ______ Office Equipmentc. ______ Accounts ...Record the following transactions in the basic accounting equation. Treat each one separately.a. Morgan invests $118,000 in company.b. Bought equipment for cash, $1,100.c. Bought equipment on account, $800.Mike Ackerman decided to open Mike’s Nail Spa. Mike completed the following transactions:a. Invested $24,000 cash from his personal bank account into the business.b. Bought store equipment for cash, $3,700.c. Bought ...Slacks.com received a bank statement from Italian Bank indicating a bank balance of $7,600. Based on Slacks.com’s check stubs, the ending checkbook balance was $8,767. Your task is to prepare a bank reconciliation for ...From the following statement, please (1) complete the bank reconciliation for Jimmy’s Deli found on the reverse of the bank statement and (2) journalize the appropriate entries as needed.a. A deposit of $2,300 is in ...
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