Miller Enterprises deposits the cash received during each day at the end of the day. Miller deposited $48,287 on October 3 and $50,116 on October 4. Cash register records and other documents supporting the deposits are summarized as follows:

Required:
1. Calculate the amount of cash over or cash short for each day.
2. Prepare the journal entry to record the receipt and deposit of cash on October 3.
3. Prepare the journal entry to record the receipt and deposit of cash on October 4.
4. If you were the manager with responsibility over the cash registers, how would you use this information?

Transcribed Image Text:

10/3 10/4 Cash sales $36,690 $40,310 9,813 Collections on occount7565 $50,123 10,875 Total receipts