Miller Enterprises deposits the cash received during each day at the end of the day. Miller deposited
Fantastic news! We've Found the answer you've been seeking!
Question:
-
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:
10/3 10/4 Cash sales $37,640 $40,310 Collections on account 10,895 9,813 Total receipts $48,535 $50,123 Required:
1. Calculate the amount of cash over or cash short for each day. Enter negative values as negative numbers.
Cash Over (Short) 10/3 $ 10/4 $ 2. Prepare the journal entry to record the receipt and deposit of cash on October 3. If an amount box does not require an entry, leave it blank.
October 3rd - Accounts Payable
- Accounts Receivable
- Cash
- Notes Payable
- Sales Revenue
- Accounts Payable
- Cash
- Cash Over and Short
- Notes Payable
- Wages Payable
- Accounts Payable
- Accounts Receivable
- Cash
- Petty Cash
- Wages Payable
- Accounts Payable
- Cash
- Petty Cash
- Sales Revenue
- Wages Payable
(Record cash register receipts) 3. Prepare the journal entry to record the receipt and deposit of cash on October 4. If an amount box does not require an entry, leave it blank.
October 4th - Accounts Payable
- Accounts Receivable
- Cash
- Sales Revenue
- Wages Payable
- Accounts Receivable
- Cash Over and Short
- Petty Cash
- Sales Revenue
- Wages Payable
- Accounts Payable
- Accounts Receivable
- Cash
- Cash Over and Short
- Wages Payable
- Cash
- Cash Over and Short
- Petty Cash
- Sales Revenue
- Wages Payable
(Record cash register receipts)
Related Book For
Cornerstones of Financial and Managerial Accounting
ISBN: 978-1111879044
2nd edition
Authors: Rich, Jeff Jones, Dan Heitger, Maryanne Mowen, Don Hansen
Posted Date: