The Penny Shack operates a local store that sells a variety of items with nothing costing...
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The Penny Shack operates a local store that sells a variety of items with nothing costing more than $5.00. Esther Eaton, the bookkeeper, is unsure of how to record cash transactions when the total is rounded to the nearest nickel. For example the following transactions were recorded the week of May 9-14, 2022. Monday Tuesday Wednesday Thursday Friday Saturday Totals Cash received Total sales $235.60 $235.62 125.95 125.97 343.20 343.22 202.75 202.76 450.30 450.32 685.10 685.08 $2,042.90 $2,042.97 Esther has come to you for advice on how to record the above in one entry at the end of the week. Explain what accounts are used and show how the journal entry is recorded. JOURNAL Date Account Title and Explanation Debit Credit The Penny Shack operates a local store that sells a variety of items with nothing costing more than $5.00. Esther Eaton, the bookkeeper, is unsure of how to record cash transactions when the total is rounded to the nearest nickel. For example the following transactions were recorded the week of May 9-14, 2022. Monday Tuesday Wednesday Thursday Friday Saturday Totals Cash received Total sales $235.60 $235.62 125.95 125.97 343.20 343.22 202.75 202.76 450.30 450.32 685.10 685.08 $2,042.90 $2,042.97 Esther has come to you for advice on how to record the above in one entry at the end of the week. Explain what accounts are used and show how the journal entry is recorded. JOURNAL Date Account Title and Explanation Debit Credit
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