Asked by Zahra Alasiri on Jun 12, 2024
Verified
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, $5,412.36; cash receipts per cash register tally, $5,413.07.
(b)Actual cash in cash register, $3,712.95; cash receipts per cash register tally, $3,712.16.
Cash Collections
The process of receiving and managing payments from customers for goods or services provided.
Change Fund
A change fund is a set amount of money, composed of various denominations, used to make change for transactions in business operations.
Cash Register
A mechanical or electronic device for calculating and recording sales transactions, and an attached drawer for storing cash.
- Apply journal entry preparation skills for cash transactions, including cash collections and petty cash fund management.
Verified Answer
(b)Cash3,712.95Cash Short and Over0.79Sales3,712.16
Learning Objectives
- Apply journal entry preparation skills for cash transactions, including cash collections and petty cash fund management.
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