Cash register records and other documents supporting the deposits are summarized as follows:

10/3 10/4 Cash sales $ 4,072 $ 5,405 Collections on account 8,650 10,212 Total receipts $12,722 $15,617 Required:

. Calculate the amount of cash over or cash short for each day.

. Prepare the journal entry to record the receipt and deposit of cash on October 3.

. Prepare the journal entry to record the receipt and deposit of cash on October 4.

Exercise