CASH COLLECTIONS. Walker Department Store accepts cash payments on its in-house credit card at its service desk.
Question:
CASH COLLECTIONS. Walker Department Store accepts cash payments on its in-house credit card at its service desk. On a recent day, the service desk cash register tape reported collections on accounts receivable in the amount of $2,247.63. Actual cash in the register (after deducting and removing the opening change amount of $50)
was $2,238.48, which was deposited in the firm’s bank account.
REQUIRED:
Prepare a journal entry to record these cash collections.
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