Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Cornerstone Exercise 4-21 (Algorithmic) Cash Over and Short On a recent day, Pence Company obtained the following data from its cash registers: Cash Sales per

image text in transcribed
Cornerstone Exercise 4-21 (Algorithmic) Cash Over and Short On a recent day, Pence Company obtained the following data from its cash registers: Cash Sales per Register Tape Cash in Register after Removing Opening Change $12,650.01 Register 1 $12,656.12 11,429.57 11,591.18 Register 2 Register 3 11,425.42 11,590.18 Pence deposits its cash receipts in its bank account daily Required: amount box does not require an entry, leave it blank. Round your ans 35,676.87 x Prepare a journal entry to record Cash Cash Over and Short Sales Revenue (Record cash register receipts) NIE Check My Work When the cash in the register does not reconcile with the register tapes, the discrepancy is recorded in cash over and short

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Theory Conceptual Issues In A Political And Economic Environment

Authors: Harry I. Wolk, James L. Dodd, John J. Rozycki

7th Edition

1412953456, 978-1412953450

More Books

Students also viewed these Accounting questions