Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Cornerstone Exercise 4-22 Cash Over and Short Walker Department Store has one cash register. On a recent day, the cash register tape reported sales in

image text in transcribed
image text in transcribed
Cornerstone Exercise 4-22 Cash Over and Short Walker Department Store has one cash register. On a recent day, the cash register tape reported sales in the amount of $13,729.87. Actual cash in the register (after deducting and removing the opening change amount of $75) was $13,747.21, which was deposited in the firm's bank account. Required: Prepare a journal entry to record these cash collections. If an amount box does not require an entry, leave it blank. Round your answers to two decimal places. Cash Cash Over and Short Sales Revenue v (Record cash register receipts) Brief Exercise 4-35 Petty Cash with Change in Fund Balance Canary Inc, maintains a petty cash fund with a balance of $1,800. During the month of September, Canary's employees made routine expenses using cash from the petty cash fund totaling $1,150. At the end of September, Canary replenishes the petty cash account, but it also decides to increase the fund balance to $2,000. Canary classifies all petty cash transactions as miscellaneous expense. Required: Prepare a journal entry to record the petty cash activity. If an amount box does not require an entry, leave it blank. Petty Cash Fund Miscellaneous Expense Cash

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

Bucks The Next Step Advanced Medical Coding And Auditing 2019/2020

Authors: Elsevier

1st Edition

0323582613, 978-0323582612

More Books

Students also viewed these Accounting questions

Question

The target cost for a job using job costing is calculated as:

Answered: 1 week ago