Exercise $4-43$

Cash Over and Short

Miller Enterprises deposits the cash received during each day at the end of the day. Miller deposited $$48,287$ on October $3$ and $$50,116$ on October $4.$ Cash register records and other documents supporting the deposits are summarized as follows:

$10/310/4$

Cash sales $$36,690$ $$40,310$

Collections on account $10,8759,813$

Total receipts $$47,565$ $$50,123$

Required:

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$1.$ Calculate the amount of cash over or cash short for each day. Enter negative values as negative numbers.

Cash Over $($Short$)$

$10/3$ $fill in the blank $585$ec$0062007$fb$0\_1$

$10/4$ $fill in the blank $585$ec$0062007$fb$0\_2$

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$2.$ Prepare the journal entry to record the receipt and deposit of cash on October $3.$ For those boxes in which no entry is required, leave the box blank.

Oct. $3$

$($Record cash register receipts$)$

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$3.$ Prepare the journal entry to record the receipt and deposit of cash on October $4.$ For those boxes in which no entry is required, leave the box blank.

Oct. $4$

$($Record cash register receipts$)$

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$4.$ CONCEPTUAL CONNECTION: If you were the manager with responsibility over the cash registers, how would you use this information?

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