Question
Milner Department Store has one cash register on which it performs daily cash counts. Recently, the cash count indicated that there was $7,250.60 in the
Milner Department Store has one cash register on which it performs daily cash counts. Recently, the cash count indicated that there was $7,250.60 in the register after deducting and removing the opening change amount of $95.00. However, the cash register tape reported sales in the amount of $7,235.97. Milner deposited its cash collected in its 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, if necessary.
| Accounts PayableCashCash Over and ShortNotes ReceivableSales Revenue | - Select - | - Select - | |
| Accounts PayableCashCash Over and ShortInterest RevenueNotes Receivable | - Select - | - Select - | |
| Accounts PayableCashInterest RevenueNotes ReceivableSales Revenue | - Select - | - Select - |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Fundamentals Of Financial Management
Authors: James Van Horne, John Wachowicz
13th Revised Edition
978-0273713630, 273713639
