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eBook Show Me How Entry for Cash Sales; Cash Over The actual cash received from cash sales was $8,334 and the amount indicated by the cash register total was $8,314. Journalize the entry to record the cash receipts and cash sales. If an amount box does not require an entry, leave it blank. Cash Sales Cash Short and Over Feedback Check My Work Subtract actual cash from cash register tape cash. If actual is more, cash does not equal sales and Cash Short and Over is used for the overage. Bank Reconciliation The following data were accumulated for use in reconciling the bank account of Creative Design Co. for August 2016: 1. Cash balance according to the company's records at August 31, $18,570. 2. Cash balance according to the bank statement at August 31, $19,620. 3. Checks outstanding, $3,770. 4. Deposit in transit, not recorded by bank, $3,030. 5. A check for $590 in payment of an account was erroneously recorded in the check register as $950. 6. Bank debit memo for service charges, $50. a. Prepare a bank reconciliation, using the format shown in Exhibit 13. Creative Design Co. Bank Reconciliation August 31, 2016 Cash balance according to bank statement Add: Deposit in transit on August 31 Deduct: Outstanding checks Adjusted balance Cash balance according to company's records Add: Error in recording check Deduct: Bank service charge Adjusted balance b. If the balance sheet were prepared for Creative Design Co. on August 31, what amount should be reported for cash? c. Must a bank reconciliation always balance (reconcile)? Yes Petty Cash Fund Entries Journalize the entries to record the following: Check No. 12-375 is issued to establish a petty cash fund of $1,000 b. The amount of cash in the petty cash fund is now $370. Check No. 12-476 is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $365; miscellaneous selling expense, $151; miscellaneous administrative expense, $95. (Because the amount of the check to replenish the fund plus the balance in the fund do not equal $500, record the discrepancy in the cash short and over account.) a. Journalize the entry to establish the petty cash fund. If an amount box does not require an entry, leave it blank. Petty Cash Cash Check My Wor a. Recal that the only time Petly Cash is used is when the fund is initially established or increased b. Joumalize the entry to replenish the petty cash fund. For a compound transaction, if an amount box does not require an entry, leave it blank Office Supplies Miscellaneous Selling Expense Miscellaneous Administrative Expense Cash Short and Over 111 Cash Fotback Previous Next