Answered step by step
Verified Expert Solution
Question
1 Approved Answer
ok so I have the question and answer attached. Now please explain to me how they got the answer for the cash sales which is
ok so I have the question and answer attached. Now please explain to me how they got the answer for the "cash sales" which is $867.39 and the other one for February 28 is $757.83. Can you explain step by step
Section 9.13472. A business's cash receipts data for two days were as follows:. On February 27, the cash register tape showed cash receipts for theday to be $980.15. The cash float at the start of the day was $50.00. Thetotal cash counted (including float) at the end of the day was $1005.15.. On February 28, the cash register tape showed cash receipts to be$856.35. The float remained at $50.00. The total cash counted (includeing float) was $910.85.A. Using the forms in your Workbook, prepare cash proofs andjournal entries for February 27 and February 28.B. Post the journal entries to the T-account provided. Is the bal-ance debit or credit? Would this be the normal type of balancein the account? Why? A.Cash ProofCash ProofDate Feb. 27, 20-Date Feb. 28, 20-Cash Register Tape TotalsCash Register Tape TotalsCash Sales867.39Cash Sales757.83tAHSTto tA tA112.76HST98.52Receipts per tape980.15Receipts per tape856.35Cash ReceivedCash ReceivedCash Count1005.15Cash Count$ 910.85Less: Float50.00LA tA tALess: Float50.00Actual Cash Received955.15Actual Cash Received860.85CASH(SHORT)OR OVER$25.00CASH SHORT OR OVER$4.50
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