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The controller has completed the T accounts for the Cash and Sales accounts as of January 30, but needs to attend an important conference
The controller has completed the T accounts for the Cash and Sales accounts as of January 30, but needs to attend an important conference in another city. She has requested that you prepare the T account for the Cash Short and Over account as of January 30 also. You are told that the balance of the account is zero as of the beginning of January, and that all the company's sales are in cash. To simplify, this problem assumes that a company has only one bank account, which is identified in the Ledger as "Cash Review the following T accounts, and then scroll down to complete the Cash Short and Over T account and answer the associated question that follows Cash Balance 1/1 5,500 1/2 Establish Petty Cash 500 1/5 2.850 1/12 6,355 1/23 3.270 1/30 4,450 Balance 21.925 Sales Balance 1/1 0 1/5 2,855 1/12 6,320 1/23 3.330 1/30 4,400 Balance 16,905 Review the preceding T accounts, and then complete the Cash Short and Over Taccount and associated question that follows it Cash Short and Over Balance 1/1 0 1/12 1/5 1/30 S 1/23 B Balance Points: 4/9 What will happen to the ending balance in the Cash Short and Over account at the end of the
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