At the end of each day, Spangle counts the cash in its cash registers. Spangle then compares the physical amount of cash to the amount of cash that the register tape indicates should be in the cash drawer. On a recent day, Spangle Company obtained the following data from its cash registers: Cash Sales per Register Tape Cash in Register After Removing Opening Change Register 1 $14,759.62 $14,757.98 Register 2 15,101.59 15,104.06 Register 3 14,802.18 14,798.87 Spangle deposits its cash receipts in its bank account daily. Required: Prepare a journal entry to record these cash sales. For those boxes in which no entry is required, leave the box blank. Round your answers to two decimal places, if necessary.
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
Cash Over and Short
At the end of each day, Spangle counts the cash in its cash registers. Spangle then compares the physical amount of cash to the amount of cash that the register tape indicates should be in the cash drawer. On a recent day, Spangle Company obtained the following data from its cash registers:
| Cash Sales per Register Tape |
Cash in Register After Removing Opening Change |
|||
| Register 1 | $14,759.62 | $14,757.98 | ||
| Register 2 | 15,101.59 | 15,104.06 | ||
| Register 3 | 14,802.18 | 14,798.87 |
Spangle deposits its cash receipts in its bank account daily.
Required:
Prepare a
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