Milner Department Store has one cash register on which it performs daily cash counts. Recently, the cash count indicated that there was $5,887.29 in the register after deducting and removing the opening change amount of $75.00. However, the cash register tape reported sales in the amount of $5,844.73. Milner deposited its cash collected in its bank account. Required: Prepare a journal entry to record these cash collections. For a compound transaction, if an amount box does not require an entry, leave it blank. Round your answers to two decimal places, if necessary.

Question

Brief Exercise 4-33 (Algorithmic)
Cash Over and Short

Milner Department Store has one cash register on which it performs daily cash counts. Recently, the cash count indicated that there was $5,887.29 in the register after deducting and removing the opening change amount of $75.00. However, the cash register tape reported sales in the amount of $5,844.73. Milner deposited its cash collected in its bank account.

Required:

Prepare a journal entry to record these cash collections. For a compound transaction, if an amount box does not require an entry, leave it blank. Round your answers to two decimal places, if necessary.

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