The following selected transactions relate to cash collections for a firm that maintains a $100 change fund at all times. Present entries to record the transactions for each of the two days of cash receipts from sales. Required: (a) On December 30, actual cash in cash register, $5,058; cash receipts per cash register tally, $5,081.* (b) On December 31, actual cash in cash register, $3,612; cash receipts per cash register tally, $3,499.* *Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 111 Petty Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145 Supplies 151 Prepaid Insurance 181 Land 191 Equipment 192 Accumulated Depreciation LIABILITIES 210 Accounts Payable 221 Notes Payable 222 Interest Payable 231 Salaries Payable 241 Sales Tax Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Merchandise Sold 515 Credit Card Expense 516 Cash Short and Over 520 Salaries Expense 531 Advertising Expense 532 Delivery Expense 533 Insurance Expense 534 Supplies Expense 535 Rent Expense 536 Repairs Expense 561 Depreciation Expense 591 Miscellaneous Administrative Expense 592 Miscellaneous Selling Expense 710 Interest Expense On December 30, actual cash in cash register, $5,058; cash receipts per cash register tally, $5,081. Refer to the Chart of Accounts for exact wording of account titles. PAGE 1 JOURNAL DATE DESCRIPTION POST. REF. DEBIT CREDIT 1 2 3 On December 31, actual cash in cash register, $3,612; cash receipts per cash register tally, $3,499. Refer to the Chart of Accounts for exact wording of account titles. PAGE 1 JOURNAL DATE DESCRIPTION POST. REF. DEBIT CREDIT 1 2 3

The following selected transactions relate to cash collections for a firm that maintains a $100 change fund at all times. Present entries to record the transactions for each of the two days of cash receipts from sales. Required: (a) On December 30, actual cash in cash register, $5,058; cash receipts per cash register tally, $5,081.* (b) On December 31, actual cash in cash register, $3,612; cash receipts per cash register tally, $3,499.* *Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 111 Petty Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145 Supplies 151 Prepaid Insurance 181 Land 191 Equipment 192 Accumulated Depreciation LIABILITIES 210 Accounts Payable 221 Notes Payable 222 Interest Payable 231 Salaries Payable 241 Sales Tax Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Merchandise Sold 515 Credit Card Expense 516 Cash Short and Over 520 Salaries Expense 531 Advertising Expense 532 Delivery Expense 533 Insurance Expense 534 Supplies Expense 535 Rent Expense 536 Repairs Expense 561 Depreciation Expense 591 Miscellaneous Administrative Expense 592 Miscellaneous Selling Expense 710 Interest Expense On December 30, actual cash in cash register, $5,058; cash receipts per cash register tally, $5,081. Refer to the Chart of Accounts for exact wording of account titles. PAGE 1 JOURNAL DATE DESCRIPTION POST. REF. DEBIT CREDIT 1 2 3 On December 31, actual cash in cash register, $3,612; cash receipts per cash register tally, $3,499. Refer to the Chart of Accounts for exact wording of account titles. PAGE 1 JOURNAL DATE DESCRIPTION POST. REF. DEBIT CREDIT 1 2 3

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter5: Accounting Systems

Section: Chapter Questions

Problem 9E: Transactions related to revenue and cash receipts completed by Sycamore Inc. during the month of...

See similar textbooks

Related questions

Concept explainers

Question

Required:

(a)	On December 30, actual cash in cash register, $5,058; cash receipts per cash register tally, $5,081.*
(b)	On December 31, actual cash in cash register, $3,612; cash receipts per cash register tally, $3,499.*
	*Refer to the Chart of Accounts for exact wording of account titles.

CHART OF ACCOUNTS

General Ledger

	ASSETS
110	Cash
111	Petty Cash
120	Accounts Receivable
131	Notes Receivable
132	Interest Receivable
141	Merchandise Inventory
145	Supplies
151	Prepaid Insurance
181	Land
191	Equipment
192	Accumulated Depreciation

	LIABILITIES
210	Accounts Payable
221	Notes Payable
222	Interest Payable
231	Salaries Payable
241	Sales Tax Payable

	EQUITY
310	Common Stock
311	Retained Earnings
312	Dividends
313	Income Summary

	REVENUE
410	Sales
610	Interest Revenue

	EXPENSES
510	Cost of Merchandise Sold
515	Credit Card Expense
516	Cash Short and Over
520	Salaries Expense
531	Advertising Expense
532	Delivery Expense
533	Insurance Expense
534	Supplies Expense
535	Rent Expense
536	Repairs Expense
561	Depreciation Expense
591	Miscellaneous Administrative Expense
592	Miscellaneous Selling Expense
710	Interest Expense

On December 30, actual cash in cash register, $5,058; cash receipts per cash register tally, $5,081. Refer to the Chart of Accounts for exact wording of account titles.

PAGE 1

JOURNAL

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT
1
2
3

On December 31, actual cash in cash register, $3,612; cash receipts per cash register tally, $3,499. Refer to the Chart of Accounts for exact wording of account titles.

PAGE 1

JOURNAL

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT
1
2
3

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 3 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Accounting for Cash and cash equivalents

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.