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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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Cornerstone Exercise 4-21 Cash Over and Short

On a recent day, Pence Company obtained the following data from its cash registers:

Chapter 4, Problem 21CE, Cornerstone Exercise 4-21 Cash Over and Short On a recent day, Pence Company obtained the following

Pence deposits its cash receipts in its bank account daily.

Required:

Prepare a journal entry to record these cash sales.

To determine

Introduction:

Cash over and short: Is referred to an account that is used to report the shortages and overages to an imprest account. The example of such accounts is petty cash.

This account is basically used to record the distinction between the actual cash balance and the expected cash balance in the imprest account.

Pass the journal entry.

Explanation

WN 1:

The amount of cash has been obtained as follows:

$35668.67 (12647.18+11431.31+11590.18)

WN 2:

Cash Over and Short has been calculate...

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