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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.

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.

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter4: Internal Control And Cash
Section: Chapter Questions
Problem 32BE
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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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