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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570

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BuyFindarrow_forward

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570
Textbook Problem

At the end of the day, the cash register tape lists $881.40 as total income from services. Cash on hand consists of $18.25 in coins, $433.60 in currency, $100.00 in traveler’s checks, and $427.00 in customers’ checks. The amount of the Change Fund is $100. In general journal form, record the entry to record the day’s cash revenue.

To determine

Journalize the difference between actual cash balance and the reported amount on cash register.

Explanation

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.

Debit and credit rules:

  • Debit an increase in asset account, increase in expense account, decrease in liability account, and decrease in stockholders’ equity accounts.
  • Credit decrease in asset account, increase in revenue account, increase in liability account, and increase in stockholders’ equity accounts.

Journalize the difference between actual cash balance and the reported amount on cash register.

DateAccount Titles and ExplanationsPost. Ref.Debit ($)Credit ($)
  Cash 878.85 
  Cash Short and Over 2.55 
   Income from Services  881.40
  (Record cash shortfall in the revenue earned)   

Description:

  • Cash is asset account...

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