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CASH SHORT AND OVER ENTRIES Listed below are the weekly cash register tape amounts for service fees and the related cash counts during the month of July. A change fund of $100 is maintained. Required 1. Prepare the journal entries to record the cash service fees and cash short and over for each of the five weeks. 2. Post to the cash short and over account (use Account No. 516). 3. Determine the ending balance of the cash short and over account. Does it represent an expense or revenue?

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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
Publisher: Cengage Learning,
ISBN: 9781337794756
BuyFind

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
Publisher: Cengage Learning,
ISBN: 9781337794756

Solutions

Chapter
Section
Chapter 7, Problem 11SPA
Textbook Problem

CASH SHORT AND OVER ENTRIES Listed below are the weekly cash register tape amounts for service fees and the related cash counts during the month of July. A change fund of $100 is maintained.

Chapter 7, Problem 11SPA, CASH SHORT AND OVER ENTRIES Listed below are the weekly cash register tape amounts for service fees

Required

  1. 1. Prepare the journal entries to record the cash service fees and cash short and over for each of the five weeks.
  2. 2. Post to the cash short and over account (use Account No. 516).
  3. 3. Determine the ending balance of the cash short and over account. Does it represent an expense or revenue?

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Chapter 7 Solutions

College Accounting, Chapters 1-27
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