College Accounting, Chapters 1-27
Solutions
College Accounting, Chapters 1-27
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 $100 is maintained.
Required
- 1. Prepare the journal entries to record the cash service fees and cash short and over for each of the five weeks.
- 2. Post to the cash short and over account (use Account No. 516).
- 3. Determine the ending balance of the cash short and over account. Does it represent an expense or revenue?
1.
Prepare journal entry to record the cash service fees and cash short and over.
Prepare journal entry to record the cash service fees and cash short and over.
| Date | Account Titles and explanation | Debit ($) | Credit ($) |
| July 2 | Cash | 287.00 |  |
| Â | Cash short and over | 2.50 | Â |
| Â | Â Â Â Â Service fees | Â | 289.50 |
| Â | (To record service fees and cash shortage) | Â | Â |
| Â | Â | Â | Â |
| July 9 | Cash | 311.50 |  |
| Â | Â Â Â Â Service fees | Â | 311.50 |
| Â | (To record service fees) | Â | Â |
| Â | Â | Â | Â |
| July 16 | Cash | 308.50 |  |
| Â | Â Â Â Â Cash short and over | Â | 2.50 |
| Â | Â Â Â Â Service fees | Â | 306.00 |
| Â | (To record service fees and cash overage) | Â | Â |
| Â | Â | Â | Â |
| July 23 | Cash |
2.
Post the transactions to the general ledger.
3.
Ascertain the ending balance of the cash short and over account and also specify whether cash short and over accounts reports an expense or revenue.
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