Business
AccountingCollege Accounting, Chapters 1-27CASH 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?
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
BuyFindarrow_forward
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.
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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Expert Solution
Chapter 7 Solutions
College Accounting, Chapters 1-27
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Ch. 7 - Match the following words with their definitions...Ch. 7 - Indicate how each of the following items should be...Ch. 7 - A petty cash fund established for 200 had the...Ch. 7 - The cash register tape for June 30 showed cash...Ch. 7 - Why must a signature card be filled out and signed...Ch. 7 - Explain the difference between a blank endorsement...Ch. 7 - Who are the three parties to every check?Ch. 7 - What are the three steps to follow in preparing a...Ch. 7 - What are the most common reasons for differences...Ch. 7 - What are the three steps to follow in preparing a...Ch. 7 - What two kinds of items on a bank reconciliation...Ch. 7 - Name five common uses of electronic funds...Ch. 7 - What is the purpose of a petty cash fund?Ch. 7 - What should be prepared every time a petty cash...Ch. 7 - At what two times should the petty cash fund be...Ch. 7 - From what source is the information obtained for...Ch. 7 - At what two times would an entry be made affecting...Ch. 7 - What does a debit balance in the cash short and...Ch. 7 - CHECKING ACCOUNT TERMS Match the following words...Ch. 7 - PREPARE DEPOSIT TICKET Based on the following...Ch. 7 - PREPARE CHECK AND STUB Based on the following...Ch. 7 - BANK RECONCILIATION PROCEDURES In a format similar...Ch. 7 - PREPARE JOURNAL ENTRIES FOR BANK RECONCILIATION...Ch. 7 - PETTY CASH JOURNAL ENTRIES Based on the following...Ch. 7 - CASH SHORT AND OVER ENTRIES Based on the following...Ch. 7 - BANK RECONCILIATION AND RELATED JOURNAL ENTRIES...Ch. 7 - BANK RECONCILIATION AND RELATED JOURNAL ENTRIES...Ch. 7 - PETTY CASH RECORD AND JOURNAL ENTRIES On May 1, a...Ch. 7 - CASH SHORT AND OVER ENTRIES Listed below are the...Ch. 7 - CHECKING ACCOUNT TERMS Match the following words...Ch. 7 - PREPARE DEPOSIT TICKET Based on the following...Ch. 7 - PREPARE CHECK AND STUB Based on the following...Ch. 7 - BANK RECONCILIATION PROCEDURES In a format similar...Ch. 7 - PREPARE JOURNAL ENTRIES FOR BANK RECONCILIATION...Ch. 7 - PETTY CASH JOURNAL ENTRIES Based on the following...Ch. 7 - CASH SHORT AND OVER ENTRIES Based on the following...Ch. 7 - BANK RECONCILI ATION AND RELATED JOURNAL ENTRIES...Ch. 7 - BANK RECONCILIATION AND RELATED JOURNAL ENTRIES...Ch. 7 - PETTY CASH RECORD AND JOURNAL ENTRIES On July 1, a...Ch. 7 - CASH SHORT AND OVER ENTRIES Listed below are the...Ch. 7 - The current months bank statement for your account...Ch. 7 - Turner Excavation maintains a checking account and...Ch. 7 - Susan Panera is preparing the June 30 bank...
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