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Entry for cash sales; cash over The actual cash received from cash sales was $315,280, and the amount indicated by the cash register total was $315,150. Journalize the entry to record the cash receipts and cash sales.
Financial And Managerial Accounting
Solutions
Financial And Managerial Accounting
Entry for cash sales; cash over
The actual cash received from cash sales was $315,280, and the amount indicated by the cash register total was $315,150. Journalize the entry to record the cash receipts and cash sales.
Record the cash receipts and cash sales as journal entries.
Explanation of Solution
Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.
Journalize the entry for cash sales.
Pass the journal entry:
| Date | Account Title | Post ref. | Â Debit ($) | Â Credit ($) |
| Â | Cash | Â | $315,280 | Â |
| Â | Sales | Â | Â | $315,150 |
| Â | Cash Short and Over (1) | Â | Â | $130 |
| Â | (To record the cash sales) | Â | Â | Â |
- Cash is an asset...
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