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Financial And Managerial Accounting

15th Edition
WARREN + 1 other
Publisher: Cengage Learning,
ISBN: 9781337902663

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Section
BuyFindarrow_forward

Financial And Managerial Accounting

15th Edition
WARREN + 1 other
Publisher: Cengage Learning,
ISBN: 9781337902663
Chapter 7, Problem 13E
Textbook Problem
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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.

To determine

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:

DateAccount TitlePost ref. Debit ($) Credit ($)
 Cash $315,280 
 Sales  $315,150
 Cash Short and Over (1)  $130
 (To record the cash sales)   
  • Cash is an asset...

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Chapter 7 Solutions

Financial And Managerial Accounting
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