BuyFindarrow_forward

College Accounting, Chapters 1-27 ...

22nd Edition
James A. Heintz + 1 other
Publisher: Cengage Learning
ISBN: 9781305666160

Solutions

Chapter
Section
BuyFindarrow_forward

College Accounting, Chapters 1-27 ...

22nd Edition
James A. Heintz + 1 other
Publisher: Cengage Learning
ISBN: 9781305666160
Chapter 7, Problem 4CE
Textbook Problem
4 views

The cash register tape for June 30 showed cash receipts of $876, and the cash in the register drawer was $1,070. A change fund of $200 is maintained.

Prepare the journal entry for service fees and cash short and over at June 30.

To determine

Prepare journal entry to record service fees and cash short and over at June 30.

Explanation of Solution

Cash short and over: Cash short and over is an income statement (expense or revenue) account used to record shortage or overage of cash. The increase (overage) is credited and recorded as Revenue, and decrease (shortage) is debited and recorded as Expense.

Prepare journal entry to record service fees and cash short and over.

DateAccount titles and ExplanationDebitCredit
June 30Cash$870 
 Cash Short and Over$6 
      Service Fees $876
 (To record service fees and cash shortage)  

Table (1)

  • Cash is a current asset, and it is increased. Therefore, debit cash account for $870.
  • Cash short and over is a current asset, and it is increased. Therefore, debit cash short and over is a current asset for $6.
  • Service fees are a component of stockholders’ equity, and it is increases the expense account...

Still sussing out bartleby?

Check out a sample textbook solution.

See a sample solution

The Solution to Your Study Problems

Bartleby provides explanations to thousands of textbook problems written by our experts, many with advanced degrees!

Get Started

Chapter 7 Solutions

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
Show all chapter solutions
add
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...

Additional Business Textbook Solutions

Find more solutions based on key concepts
Show solutions add
What is a biometric time clock?

Accounting Information Systems

INFLATION CROSS-PRODUCT An analyst is evaluating securities in a developing nation where the inflation rate is ...

Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)

What is activity-based product costing?

Cornerstones of Cost Management (Cornerstones Series)