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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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Chapter
Section
BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

CASH SHORT AND OVER ENTRIES Based on the following information, prepare the weekly entries for cash receipts from service fees and cash short and over. A change fund of $100 is maintained.

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To determine

Prepare the weekly entries for cash receipts from service fees and cash short and over.

Explanation

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 the weekly entries for cash receipts from service fees and cash short and over.

DateAccount Titles and explanationDebit ($)Credit ($)
April 2Cash  ($366.50$100)266.50 
 Cash short and over ($268.50$266.50)2.00 
      Service fees 268.50
 (To record service fees and cash shortage)  
    
April 9Cash ($333.50$100)233.50 
 Cash short and over ($237.75$233.50)4.25 
      Service fees 237.75
 (To record service fees and cash shortage)  
    
April 16Cash ($411.00$100)311.00 
      Cash short and over ($311.00$309.25) 1

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