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The actual cash received from cash sales was $18,371, and the amount indicated by the cash register total was $18,400. Journalize the entry to record the cash receipts and cash sales.
Financial Accounting
Solutions
Financial Accounting
The actual cash received from cash sales was $18,371, and the amount indicated by the cash register total was $18,400. Journalize the entry to record the cash receipts and cash sales.
Record cash receipts and cash sales.
Explanation of Solution
Petty Cash is an asset and is increased by $18,371. Cash short and over is the account debited when there is a missing petty cash. Therefore, debit Cash Short and Over account with missing amount of $12. Sales has been made and it increases the equity value. So, credit Sales account with $18,400.
Cash short is determined as the difference between sales and cash...
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