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While examining cash receipts information, the accounting department determined?

  • While examining cash receipts information, the accounting department determined the following information: opening cash balance $150, cash on hand $1,125.74, and cash sales per register tape $988.62. Prepare the required journal entry based upon the cash count sheet.

  • Answer:

    150 + 988.62 = 1,138.62 what cash balance should be 1,138.62 - 1,125.75 = 12.88 shortage 988.62 - 12.88 = 975.74 cash collected Overages are credited, shortages are debited. Dr Cash 975.74 Dr Cash Short and Over 12.88 Cr Sales 988.62

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