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11 October, 01:59

While examining cash receipts information, the accounting department determined the following information: opening cash balance $156, cash on hand $1,170.77, and cash sales per register tape $1,028.16. Prepare the required journal entry based upon the cash count sheet.

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  1. 11 October, 03:44
    0
    Given that,

    Opening cash balance = $156

    Cash on hand = $1,170.77

    Cash sales per register tape = $1,028.16

    Ending Cash Balance:

    = Opening Cash Balance + cash sales per register tape

    = $156 + $1,028.16

    = $1,184.16 (It should have been $1,170.77)

    Cash Over:

    = Ending Cash Balance - Cash on hand

    = $1,184.16 - $1,170.77

    = $13.39

    Actual Cash:

    = Cash on hand - Opening Cash Balance

    = $1,170.77 - $156

    = $1,014.77

    The Journal entry is as follows:

    Cash A/c Dr. $1,014.77

    Cash over/short A/c Dr. $13.39

    To Sales Revenue $1,028.16

    (To record the cash arrangements)
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