At the end of the day, the cash register tape shows $1,360 in cash sales, but the count of cash in the register is $1,460. The proper entry to account for this excess is: Multiple Choice Debit Cash $1,360; credit Sales $1,360. Debit Cash $1,460; credit Sales $1,460. Debit Cash $1,460; credit Sales $1,360; credit Cash Over and Short $100. Debit Cash $1.360: debit Cash Over and Short for $100; credit Sales $1.460. Debit Cash Over and Short $100; credit Cash $100.

At the end of the day, the cash register tape shows $1,360 in cash sales, but the count of cash in the register is $1,460. The proper entry to account for this excess is: Multiple Choice Debit Cash $1,360; credit Sales $1,360. Debit Cash $1,460; credit Sales $1,460. Debit Cash $1,460; credit Sales $1,360; credit Cash Over and Short $100. Debit Cash $1.360: debit Cash Over and Short for $100; credit Sales $1.460. Debit Cash Over and Short $100; credit Cash $100.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter6: Bank Accounts, Cash Funds, And Internal Controls

Section: Chapter Questions

Problem 6QY

See similar textbooks

Similar questions

Catherines Cookies has a beginning balance in the Accounts Payable control total account of $8,200. In the cash disbursements journal, the Accounts Payable column has total debits of $6,800 for November. The Accounts Payable credit column in the purchases journal reveals a total of $10,500 for the current month. Based on this information, what is the ending balance in the Accounts Payable account in the general ledger?
Happy Tails Inc. has a September 1, 20Y4, accounts payable balance of 620, which consists of 320 due Labradore Inc. and 300 due Meow Mart Inc. Transactions related to purchases and cash payments completed by Happy Tails Inc. during the month of September 20Y4 are as follows: a. Prepare a purchases journal and a cash payments journal to record these transactions. The forms of the journals are similar to those used in the text. Place a check mark () in the Post. Ref. column to indicate when the accounts payable subsidiary ledger should be posted. Happy Tails Inc. uses the following accounts: b. Prepare a listing of accounts payable creditor balances on September 30, 20Y4. Verify that the total of the accounts payable creditor balances equals the balance of the accounts payable controlling account on September 30, 20Y4. c. Why does Happy Tails Inc. use a subsidiary ledger for accounts payable?
The following transactions were completed by Hammond Auto Supply during January, which is the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the general ledger in your Working Papers or in CengageNow. Hammond Auto Supply does not track cash sales by customer. If you are using the form-based approach with QuickBooks or general ledger, select Cash Sales as the customer for all cash sales transactions. Required 1. Record the transactions for January using a general journal, page 1. Assume the periodic inventory method is used. If using QuickBooks, record transactions using either the journal entry method or the forms-based approach as directed by your instructor. The chart of accounts is as follows: 2. Post daily all entries involving customer accounts to the accounts receivable ledger. 3. Post daily all entries involving creditor accounts to the accounts payable ledger. 4. Post daily the general journal entries to the general ledger. Write the owners name in the Capital and Drawing accounts. If using QuickBooks or general ledger, ignore Steps 2, 3, and 4. 5. Prepare a trial balance. 6. Prepare a schedule of accounts receivable (A/R Aging Detail report in QuickBooks) and a schedule of accounts payable (A/P Summary Detail report in QuickBooks). Do the totals equal the balances of the related controlling accounts?
Transactions related to revenue and cash receipts completed by Sycamore Inc. during the month of March 20Y8 are as follows: Prepare a single-column revenue journal and a cash receipts journal to record these transactions. Use the following column headings for the cash receipts journal: Fees Earned Cr., Accounts Receivable Cr., and Cash Dr. Place a check mark () in the Post. Ref. column to indicate when the accounts receivable subsidiary ledger should be posted.
The following transactions were completed by Hammond Auto Supply during January, which is the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the general ledger in your Working Papers or in CengageNow. Hammond Auto Supply does not track cash sales by customer. If you are using the form-based approach with QuickBooks or general ledger, select Cash Sales as the customer for all cash sales transactions. Required 1. Record the transactions for January using a sales journal, page 73; a purchases journal, page 56; a cash receipts journal, page 38; a cash payments journal, page 45; and a general journal, page 100. Assume the periodic inventory method is used. 2. Post daily all entries involving customer accounts to the accounts receivable ledger. 3. Post daily all entries involving creditor accounts to the accounts payable ledger. 4. Post daily those entries involving the Other Accounts columns and the general journal to the general ledger. Write the owners name in the Capital and Drawing accounts. 5. Add the columns of the special journals and prove the equality of the debit and credit totals on scratch paper. 6. Post the appropriate totals of the special journals to the general ledger. 7. Prepare a trial balance. 8. Prepare a schedule of accounts receivable and a schedule of accounts payable. Do the totals equal the balances of the related controlling accounts?
Enter the following transactions in a cash payments journal like the one illustrated in the chapter: Aug. 2 Issued Check No. 193 in payment of August rent (Rent Expense), 2,200. 6 Issued Check No. 194 to Mason Hardware in payment of merchandise purchased on account, 1,700, less 2% discount. The check was written for 1,666. 10 Issued Check No. 195 to Augies Wholesale for cash purchase of merchandise, 2,730.
On March 24, MS Companys Accounts Receivable consisted of the following customer balances: S. Burton 310 A. Tangier 240 J. Holmes 504 F. Fullman 110 P. Molty 90 During the following week, MS made a sale of 104 to Molty and collected cash on account of 207 from Burton and 360 from Holmes. Prepare a schedule of accounts receivable for MS at March 31, 20--.
Catherines Cookies has a beginning balance in the Accounts Receivable control total account of $8,200. $15,700 was credited to Accounts Receivable during the month. In the sales journal, the Accounts Receivable debit column shows a total of $12,000. What is the ending balance of the Accounts Receivable account in the general ledger?
At the end of the day, the cash register tape shows $1,380 in cash sales but the count of cash in the register is $1,485. The proper entry to account for this excess is: Multiple Choice Debit Cash $1,380; credit Sales $1,380. Debit Cash Over and Short $105; credit Cash $105. Debit Cash $1,380; debit Cash Over and Short for $105; credit Sales $1,485. Debit Cash $1,485; credit Sales $1,485. Debit Cash $1,485; credit Sales $1,380; credit Cash Over and Short $105.
At the end of the day, the cash register's record shows $1,272, but the count of cash in the cash register is $1,256. The correct entry to record the cash sales is Multiple Choice Debit Cash $1,256; debit Cash Over and Short $16; credit Sales $1,272. Debit Cash $1,256; Credit Sales $1,256. Debit Cash $1,272; credit Cash Over and Short $1,256; credit Sales $16. Debit Cash Over and Short $16, credit Sales $16. Debit Cash $1,272; credit Sales $1,272.
At the end of the day, the cash register's record shows $1,254, but the count of cash in the cash register is $1,247. The correct entry to record the cash sales is Multiple Choice Debit Cash $1,247; debit Cash Over and Short $7; credit Sales $1,254. Debit Cash $1,254; credit Cash Over and Short $1,247; credit Sales $7. Debit Cash $1,247; Credit Sales $1,247. Debit Cash Over and Short $7, credit Sales $7. Debit Cash $1,254; credit Sales $1,254.
The cash register tape for Oriole Industries reported sales of $27,662.00. Record the journal entry that would be necessary for each of the following situations. (a) Sales per cash register tape exceeds cash on hand by $45.00. (b) Cash on hand exceeds cash reported by cash register tape by $20.50. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, eg. 52.75.) No. Account Titles and Explanation Credit (b) Cash Cash Over and Short Sales Revenue Cash Sales Revenue Cash Over and Short Debit