Entry for Cash Sales; Cash Over The actual cash received from cash sales was $66,670, and the amount indicated by the cash register total was $66,341. Journalize the entry to record the cash receipts and cash sales.

Entry for Cash Sales; Cash Over The actual cash received from cash sales was $66,670, and the amount indicated by the cash register total was $66,341. Journalize the entry to record the cash receipts and cash sales.

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Description: don't give answer in image format Entry for Cash Sales; Cash OverThe actual cash received from cash sales was $66,670, and the amount indicated by the cash register total was$66,341. Journalize the entry to record the cash receipts and cash sales.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Entry for Cash Sales; Cash Over
The actual cash received from cash sales was $66,670, and the amount indicated by the cash register total was
$66,341. Journalize the entry to record the cash receipts and cash sales.

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