Miller Enterprises deposits the cash received during each day at the end of the day. Miller deposited $48,287 on October 3 and $50,116 on October 4. Cash register records and other documents supporting the deposits are summarized as follows:   10/3 10/4 Cash sales $36,690   $40,310   Collections on account 10,875   9,813   Total receipts $47,565   $50,123   Required: 1.  Calculate the amount of cash over or cash short for each day. Enter negative values as negative numbers.  2.  Prepare the journal entry to record the receipt and deposit of cash on October 3. For those boxes in which no entry is required  3.  Prepare the journal entry to record the receipt and deposit of cash on October 4. For those boxes in which no entry is required  4.  CONCEPTUAL CONNECTION: If you were the manager with responsibility over the cash registers, how would you use this information?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Cash Over and Short

Miller Enterprises deposits the cash received during each day at the end of the day. Miller deposited $48,287 on October 3 and $50,116 on October 4. Cash register records and other documents supporting the deposits are summarized as follows:

  10/3 10/4
Cash sales $36,690   $40,310  
Collections on account 10,875   9,813  
Total receipts $47,565   $50,123  

Required:

1.  Calculate the amount of cash over or cash short for each day. Enter negative values as negative numbers. 

2.  Prepare the journal entry to record the receipt and deposit of cash on October 3. For those boxes in which no entry is required 

3.  Prepare the journal entry to record the receipt and deposit of cash on October 4. For those boxes in which no entry is required 

4.  CONCEPTUAL CONNECTION: If you were the manager with responsibility over the cash registers, how would you use this information?

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