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17 May, 05:19

he cash register tape for Larkspur Industries reported sales of $7,146.30. 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 $52.78. (b) Cash on hand exceeds cash reported by cash register tape by $29.45.

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  1. 17 May, 05:32
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    Solution:

    (a) Cash to be accounted for exceeds cash on hand by $52.78.

    Cash to be accounted for is $7,146.30.

    That means cash on hand is short by $52.78.

    Dr Cash $7,487.51

    Dr Cash over and short $57.71

    Cr Sales $7,545.22

    (b) Cash on hand exceeds cash to be accounted for by $29.45.

    That means you have a cash overage of $29.45

    Dr Cash $7,590.10

    Cr Sales $7,545.22

    Cr Cash over and short $29.45
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