Brief Exercise 8-06 The cash register tape for Bluestem Industries reported sales of $6,871.50. Record the journal entry that would be necessary for each of the following situations. (a) Cash to be accounted for exceeds cash on hand by $50.75. (b) Cash on hand exceeds cash to be accounted for by $28.32. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e. g. 52.75.)

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Barclay

Business

24 July, 13:58

Brief Exercise 8-06 The cash register tape for Bluestem Industries reported sales of $6,871.50. Record the journal entry that would be necessary for each of the following situations. (a) Cash to be accounted for exceeds cash on hand by $50.75. (b) Cash on hand exceeds cash to be accounted for by $28.32. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e. g. 52.75.)

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Tamia Richmond · Answer 1

Journal entries

A.

Dr Cash $6,871.50

DrCash Exceed and Short $50.75

Cr Sales Revenue ($6,871.50 + 50.85) $6,922.25

B.

Dr Cash ($6,922.25 + 28.32) $6,950.57

Cr Sales Revenue $6,922.25

Cr Cash Exceed and Short $28.32