Cash Short and Over
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Murdstone, Inc.,
You've just been hired as an accountant at Murdstone, Inc., a retailer of supplies for arts and crafts. Since the previous accountant left his position suddenly, the controller of Murdstone, Inc. has asked for your assistance in filling in some missing data for the company's January accounting records. You'll| also be responsible for training the company's new accounting intern.
Cash Short and Over
The controller has completed the T accounts for the cash and sales accounts as of January 30, but needs to attend an important conference in another city, She has requested that you prepare the T account for the cash short and over account as of January 30 also. You are told that the balance of the account is zero as of the beginning of January, and that all the company's sales are in cash. To simplify, this problem assumes that a company has only one bank account, which is identified in the Ledger as "Cash."
Review the following T accounts, and then scroll down to complete the cash short and over T account and answer the associated question that follows it.
Review the preceding T accounts, and then complete the cash short and over T account and associated question that follows it.
What will happen to the ending balance in the cash short and over account at the end of the accounting period?
Homework Answers
Mastery Problem: Internal Control and Cash
Murdstone, Inc.,You’ve just been hired as an accountant at Murdstone, Inc., a retailer of supplies for arts and crafts. Since the previous accountant left his position suddenly, the controller of Murdstone, Inc. has asked for your assistance in filling in some missing data for the company’s January accounting records. You’ll also be responsible for training the company’s new accounting intern.
1. company. issued a check on January 2 to establish a petty cash fund of $500....
1. company. issued a check on January 2 to establish a petty cash fund of $500. On January 31, the amount of cash in the petty cash fund is $441. The company would like to issue a check to replenish the fund, based on the following summary of petty cash receipts: Account Amount on Receipt Office Supplies $28.00 Miscellaneous Administrative Expense $23.00 The company’s policy is to record any missing funds in the Cash Short and Over account. The new...
Bank Reconciliation The company's accounting intern has prepared the end-of-January bank reconciliation from the bank statement,...
Bank Reconciliation The company's accounting intern has prepared the end-of-January bank reconciliation from the bank statement, and is worried because the adjusted balance amounts do not agree. After reviewing the bank reconciliation, scroll down for the next steps in helping the intern. Murdstone, Inc. Bank Reconciliation January 31, 2045 Cash balance according to bank statement $23,557.98 Adjustments: 12,125.25 Add: Deposit in transit on January 31 Deduct: Outstanding Check No. 124 Outstanding Check No. 125 Outstanding Check No. 129 $(62.00) (42.00)...
Cash Over and Short Miller Enterprises deposits the cash received during each day at the end...
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 $37,640 $40,310 Collections on account 10,895 9,813 Total receipts $48,535 $50,123 Required: 1. Calculate the amount of cash over or cash short for each day. Enter negative values as negative numbers. Cash Over...
CASH SHORT & OVER Refer to the chart of counts shown below for the act accounts...
CASH SHORT & OVER Refer to the chart of counts shown below for the act accounts to be used the following transactions in the two-column o cated on the Dom and each of t os e CHART OF ACCOUNTS Laura's Closet REVENUE ASSETS 111 Cash 112 Putty cash 115 Change Fund 120 Account Reca Merchandise A 151 161 m 171 LIABILITIES 211 Accounts Payable Cash Short & Over Postagens Ban Claros Uwe Day OWNERS EQUITY 311 L Gothar, Capital 312...
13&14) Question 13 2 pts The debit balance in Cash Short and Over at the end...
13&14)
Question 13 2 pts The debit balance in Cash Short and Over at the end of an accounting period is reported as O an expense on the income statement income on the income statement an asset on the balance sheet a liability on the balance sheet Question 14 2 pts A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695. What entry is required in the company's accounts? debit...
1. The debit balance in Cash Short and Over at the end of an accounting period is reported as
1. The debit balance in Cash Short and Over at the end of an accounting period is reported asa. an expense on the income statementb. income on the income statementc. an asset on the balance sheetd. a liability on the balance sheet2. Accompanying the bank statement was a credit memo for a short-term note collected by the bank for the customer. What entry is required in the company's accounts?a. debit Notes Receivable; credit Cashb. debit Cash; credit Miscellaneous Incomec. debit...
The Pioneer Company has provided the following account balances: Cash $39,400; Short-term investments $5,400; Accounts receivable...
The Pioneer Company has provided the following account balances: Cash $39,400; Short-term investments $5,400; Accounts receivable $7,400; Supplies $55,000; Long-term notes receivable $3,400; Equipment $103.000; Factory Building $194,000; Intangible assets $7,400; Accounts payable $28,600; Accrued liabilities payable $3,300; Short-term notes payable $16,800; Long-term notes payable $99,000; Common stock $194,000; Retained earnings $73,300. What is Pioneer's current ratio? 4 A company's January 1, 2019 balance sheet reported total assets of $157,000 and Total liabilities of $63,500. During January 2019, the company...
Exercise 4-43 (Algorithmic) Cash Over and Short Miller Enterprises deposits the cash received during each day...
Exercise 4-43 (Algorithmic) Cash Over and Short Miller Enterprises deposits the cash received during each day at the end of the day. Miler 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 10/4 540,310 Cash sales $36,880 11,555 Collections on account 9,813 Total receipts $48,435 $50,123 Required: 1. Calculate the amount of cash over or cash short for each day. Enter negative values as negative...
debit to Cash for $22 credit to Cash Short and Over for $10 credit to Petty...
debit to Cash for $22 credit to Cash Short and Over for $10 credit to Petty Cash for $180 Tanning Company analyzes its receivables to estimate bad debt expense. The accounts receivable balance is $314,000 and credit sales are $1,000,000. An aging of accounts receivable shows that approximately 3% of the outstanding receivables will be uncollectible. What adjusting entry will Tanning Company make if the Allowance for Doubtful Accounts has a credit balance of $3,000 before adjustment? Select the correct...
Bank Reconciliation The company's accounting intern has prepared the end-of-January bank reconciliation from the bank statement, and is worried because the adjusted balance amounts do not agree. After reviewing the bank reconciliation, scroll down for the next steps in helping the intern. Murdstone, Inc. Bank Reconciliation January 31, 2045 Cash balance according to bank statement $23,557.98 Adjustments: 12,125.25 Add: Deposit in transit on January 31 Deduct: Outstanding Check No. 124 Outstanding Check No. 125 Outstanding Check No. 129 $(62.00) (42.00)...
CASH SHORT & OVER Refer to the chart of counts shown below for the act accounts to be used the following transactions in the two-column o cated on the Dom and each of t os e CHART OF ACCOUNTS Laura's Closet REVENUE ASSETS 111 Cash 112 Putty cash 115 Change Fund 120 Account Reca Merchandise A 151 161 m 171 LIABILITIES 211 Accounts Payable Cash Short & Over Postagens Ban Claros Uwe Day OWNERS EQUITY 311 L Gothar, Capital 312...
13&14)
Question 13 2 pts The debit balance in Cash Short and Over at the end of an accounting period is reported as O an expense on the income statement income on the income statement an asset on the balance sheet a liability on the balance sheet Question 14 2 pts A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695. What entry is required in the company's accounts? debit...
The Pioneer Company has provided the following account balances: Cash $39,400; Short-term investments $5,400; Accounts receivable $7,400; Supplies $55,000; Long-term notes receivable $3,400; Equipment $103.000; Factory Building $194,000; Intangible assets $7,400; Accounts payable $28,600; Accrued liabilities payable $3,300; Short-term notes payable $16,800; Long-term notes payable $99,000; Common stock $194,000; Retained earnings $73,300. What is Pioneer's current ratio? 4 A company's January 1, 2019 balance sheet reported total assets of $157,000 and Total liabilities of $63,500. During January 2019, the company...
Exercise 4-43 (Algorithmic) Cash Over and Short Miller Enterprises deposits the cash received during each day at the end of the day. Miler 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 10/4 540,310 Cash sales $36,880 11,555 Collections on account 9,813 Total receipts $48,435 $50,123 Required: 1. Calculate the amount of cash over or cash short for each day. Enter negative values as negative...
debit to Cash for $22 credit to Cash Short and Over for $10 credit to Petty Cash for $180 Tanning Company analyzes its receivables to estimate bad debt expense. The accounts receivable balance is $314,000 and credit sales are $1,000,000. An aging of accounts receivable shows that approximately 3% of the outstanding receivables will be uncollectible. What adjusting entry will Tanning Company make if the Allowance for Doubtful Accounts has a credit balance of $3,000 before adjustment? Select the correct...
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