Question

1. 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 (Short)
   10/3	$
   10/4	$

   2. Prepare the journal entry to record the receipt and deposit of cash on October 3. If an amount box does not require an entry, leave it blank.

   October 3rd	Accounts Payable Accounts Receivable Cash Notes Payable Sales Revenue
   	Accounts Payable Cash Cash Over and Short Notes Payable Wages Payable
   	Accounts Payable Accounts Receivable Cash Petty Cash Wages Payable
   	Accounts Payable Cash Petty Cash Sales Revenue Wages Payable
   	(Record cash register receipts)

   3. Prepare the journal entry to record the receipt and deposit of cash on October 4. If an amount box does not require an entry, leave it blank.

   October 4th	Accounts Payable Accounts Receivable Cash Sales Revenue Wages Payable
   	Accounts Receivable Cash Over and Short Petty Cash Sales Revenue Wages Payable
   	Accounts Payable Accounts Receivable Cash Cash Over and Short Wages Payable
   	Cash Cash Over and Short Petty Cash Sales Revenue Wages Payable
   	(Record cash register receipts)

Answer 1