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In: Accounting

At the end of the day the clerk for Wale​'s Variety Shop noticed an error in...

At the end of the day the clerk for Wale​'s Variety Shop noticed an error in the amount of cash he should have. Total cash sales from the sales tape were $ 1 comma 200​, whereas the total cash in the register was $ 1 comma 155. Wale keeps a $ 26 change fund in his shop. Prepare an appropriate general journal entry to record the cash sale as well as reveal the cash shortage. ​(Prepare a compound entry. Record debits​ first, then credits. Exclude explanations from journal​ entries.) Journal Entry Accounts PR Dr. Cr.

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The following journal entry will be made for cash sale and shortage of cash:
Date Account Debit Credit
Cash $           1,129
Cash over and short $                71
Sales $           1,200
( To record cash sale and shortage of cash)
Working
Beginning change fund $                26
+ Cash register total $           1,200
Cash should have on hand $           1,226
- Counted cash -$           1,155
Shortage or overage of Cash $                71

ekkarill92 answered 2 years ago
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