**Educational Content:**### Cash Receipts and Journal Entries#### ExplanationIn accounting, it's important to accurately record the cash transactions that a business undertakes. Below is the process of preparing weekly entries for cash receipts from service fees and identifying cash discrepancies such as cash short and over.#### Data and AnalysisThe table on the left provides a weekly summary of cash transactions for the month of June. It includes the following columns:- **Date**: Specifies the specific days in June.- **Change Fund**: A constant amount of $100, maintained for operational change needs.- **Cash Register Receipt Amount**: The total amount recorded by the cash register.- **Actual Cash Counted**: The actual cash found during counting at the end of each day.##### Detailed Breakdown:1. **June 1**: - Cash Register Receipt Amount: $330.00 - Actual Cash Counted: $433.002. **June 8**: - Cash Register Receipt Amount: $297.00 - Actual Cash Counted: $400.003. **June 15**: - Cash Register Receipt Amount: $233.00 - Actual Cash Counted: $331.004. **June 22**: - Cash Register Receipt Amount: $302.00 - Actual Cash Counted: $396.505. **June 29**: - Cash Register Receipt Amount: $316.00 - Actual Cash Counted: $412.00The difference between the "Cash Register Receipt Amount" and "Actual Cash Counted" needs to be adjusted in the financial records as cash short or cash over.#### Required TaskPrepare the weekly entries for cash receipts from service fees and cash short and over, using the given figures. #### General JournalThe General Journal section is currently blank and should be used to fill in the corresponding entries. It should include details like the **Date**, **Account Title**, **Post Ref.** (posting reference), and the respective **Debit** and **Credit** amounts based on the calculations of cash short or over.This exercise is fundamental for maintaining accurate financial records and for auditing purposes. Always ensure that the recorded amounts correspond to the actual cash to prevent discrepancies.

The petty cash book seems to be a chronological record of small cash expenditures. In most…

Based on the following information, prepare the weekly entries for cash receipts from service fees and cash short and over. A change fund of $100 is maintained. Date Change Fund Cash Register Receipt Amount Actual Cash Counted General Journal June 1 $100 $330.00 $433.00 GENERAL JOURNAL 8 100 297.00 400.00 DATE ACCOUNT TITLE POST. REF. 15 100 233.00 331.00 1 22 100 302.00 396.50 2 29 100 316.00 412.00 Required: Prepare the weekly entries for cash receipts from service fees and cash short and over. 6

Based on the following information, prepare the weekly entries for cash receipts from service fees and cash short and over. A change fund of $100 is maintained. Date Change Fund Cash Register Receipt Amount Actual Cash Counted General Journal June 1 $100 $330.00 $433.00 GENERAL JOURNAL 8 100 297.00 400.00 DATE ACCOUNT TITLE POST. REF. 15 100 233.00 331.00 1 22 100 302.00 396.50 2 29 100 316.00 412.00 Required: Prepare the weekly entries for cash receipts from service fees and cash short and over. 6

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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