Maestro Enterprises deposits the cash received during each day at the end of the day. Maestro deposited $47,845 on October 3 and $50,811 on October 4. Cash register records and other documents supporting the deposits are summarized as follows: 10/3 10/4 Cash sales $38,560 $43,170 Collections on account 8,380 7,655 Total receipts $46,940 $50,825 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 $fill in the blank d362d307e02b06c_1 10/4 $fill in the blank d362d307e02b06c_2 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. Oct. 3 fill in the blank 509af5fa706305a_2 fill in the blank 509af5fa706305a_3 fill in the blank 509af5fa706305a_5 fill in the blank 509af5fa706305a_6 fill in the blank 509af5fa706305a_8 fill in the blank 509af5fa706305a_9 fill in the blank 509af5fa706305a_11 fill in the blank 509af5fa706305a_12 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. Oct. 4 fill in the blank 7a740b00f03607b_2 fill in the blank 7a740b00f03607b_3 fill in the blank 7a740b00f03607b_5 fill in the blank 7a740b00f03607b_6 fill in the blank 7a740b00f03607b_8 fill in the blank 7a740b00f03607b_9 fill in the blank 7a740b00f03607b_11 fill in the blank 7a740b00f03607b_12

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Cash Over and Short

Maestro Enterprises deposits the cash received during each day at the end of the day. Maestro deposited $47,845 on October 3 and $50,811 on October 4. Cash register records and other documents supporting the deposits are summarized as follows:

	10/3	10/4
Cash sales	$38,560		$43,170
Collections on account	8,380		7,655
Total receipts	$46,940		$50,825

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	$fill in the blank d362d307e02b06c_1
10/4	$fill in the blank d362d307e02b06c_2

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.

Oct. 3	fill in the blank 509af5fa706305a_2	fill in the blank 509af5fa706305a_3
	fill in the blank 509af5fa706305a_5	fill in the blank 509af5fa706305a_6
	fill in the blank 509af5fa706305a_8	fill in the blank 509af5fa706305a_9
	fill in the blank 509af5fa706305a_11	fill in the blank 509af5fa706305a_12

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.

Oct. 4	fill in the blank 7a740b00f03607b_2	fill in the blank 7a740b00f03607b_3
	fill in the blank 7a740b00f03607b_5	fill in the blank 7a740b00f03607b_6
	fill in the blank 7a740b00f03607b_8	fill in the blank 7a740b00f03607b_9
	fill in the blank 7a740b00f03607b_11	fill in the blank 7a740b00f03607b_12

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