### Cash Collections and Register Tallies in AccountingThis example illustrates selected transactions related to cash collections for a firm that maintains a $100 change fund at all times. The task is to present accounting entries to record the transactions for the two given days of cash receipts from sales. Here are the details:1. **Transaction 1:** - Actual cash in cash register: **$4,149** - Cash receipts per cash register tally: **$4,178**2. **Transaction 2:** - Actual cash in cash register: **$5,573** - Cash receipts per cash register tally: **$3,461**### Entry FormatIf a box does not require an entry, it should be left blank as per the instructions. Entries are typically structured to show debits and credits in the following format:#### Transaction 1: - **Cash (Debit) / Sales Revenue (Credit)**#### Transaction 2: - **Cash (Debit) / Cash Short and Over (Credit or Debit) / Sales Revenue (Credit)**### Detailed Breakdown#### a. For the first transaction:**Actual cash:** $4,149**Tally receipts:** $4,178 - Cash: ........................ _______ (Debit: $4,149) - Cash Short and Over: ........................ _______ (Credit: $29) - Sales Revenue: ........................ _______ (Credit: $4,178)#### b. For the second transaction:**Actual cash:** $5,573**Tally receipts:** $3,461 - Cash: ........................ _______ (Debit: $5,573) - Cash Short and Over: ........................ _______ (Debit: $2,112) - Sales Revenue: ........................ _______ (Credit: $3,461)### Important Notes:- If there is overage or shortage in cash receipts, it is recorded in the **Cash Short and Over** account.- Balancing the entries ensures the firm's accounting records accurately reflect financial transactions.This educational example provides a simplified approach to understanding the process of handling discrepancies between actual cash and recorded cash receipts.

Journal entry is a primary entry that records the financial transactions initially.. Cash is debited…

The following selected transactions relate to cash collections for a firm that maintains a $100 change fund at all times. Present entries to record the transactions for each of the days of cash receipts from sales. a. Actual cash in cash register, $4,149; cash receipts per cash register tally, $4,178. b. Actual cash in cash register, $3,573; cash receipts per cash register tally, $3,461. If an amount box does not require an entry, leave it blank. a. b.

The following selected transactions relate to cash collections for a firm that maintains a $100 change fund at all times. Present entries to record the transactions for each of the days of cash receipts from sales. a. Actual cash in cash register, $4,149; cash receipts per cash register tally, $4,178. b. Actual cash in cash register, $3,573; cash receipts per cash register tally, $3,461. If an amount box does not require an entry, leave it blank. a. b.

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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