General accounting question Valley Creek Store's daily registerrecords an opening float of $300. Duringthe day, the store made $2,850 in cashsales and $3,400 in credit card sales,while processing $240 in returns. Basedon these transactions, calculate theexpected cash amount in the register atthe end of the day.

Step 1: DefinitionsCash Register Float: A cash register float refers to the initial amount of money…

Answered: Valley Creek Store's daily register…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 5EA: Catherines Cookies has a beginning balance in the Accounts Payable control total account of $8,200....

See similar textbooks

Similar questions

Happy Tails Inc. has a September 1, 20Y4, accounts payable balance of 620, which consists of 320 due Labradore Inc. and 300 due Meow Mart Inc. Transactions related to purchases and cash payments completed by Happy Tails Inc. during the month of September 20Y4 are as follows: a. Prepare a purchases journal and a cash payments journal to record these transactions. The forms of the journals are similar to those used in the text. Place a check mark () in the Post. Ref. column to indicate when the accounts payable subsidiary ledger should be posted. Happy Tails Inc. uses the following accounts: b. Prepare a listing of accounts payable creditor balances on September 30, 20Y4. Verify that the total of the accounts payable creditor balances equals the balance of the accounts payable controlling account on September 30, 20Y4. c. Why does Happy Tails Inc. use a subsidiary ledger for accounts payable?
Last year, Tobys Hats had net sales of 45,000,000 and cost of goods sold of 29,000,000. Tobys had the following balances: Refer to the information for Tobys on the previous page. Required: Note: Round answers to one decimal place. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.
Valley Creek Store's daily register records an opening float of $300. During the day, the store made $2,850 in cash sales and $3,400 in credit card sales, while processing $240 in returns. Based on these transactions, calculate the expected cash amount in the register at the end of the day.
At the end of the day, the cash register tape lists $1,021.18 as total income from services. Cash on hand consists of $17.66 in coins, $749.91 in currency, $70.00 in traveler's checks, and $276.27 in customers' checks. The amount of the Change Fund is $100. Required: Record the entry to record the day's cash revenue. If an amount box does not require an entry, leave it blank.
The cash register tape for sunland industries reported sales of 28,032.00. Record the journal entry that would be necessary for each of the following situations. (a) sales per cash register tape exceeds cash on hand by $45.00. (b) Cash on hand exceeds cash reported by cash register tape by $27.50. Round answers to 2 decimal places, e.g. 52.75.
At the end of the day, the cash register tape lists $1,147.42 as total income from services. Cash on hand consists of $21.13 in coins, $547.52 in currency, $70.00 in traveler's checks, and $603.62 in customers' checks. The amount of the Change Fund is $100. Required: Record the entry to record the day's cash revenue. If an amount box does not require an entry, leave it blank.
At the end of the day, the cash register tape lists $885.69 as total income from services. Cash on hand consists of $15.68 in coins, $459.77 in currency, $90.00 in traveler's checks, and $409.74 in customers' checks. The amount of the Change Fund is $100. Required: Record the entry to record the day's cash revenue. If an amount box does not require an entry, leave it blank. GENERAL JOURNAL PAGE DATE DESCRIPTION DOC. NO. POST. REF. DEBIT CREDIT Cash Cash Short and Over Income from Services To record revenue earned during the day involving a cash shortage of $10.50.
Prepare a journal entry to record these cash sales.
The cash register tape for Larkspur Industries reported sales of $7,146.30. Record the journal entry that would be necessary for each of the following situations. (a) Sales per cash register tape exceeds cash on hand by $52.78. (b) Cash on hand exceeds cash reported by cash register tape by $29.45. (Round answers to 2 decimal places, e.g. 52.75. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Transactions Account Titles and Explanation Debit Credit (a) Cash 7093.52 Cash Over and Short 52.78 Sales Revenue 7146.30 (b) Cash 7093.52 Sales Revenue 7146.30 Cash Over and Short 29.45
Raj Department store has one cash register. On a recent day, the cash register tape reported sales in theamount of $12,675.12. Actual cash in the register (after deducting and removing the opening change of$100) was $12,649.81, which was deposited in the firm’s account.Required:Prepare a journal entry to record these cash sales.
Ivanhoe Company had cash sales of $77,328 (including taxes) for the month of June. Sales are subject to 8.00% sales tax. Prepare the entry to record the sales. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit
The cash register tape for Larkspur Industries reported sales of $10,169.80.Record the journal entry that would be necessary for each of the following situations. (a) Sales per cash register tape exceeds cash on hand by $75.11. (b) Cash on hand exceeds cash reported by cash register tape by $41.90.

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781337280570

Author:

Scott, Cathy J.

Publisher:

South-Western College Pub

Financial Accounting

Accounting

ISBN:

9781337272124

Author:

Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:

Cengage Learning

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781337280570

Author:

Scott, Cathy J.

Publisher:

South-Western College Pub

Financial Accounting

Accounting

ISBN:

9781337272124

Author:

Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:

Cengage Learning

College Accounting, Chapters 1-27

Accounting

ISBN:

9781337794756

Author:

HEINTZ, James A.

Publisher:

Cengage Learning,

Managerial Accounting: The Cornerstone of Busines…

Accounting

ISBN:

9781337115773

Author:

Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS

Valley Creek Store's daily register records an opening float of $300. During the day, the store made $2,850 in cash sales and $3,400 in credit card sales, while processing $240 in returns. Based on these transactions, calculate the expected cash amount in the register at the end of the day.