Concept explainers
Miller Enterprises deposits the cash received during each day at the end of the day. Miller deposited $48,287 on October 3 and $50,116 on October 4. Cash register records and other documents E supporting the deposits are summarized as follows:
10.8 10“
Cash sale: $36,690 $49,310 @
Collections on account 10,875 9,813
Total receipts $41565 $541123 mn: HUI
Required:
1. Calculate the amount 0? cash over or cash shun for each day.
2. Prepare the
3. Prepare the journal entry to record the receipt and deposit of cash on October 4.
4. CONCEPTUAL CONNECTION If you were the manager with responsibility over the cash registers. how would you use this information?
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Chapter 4 Solutions
Cornerstones of Financial Accounting
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