Question

while examining cash receipts information, the accounting department determined the following information: opening cash balance $150.00, cash on hand $1,125.74, and cash sales per register tape $988.62.
prepare the required journal entry based upon the cash count sheet. (round answers to 2 decimal places, e.g. 52.75. credit account titles are automatically indented when amount is entered. do not indent manually. if no entry is required, select
o entry\ for the account titles and enter 0 for the amount in the relevant debit or credit box. entering zero in all boxes will result in the question being marked incorrect. list all debit entries before credit entries.)
account titles and explanation debit credit

etextbook and media
list of accounts
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Explanation:

Step1: Calculate cash over - short

Cash over - short = Cash on hand - (Opening cash balance + Cash sales per register tape)
Cash over - short = \(1125.74-(150 + 988.62)\)
\(=1125.74 - 1138.62=-12.88\)

Step2: Record the journal entry

Debit Cash (\(1125.74\)), debit Cash Over and Short (\(12.88\)), credit Sales (\(988.62\)), credit Cash (\(150\))

Answer:

Account Titles and Explanation	Debit	Credit
Cash Over and Short	\(12.88\)
Sales		\(988.62\)
Cash		\(150.00\)