Established a petty cash fund of $860. Cash Dr $8008.15. 12. The actual cash received from cash sales was $6,180. This video describes how to set up a petty cash fund and how to reimburse it once it has been used. Example of How the Account Cash Short and Over is Used. Assume that the company has a petty cash fund of $100 and its general ledger account Petty Cash reports an imprest balance of $100. The accounting system will show $100 in sales but $101 of collections. True. The physical transactions for petty cash, cash short and over need recording with the appropriate journal entries. The cash sales for the day, according to the cash register records, totaled $9,440. The cash sales for the day, according to the cash register records, totaled $13,184. The one-dollar difference goes to the cash over and short account. (D) credit to Cash Short and Over. A corporation can own property, incur liabilities, and enter into contracts in its own name. A transaction to record merchandise purchased with a trade discount would include a debit to Merchandise Discount. The Cash Over and Short account: A. 30. Here, you create a new journal entry in … 12. Sales Cr $7998.50. The opposite is true about transactions that produce cash shortages. PR 8-2A Transactions for petty cash, cash short and over Jeremiah Restoration Company completed the following selected transactions during January: Jan. 1. Let's illustrate the Cash Short and Over account with the petty cash fund. 113. Cash over/short Cr $9.65 . The Cash Over and Short account will be used to balance the entry when the cash needed to get back to the petty cash account does not match the total of petty cash vouchers. The petty cash account, Cash Short and Over, is a temporary account. Is an income statement account used for recording the income effects of cash overages and cash shortages from errors in making change and/or from errors in processing petty cash transactions. Is used to record a credit balance in the cash account. True. (B) credit to Cash for $224.00. Established a petty cash fund of $1,000. A petty cash fund of $200 has $27 in cash, $170 in petty cash vouchers, and $3 in miscellaneous receipts not included with the petty cash vouchers. In accounting, cash over and short journal entry is usually made when the company replenishes its petty cash fund. Established a petty cash fund of $900. Remember, for all journal entries, total debits must equal total credits. B. The debit to the Cash Short and Over would be $0 30.Petty cash on hand was $50.75. The actual cash received from cash sales was $13,205. To relinquish a $300.00 petty cash fund, if the petty cash custodian had receipts totaling $224.00 and cash of $74.00 in the petty cash box, one part of the journal entry is a (A) debit to Cash Short and Over for $2.00. False. Transactions for Petty Cash, Cash Short and Over Cedar Springs Company completed the following selected transactions during June: June 1. (C) debit to Petty Cash for $224.00. The actual cash received from cash sales was $8,008.15. Accounting Corporate Financial Accounting Transactions for petty cash, cash short and over Cedar Springs Company completed the following selected transactions during June 20Y3: June 1. A corporation exists independent of its owners. The cash sales for the day, according to the cash register records, totaled $6,148. (To establish petty cash fund) 6.The cash sales for the day, according to the cash register records, totaled$7,998.50. The journal entry to record this sale would debit cash for $101, credit sales for $100, and credit cash over short for one-dollar. The actual cash received from cash sales was $9,506. This is due to the cash remaining and the receipts in the petty cash box may not equal the amount of petty cash fund established. 12. Cash Over and Short Journal Entry Overview.

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