An income statement account used to record, cash, overages, and cash shortages arising from omitted petty cash receipts, and from errors in making change is the
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The amount of cash in the petty cash fund is $85. Issued a check to replenish the fund, based on the following summary of petty cash receipts: store supplies, $360, and miscellaneous selling expense, $40. Record any missing funds in the cash short and over account. If an amount box does not require an entry, leave it blank.
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Journalize the entries for the following: Mar. 1 Established a petty cash fund of $300. Mar. 31 Replenished the petty cash fund based on the following summary of receipts: office supplies, $137, and selling expenses, $112. Petty cash on hand was $64. Record any discrepancy in the cash short and over account.
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At the end of the day, the clerk for Ken's Variety Shop noticed an error in the amount of cash he should have. The total cash sales from the sales tape were $1192, whereas the total cash in the register was $1152. Ken keeps a $25.00 change fund in his shop. Prepare an appropriate general journal entry to record the cash sales as well as reveal the cash shortage. Beginning change fund + Cash register total = Cash should have on hand - Counted cash = Shortage or overage of cash GENERAL JOURNAL Date Account Titles and Description PR Dr. Cr.
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