Asked by Kaari Patten on Jun 29, 2024
Verified
The actual cash received during the week ended June 7 for cash sales was $18,632, and the amount indicated by the cash register total was $18,628. Journalize the entry to record the cash receipts and cash sales.Journal Date Description Post. Ref. Debit Credit \begin{array} { | c | c | c | c | c | } \hline \text { Date } & \text { Description } & \begin{array} { c } \text { Post. } \\\text { Ref. }\end{array} & \text { Debit } & \text { Credit } \\\hline & & & & \\\hline & & & & \\\hline & & & & \\\hline\end{array} Date Description Post. Ref. Debit Credit
Cash Receipts
Money received by a business, recorded in its financial statements, typically from transactions such as sales or services rendered.
Cash Sales
Transactions where payment is made in cash (or equivalent) at the time of sale, with no delay in payment.
- Execute ledger entries for cash dealings and modifications.
Verified Answer
JM
Jennifer MartinJul 01, 2024
Final Answer :
Journal Date Description Post. Ref. Debit Credit June 7 Cash 18,632 Sales 18,628 Cash Short and Over 4\begin{array} { | c | c | c | r | r | } \hline \text { Date } & { \text { Description } } & \begin{array} { c } \text { Post. } \\\text { Ref. }\end{array} & \text { Debit } & \text { Credit } \\\hline \text { June 7 } & \text { Cash } & & 18,632 & \\\hline & \text { Sales } & & & 18,628 \\\hline & \text { Cash Short and Over } & & & 4 \\\hline\end{array} Date June 7 Description Cash Sales Cash Short and Over Post. Ref. Debit 18,632 Credit 18,6284
Learning Objectives
- Execute ledger entries for cash dealings and modifications.