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Determine the ending balance of the cash short

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Reference no: EM132720925

Problem - Listed below are the weekly cash register tape amounts for service fees and the related cash counts during the month of July. A change fund of $100 is maintained.

Date

Change Fund

Cash Register Receipt Amount

Actual Cash Counted

July 2

$100

$289.50

$387.00

9

100

311.50

411.50

16

100

306.00

408.50

23

100

317.50

415.00

30

100

296.00

399.50

REQUIRED -

1. Prepare the journal entries to record the cash service fees and cash short and over for each of the five weeks.

2. Post to the cash short and over account (use Account No. 516).

3. Determine the ending balance of the cash short and over account. Does it represent an expense or revenue?

Reference no: EM132720925

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