Unit 6 Accounting Assignment 1.The actual cash received from cash sales was $11,

Question

Unit 6 Accounting Assignment

1.The actual cash received from cash sales was $11,279, and the amount indicated by the cash register total was $11,256.

a. What is the amount deposited in the bank for the day%u2019s sales?

b. What is amount recorded for the day%u2019s sales?

c. How should the difference be recorded? d. If a cashier is consistently over or short, what action should be taken?

2.The following data were accumulated for use in reconciling the bank account of Commander Co. for March:

a. Cash balance according to the company%u2019s records at March 31, $13,065.

b. Cash balance according to the bank statement at March 31, $12,750.

c. Checks outstanding, $4,170. d. Deposit in transit, not recorded by bank, $5,100. e. A check for $180 in payment of an account was erroneously recorded in the check register as $810. f. Bank debit memo for service charges, $15.

Prepare a bank reconciliation, using the format shown in Exhibit 7.

The actual cash received from cash sales was $11,279, and the amount indicated by the cash register total was $11,256. What is the amount deposited in the bank for the day%u2019s sales? What is amount recorded for the day%u2019s sales? How should the difference be recorded? d. If a cashier is consistently over or short, what action should be taken? The following data were accumulated for use in reconciling the bank account of Commander Co. for March: Cash balance according to the company%u2019s records at March 31, $13,065. Cash balance according to the bank statement at March 31, $12,750. Checks outstanding, $4,170. d. Deposit in transit, not recorded by bank, $5,100. e. A check for $180 in payment of an account was erroneously recorded in the check register as $810. f. Bank debit memo for service charges, $15.

Explanation / Answer

The actual cash received from cash sales was $11,279.00 and the amount indicated by the cash register total was $11,256.00

a.what is the amount deposited in the bank for the day's sales?
11,279
b.What is amount recorded for the day's sales?
11,256
c.How should the difference be recorded?
Dr Cash 11,279
Cr Over/Short 23
Cr Sales 11,256
d. If a cashier is consistently over or short what action should be taken?
Find out if these are just mistakes or caused by theft. If they are just mistakes, maybe some extra mentoring in cash handling would help. If it's theft, well, you know.

The Following data were accumulated for use in reconciling the bank account of commander co.For march:
a.cash balance according to the company's records at March 31,$13,065.
b.Cash balance according to the bank statement at March 31 $12,750.
c.Checks outstanding $4,170.
Subtract from bank statement
d.Deposit in transit, not recorded by bank $5,100.
Add to bank statement
e.A check for $180 in payment of an account was erroneously recorded in the check register as $810.
Add 630 to company cash records.
F. Bank debit memo for service charges, $15.
Subtract from company cash records

The bank statement should balance at $13,680

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