Entry for Coins, currency (paper money), checks, money orders, and money on depo

Question

Entry for Coins, currency (paper money), checks, money orders, and money on deposit available for unrestricted withdrawal from banks and other financial institutions.Cash Sales; Cash Short

The actual cash received from the day’s cash sales was $27,213, and the amount indicated by the cash register total was $27,239.

a. What is the amount deposited in the bank for the day's sales?
$

b. What is the amount recorded for the day's sales?
$

How should the difference be recorded?
The cash shortage

The cash overage

The cash shortage

of $ should be recorded as Cash Short and Over

d. If a cashier is consistently over or short, what action should be taken?
The cashier should receive additional training

Explanation / Answer

Ans: Amount deposited in the bank for the day's sales = $ 27,213

b. Amount recorded for the day's sales= $27,239

c. The cash overage

         Cash Overage = $ 27239-27213 = $ 26

d. Proper Internal check should be done , and ensure that no fraud is involved and also proper training should be given to the Cashier.

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