Recording cash sales; cash over
The actual cash received from cash sales was $14,356, and the amount indicated by the cash register total was $14,290.
- a.What is the amount deposited in the bank for the day’s sales?
- b.What is amount recorded for the day’s sales?
- c.How should the difference be recorded?
- d.If a cashier is consistently over or short, what action should be taken?
✓ Adjusted balance: $24,500
The following data were accumulated for use in reconciling the bank account of Camela Co. for July:
- a.Cash balance according to the company’s records at July 31, $24,010.
- b.Cash balance according to the bank statement at July 31, $22,750.
- c.Checks outstanding, $7,350.
- d.Deposit in transit, not recorded by bank, $9,100.
- e.A check for $170 in payment of an account was erroneously recorded in the check register as $710.
- f.Bank debit memo for service charges, $50.
Prepare a bank reconciliation, using the format shown in Exhibit 6.