Solution Found!
Preparing a Cash Proof The change fund for Messinas Grocery Store is $200 per cash
Chapter 22, Problem 22-1(choose chapter or problem)
Preparing a Cash Proof
The change fund for Messina’s Grocery Store is $200 per cash register. On March 31 total cash sales from cash register 6 are $964 and sales taxes are $57.84. A count of cash shows $1,216.84 in the cash register drawer.
Instructions
1. Use the form in your working papers to prepare a cash proof. Sign your name as the salesclerk.
2. Record the March 31 cash sales on page 2 of a general journal.
Questions & Answers
QUESTION:
Preparing a Cash Proof
The change fund for Messina’s Grocery Store is $200 per cash register. On March 31 total cash sales from cash register 6 are $964 and sales taxes are $57.84. A count of cash shows $1,216.84 in the cash register drawer.
Instructions
1. Use the form in your working papers to prepare a cash proof. Sign your name as the salesclerk.
2. Record the March 31 cash sales on page 2 of a general journal.
ANSWER:
Step 1 of 3
When the bank account has a negative balance, then such a situation is known as a cash overdraft. Such negative balance is reported as the liability of the business or individuals.