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Recording a Cash Overage The change fund for Visions Hair Salon is $300 per register. On
Chapter 22, Problem 22-2(choose chapter or problem)
Recording a Cash Overage
The change fund for Visions Hair Salon is $300 per register. On April 14, at the end of the business day, the manager counts the funds in the register. Cash sales total $1,496 and sales taxes amount to $89.77 in register 2. The cash drawer contains $1,895.77.
Instructions
1. Use the form in your working papers to prepare a cash proof. Sign your name as the salesclerk.
2. Record the April 14 cash sales and overage on page 4 of the general journal.
Questions & Answers
QUESTION:
Recording a Cash Overage
The change fund for Visions Hair Salon is $300 per register. On April 14, at the end of the business day, the manager counts the funds in the register. Cash sales total $1,496 and sales taxes amount to $89.77 in register 2. The cash drawer contains $1,895.77.
Instructions
1. Use the form in your working papers to prepare a cash proof. Sign your name as the salesclerk.
2. Record the April 14 cash sales and overage on page 4 of the general journal.
ANSWER:Step 1 of 3
Sales tax can be defined as the fee collected on the sale of goods by the government. The burden of such tax usually falls on the income of the customer only because the seller reimburses it from the customer by including it in the price.