What is the balance in the cash short/over account (DR or CR & $ amount)? Is it a revenue or an expense?

McGraw Hill Connect, Chapter 8 Accounting assignment includes:

 

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Chapter 8 TEST document:

 

 

PROBLEM #1 – 22 points

Greenview Food Store developed the following information in recording its bank statement for the month of March 20XX.

Balance per books on March 31   $     829

Balance per bank on March 31     $  7,030

 

1)    Checks written in March but still outstanding, $5,200.

2)    Checks written in February but still outstanding, $1,200.

3)    Deposits of March 30 and 31 not yet recorded by bank, $3,100.

4)    NSF check of customer returned by bank, $400.

5)    Check #210 for $675 was correctly issued and paid by the bank but incorrectly entered in the cash payments  journal as payment on account for $657, for payment to a creditor.

6)    Bank service charge for March was $31.

7)    A payment on account was incorrectly entered into the cash payments journal and posted to the accounts payable subsidiary ledger for $854 when check #318 was correctly prepared for $584. The check cleared the bank in March.

8)    The bank collected a note receivable for the company for $3,000 plus $80 interest.

Instructions:

a)    Prepare a bank reconciliation for the Greenview Food Store for the month of March 31, 20XX.

b)    Journalize the adjusting entries for Greenview Food Store on March 31, 20XX.

 

Bank Reconciliation:

 
 
 
   
   
   
   
   
   
   
   
   
   
   
   

 

 

 

Journal Entries:

  General Journal    
Date Description Debit Credit
         
         
         
         
         
         
         
         
         
         

 

 

PROBLEM  #2 – 18 points

Jenrob Company completed the following selected transactions during January 20XX.

 

January 1            Established a petty cash fund of $500

15 The cash sales for the day per the register tape were $3,018.

The actual cash received from cash sales were $3,011.

31 Petty cash on hand was $123. Replenished the petty cash fund for the following

disbursements:

Jan  2 Office supplies, $45

10 Postage due on letter, $29 (Miscellaneous Expense)

14 Office supplies, $56.

17 Postage stamps, $42 (Office Supplies).

20 Express charges on merchandise sold, $136 (Delivery Expense).

22 Repair to desk, $63 (Miscellaneous Expense).

30 Office supplies, $12.

31            The cash sales for the day per the register tape were $2,812.

The actual cash received from cash sales were $2,822.

31            Decreased the petty cash fund by $100.

 

 

  General Journal    
Date Description Debit Credit
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         

 

What is the balance in the cash short/over account (DR or CR & $ amount)? Is it a revenue or an expense?

 

            Balance in Cash Short/Over? ______________________________

 

            Revenue or Expense? ____________________________________

 

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