Answer:
) Cash sales $15,696.00, Cash shortages ($1,798.20) (2) Cash shortages journal entry Dr: Cash $17,494.20, Dr: Cash shortages ( $1,798.20), Cr : Sales $15,696.00
Explanation:
The question is not complete, here is the missing part of the question
Date. Cash count. Sales per the cash register tape
August 1. 2,486.20. 2,222.50
August 2. 2,352.80. 2,135.90
August 3. 2,471.45. 2,303.45
August 4. 2,597.20. 2,287.30
August 5. 2,644.05. 2,335.45
August 6. 2,450.10. 2,155.50
August 7. 2,492.40. 2,255.90
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Total. 17,494.20. 15,696.00
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Here is the solution
To calculate the total amount of cash sales and cash shortages for the period August 1 to August 7
Date. Money collected. Sales Recorded. Shortages
August 1. 2,486.20. 2,222.50. ($263.70)
August 2. 2,352.80. 2,135.90. ($216.90)
August 3. 2,471.45. 2,303.45. ($168.00)
August 4. 2,597.20. 2,287.30. ($309.90
August 5. 2,644.05. 2,335.45. ($308.60)
August 6. 2,450.10. 2,155.50. ($294.60)
August 7. 2,492.40. 2,255.90. ($236.50
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17,494.20. 15,696.00. 1,798.20
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To prepare the journal entry dated August 7 that summarizes the cash sales and cash shortages from August 1 to 7
Cash Register Reconciliation
$
Cash count. 17,494.20
Less::Sales on cash register tape 15,696.00
-------------
Cash shortages. 1,798.20
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The reconciliation shows there is a cash shortages of ($1,798.20)
The cash shortages journal entry will be
Dr: cash$17,494.20
Dr: Cash shortages $1,798.20
Cr: Sales$15,696.00