Day 50: Basics of Cash

Chapter 7 Problems

Textbook Pages

• pg 359 Multiple Choice Question 1
• pg 360 Exercise 1
• pg 364 Discussion Questions 1, 2, 3, 4, 5
• pg 364 Basic Exercise 7-1
• pg 365 Exercises 7-2 & 7-3

Preview Next Topics

Types of "Cash"

• Currency (bills)
• Coins
• Money Orders

 Change Fund

• money put in cash registers to make change for customers

 Sources of Cash Receipts:

• Cash Sales at cash register
• Checks received on account through the mail
•  with Remittance Advice
• EFT Receipts
•  faster
•  easier
•  safer
•  more accurate
•  better control

Cash Sales Journal Entry
Cash (asset)                                108
Cash Short and Over (expense)      2
         Sales (revenue)                             100
         Sales Tax Payable (liability)            10