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The Following Selected Transactions Relate to Cash Collections for a Firm

Question 201

Essay

The following selected transactions relate to cash collections for a firm that maintains a $100 change fund at all times. Present entries to record the transactions for each of the two days of cash receipts from sales. (a) Actual cash in cash register, $5,412.36\$ 5,412.36 ; cash receipts per cash register tally, $5,413.07\$ 5,413.07 .
(b) Actual cash in cash register, $3,712.95\$ 3,712.95 ; cash receipts per cash register tally, $3,712.16\$ 3,712.16 .

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