Question: Miller Enterprises deposits the cash received during each day at the end of the day. Miller deposited $48,403 on October 3 and $50,203 on October 4. Cash register records and other documents supporting the deposits are summarized as follows:
10/3 10/4
Cash sales $36,790 $40,390
Collections on account 10,885 9,828
Total receipts $47,675 $50,218
Required: 1. Calculate the amount of cash over or cash short for each day.
2. Prepare the journal entry to record the receipt and deposit of cash on October 3.
3. Prepare the journal entry to record the receipt and deposit of cash on October 4.