The day cashier at Palmer’s Kwick Shop has routinely been off in his sales (register tapes) and cash drawer. None of these occurrences have been journalized.
On Monday, the cash drawer showed a total of $550.00, but sales (register receipts) showed $545.00
On Tuesday, the cash drawer showed a total of $675, and sales (register receipts) showed $670.00.
On Wednesday, the cash drawer total was $450.00, and sales were also $450.00
On Thursday, the cash drawer total was $380.00, and sales were $390.00.
On Friday, the cash drawer total was $750.00, while sales were $740.00
1. Determine the total cash over/short for each day.
2. Show the journal entries required for each day’s cash reconciliation
3. As the Accountant assigned to examine cash control and audit the accounting records, what recommendations or alerts would you give management?