While Examining Cash Receipts Information, the Accounting Department of BlueFly

question 29

Essay

While examining cash receipts information, the accounting department of BlueFly Foods determined the following information: opening cash balance $150, cash on hand $1,130, and cash sales per register tape $986. (a) Prepare the required journal entry based upon the cash count sheet. (b) Prepare the same entry, assuming the cash register tape showed sales of $972.

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Definitions:

Industrial Regulation

Government rules or laws designed to control business practices, market conditions, and protect consumers within specific industries.

State And Local Governments

The regional and municipal levels of government within a country, responsible for local decision making and public services.

Social Regulation

Rules imposed by government to correct market failures and promote social welfare, often relating to health, safety, and the environment.

Decreases Product Innovation

A situation where there is a decline in the introduction of new products or improvements to existing ones, often due to market conditions or external constraints.