A Total of $50 Is Kept in Currency in the Cash

question 74

Short Answer

A total of $50 is kept in currency in the cash drawer.If the drawer contains 7 $20s, 5 $100s, 12 $10s, 22 $5s, and 32 $1s, how much will be included in the day's deposit?

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Definitions:

Financial Statement

A formal record of the financial activities and position of a business, person, or other entity.

Permanent/Temporary

distinguishes between accounts or actions that exist indefinitely (permanent) or for a specific duration (temporary).

Closing Entries

Closing entries are journal entries made at the end of an accounting period to transfer temporary accounts to permanent accounts, preparing the books for the next period.

Worksheet Income Statement

is a financial statement that preliminarily combines income and expenses data in worksheet form to calculate net income or loss.