The Scharf Company is a retailer located in a state without sales tax. The following data was given to you to complete the transactions for the day's sales to be recorded. All cash drawers start with $100 in change.
Record the Journal Entries for EACH cash register to determine the cashier's accuracy.
First item for the student to remember is that EACH cash drawer starts with $100. This must be subtracted from the total cash in drawer to determine the cash over/short amount.
Definitions:
Break-even Point
The point at which total revenues equal total costs, and the business makes neither a profit nor a loss.
Fixed Expenses
Fixed expenses that are unaffected by the volume of manufacturing or sales activities, and include items like rental costs, employee salaries, and premiums for insurance.
Monthly Advertising Budget
The allocated amount of spending for advertising activities planned for a month.
Net Operating Income
The total profit of a company after operating expenses are subtracted from gross profit but before interest and taxes.
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