Combining Cash and Credit
Let’s work through the process of a day’s sales transactions. Each day a cashier starts out with a certain amount of cash in the register. This amount is usually left over from the night before. The cash in the register is shown as part of the 1020 Cash on Hand account.
At the end of the day the cashier totals the sales at her register and counts the remaining money, including cash, checks, credit card receipts, and store charge account purchases. Usually a cashier then completes a form that tallies the day’s activities. Here’s a sample for Lisa’s Candle Shop.
A manager reviews Sally’s sales totals, checks her cash, ...