Question

Discount Store, a retail business, keeps a $100 change fund in its cash register. If Discount started business on September 29 and had cash sales per the cash register on that day of $1,200, but the cash count showed $1,307, then the cash register was:

Answer 1

Actual Cash is excess by $7 after balancing the cash position.

Step-by-step explanation:

When the cash counted is more than the cash register plus the Change fund kept, the cash balance is excess.

Cash Fund = $100

Cash Counted = $1,307

Net Cash from Sales = $1,307 - $100 = $1,207

Cash Register Balance = $1,200

Net Effect = Actual cash - Cash register balance = $1,207 - $1,200 = $7