A cash register tape reflected total sales equaling $100, but the cash in the cash register drawer equaled $105. Review the statements below and determine which is correct regarding this discrepancy The extra $5 collected will be treated as a miscellaneous revenue. The Sales account will be credited for $105. Reason: It will be credited for $100. The Cash Over and Short account will be debited for $5. Reason: It will be credited for $5. The Cash Over and Short account can be debited or credited. In this situation, it will be credited The Cash Over and Short account will be credited for $5. The Sales account will be credited for $100. The Cash account will be debited for $105.
A cash register tape reflected total sales equaling $100, but the cash in the cash register drawer equaled $105. Review the statements below and determine which is correct regarding this discrepancy The extra $5 collected will be treated as a miscellaneous revenue. The Sales account will be credited for $105. Reason: It will be credited for $100. The Cash Over and Short account will be debited for $5. Reason: It will be credited for $5. The Cash Over and Short account can be debited or credited. In this situation, it will be credited The Cash Over and Short account will be credited for $5. The Sales account will be credited for $100. The Cash account will be debited for $105.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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