At the end of the day, the cash register tape shows $1,360 in cash sales, but the count of cash in the register is $1,460. The proper entry to account for this excess is: Multiple Choice Debit Cash $1,360; credit Sales $1,360. Debit Cash $1,460; credit Sales $1,460. Debit Cash $1,460; credit Sales $1,360; credit Cash Over and Short $100. Debit Cash $1.360: debit Cash Over and Short for $100; credit Sales $1.460. Debit Cash Over and Short $100; credit Cash $100.
At the end of the day, the cash register tape shows $1,360 in cash sales, but the count of cash in the register is $1,460. The proper entry to account for this excess is: Multiple Choice Debit Cash $1,360; credit Sales $1,360. Debit Cash $1,460; credit Sales $1,460. Debit Cash $1,460; credit Sales $1,360; credit Cash Over and Short $100. Debit Cash $1.360: debit Cash Over and Short for $100; credit Sales $1.460. Debit Cash Over and Short $100; credit Cash $100.
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter6: Bank Accounts, Cash Funds, And Internal Controls
Section: Chapter Questions
Problem 6QY
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