On April 3, a business counted $3,400.10 cash received from the day’s sales. According to the registers, cash sales totalled $3,400.90. The company has a policy that any discrepancies between sales and total cash that are $1.00 or less are recorded in the cash over and short account and do not have to be investigated. What is the journal entry to record the cash sale? Select one: a. Cash $3,400.10 DR; Cash Over and Short $0.80 DR; Service Revenue $3,400.90
On April 3, a business counted $3,400.10 cash received from the day’s sales. According to the registers, cash sales totalled $3,400.90. The company has a policy that any discrepancies between sales and total cash that are $1.00 or less are recorded in the cash over and short account and do not have to be investigated. What is the journal entry to record the cash sale? Select one: a. Cash $3,400.10 DR; Cash Over and Short $0.80 DR; Service Revenue $3,400.90
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On April 3, a business counted $3,400.10 cash received from the day’s sales. According to the registers, cash sales totalled $3,400.90. The company has a policy that any discrepancies between sales and total cash that are $1.00 or less are recorded in the cash over and short account and do not have to be investigated. What is the
a. Cash $3,400.10 DR;
Cash Over and Short $0.80 DR;
Service Revenue $3,400.90
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