In: Accounting
At the end of the day, the cash register tape shows $1,200 in cash sales but the count of cash in the register is $1,260. The proper entry to account for this excess is:
Multiple Choice
Debit Cash $1,200; credit Sales $1,200.
Debit Cash $1,260; credit Sales $1,260.
Debit Cash $1,260; credit Sales $1,200; credit Cash Over and Short $60.
Debit Cash $1,200; debit Cash Over and Short for $60; credit Sales $1,260.
Debit Cash Over and Short $60; credit Cash $60.
answer) Debit Cash $1,260; credit Sales $1,200; credit Cash Over and Short $60 Cash DR 1260 Sales CR 1,200 Cash over and short CR 60 |