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.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter10: Cash Receipts And Cash Payments

Section: Chapter Questions

Problem 4DQ: In a cash receipts journal, both the Accounts Receivable Credit column and the Cash Debit column...

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