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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570

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BuyFindarrow_forward

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570
Textbook Problem

You work as a cashier for a service business. Some days you are short of cash at the end of the day, and some days you have more cash than the cash register tape says was earned. You are embarrassed when your cash is short and don’t want the owner to know, so you use your own money to make up the difference. On days when you are over, you keep the difference to help pay back what you paid to cover your shortages. What do you think of this practice? Explain.

To determine

Explain about the practice of the cashier in the given situation for cash short and over.

Explanation

Cash Short and Over account: Cash Short and Over is an income statement (expense or revenue) account. The increase (overage) is credited and recorded as Revenue, and decrease (shortage) is debited and recorded as Expense.

The cashier in the given situation puts his own money to make up the shortage, and...

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