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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570

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Chapter
Section
BuyFindarrow_forward

College Accounting (Book Only): A ...

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

  1. a. What does a debit balance in Cash Short and Over mean?
  2. b. Where does a debit balance in Cash Short and Over appear in the financial statements?
  3. c. What does a credit balance in Cash Short and Over mean?
  4. d. Where does a credit balance in Cash Short and Over appear in the financial statements?

a.

To determine

Indicate the meaning of a debit balance in Cash and Short Over account.

Explanation

Cash Short and Over account: Cash Short and Over is an income statement (expense or revenue) account. The increase (overage) is credited and r...

b.

To determine

Indicate the financial statement on which the debit balance in Cash and Short Over account appears.

c.

To determine

Indicate the meaning of a credit balance in Cash and Short Over account.

d.

To determine

Indicate the financial statement on which the credit balance in Cash and Short Over account appears.

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