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The Cash Short and Over account covers both shortages and overages that occur in a business. What is the correct entry to record a shortage in the Cash Short and Over account? Where will the account appear on the income statement? a. DR Cash Short and Over; Expense b. CR Cash Short and Over; Income c. DR Cash Short and Over; Income d. CR Cash Short and Over; Expense e. None of the above; the Cash Short and Over account appears on the balance sheet.

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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
Publisher: South-Western College Pub
ISBN: 9781337280570
BuyFind

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
Publisher: South-Western College Pub
ISBN: 9781337280570

Solutions

Chapter
Section
Chapter 6, Problem 8QY
Textbook Problem

The Cash Short and Over account covers both shortages and overages that occur in a business. What is the correct entry to record a shortage in the Cash Short and Over account? Where will the account appear on the income statement?

  1. a. DR Cash Short and Over; Expense
  2. b. CR Cash Short and Over; Income
  3. c. DR Cash Short and Over; Income
  4. d. CR Cash Short and Over; Expense
  5. e. None of the above; the Cash Short and Over account appears on the balance sheet.

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Chapter 6 Solutions

College Accounting (Book Only): A Career Approach
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