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. (Check all that apply.) The Sales account will be credited for $100. The Cash account will be debited for $105. The extra $5 collected will be treated as a miscellaneous revenue. The Sales account will be credited for $105. The Cash Over and Short account will be credited for $5. The Cash Over and Short account will be debited for $

Sales account will be credited for $100

The cash account will be debited for $105

The cash over and short account will be for credited for the excess $5

The extra $5 will be treated as miscellaneous revenue

Explanation:

The accounting treatment of sales state that during a sale transaction, while the sales account is credited for the sales value, the cash or the account receivable is debited with corresponding value,

Untraceable cash is treated as miscellaneous.

While the cash account is a debit record of all the cash in possession, the cash over or short account is used to balance the excess of the cash that is not traceable to a particular transaction

The answer is given below;

Explanation:

The $ 5 collected will be treated as miscellaneous revenue. The cash over and short account will be credited for $5.

As the cash receipts are $ 105 and sales revenue is $100. The difference amount will be treated as miscellaneous revenue.

The journal entry will be;

Cash Dr.$105

Sales Revenue Cr.$100

Miscellaneous revenue Cr.$5