At the end of the day, the cash register's record shows $1,274, but the count of cash in the cash register is $1,257. the correct entry to record the cash sales is multiple choice debit cash $1,257; credit sales $1,257. debit cash $1,257; debit cash over and short $17; credit sales $1,274. debit cash over and short $17, credit sales $17. debit cash $1,274; credit sales $1,274. debit cash $1,274; credit cash over and short $1,257; credit sales $17.

Question

Reagan Meyer

Business

5 February, 18:23

At the end of the day, the cash register's record shows $1,274, but the count of cash in the cash register is $1,257. the correct entry to record the cash sales is multiple choice debit cash $1,257; credit sales $1,257. debit cash $1,257; debit cash over and short $17; credit sales $1,274. debit cash over and short $17, credit sales $17. debit cash $1,274; credit sales $1,274. debit cash $1,274; credit cash over and short $1,257; credit sales $17.

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Answers (1)

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Robert Mann · Answer 1

The correct entry is

Debit Cash $1,274

Credit Cash: Over and Short $17

Credit Sales: $1,257

The "cash over and short" account is drawn from in the normal course of business to cover employee mistakes for the amount that isn't accounted for in the initial transaction (the missing $17).