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5 April, 08:37

Record the journal entry for Sales and for Cash Over and Short for each of the following separate situations.

a. The cash register's record shows $420 of cash sales, but the count of cash in the register is $430.

b. The cash register's record shows $980 of cash sales, but the count of cash in the register is $972.

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Answers (1)
  1. 5 April, 08:43
    0
    1. Dr Cash $430

    Dr Cash Over and Short $10

    Cr Sales $420

    2. Dr Cash $980

    Dr Cash Over and Short $8

    Cr Sales $972

    Explanation:

    Preparation of the journal entry for Sales and for Cash Over and Short for each of the following separate situations.

    1. Since the cash register's record already shows $420 of the cash sales in which the count of cash in the register was $430 this means we have to record the transaction as:

    Dr Cash $430

    Dr Cash Over and Short $10

    ($430-$420)

    Cr Sales $420

    2 ... Since the cash register's record already shows $972 of the cash sales in which the count of cash in the register was $980 this means we have to record the transaction as:

    Dr Cash $980

    Dr Cash Over and Short $8

    ($980-$972)

    Cr Sales $972
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Home » Business » Record the journal entry for Sales and for Cash Over and Short for each of the following separate situations. a. The cash register's record shows $420 of cash sales, but the count of cash in the register is $430. b.
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