Ask Question
BusinessBusiness
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.

+5
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
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “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 ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Get Fit Now gains a client who prepays $540 for a package of six physical training sessions. Get Fit Now collects the $540 in advance and will provide the training later.
Answers (1)
Ivy has preferred stock selling for 97.2 percent of par that pays a 7.8 percent annual coupon. what would be ivy's component cost of preferred stock?
Answers (1)
When landlords wrongfully withhold security deposits, they can often be sued for three times the amount of the security deposit.
Answers (1)
Suppose you are at a restaurant and your favorite dish costs $20. You are willing to pay up to $17 for your next favorite dish.
Answers (1)
What problems arise when people have personal debt
Answers (1)
New Questions in Business
Rent seeking is an attempt to A. use the government for individual benefit at the expense of others. Regulatory capture is an example of this, where a regulatory agency makes decisions benefiting the firm being regulated. B.
Answers (1)
An Insurance company is a business in which it pays to the company if there is a loss, damage, treatments or injury for the payment of premium amount. It calculates the risks that has occurred and pays to compensate the premium amount.
Answers (1)
Pool Line is the manufacturer of a pool cleaning system that has been called by the pool construction industry, "the miracle we have waited a lifetime for." The cleaning system is very effective and recommended by all consumer magazines.
Answers (1)
Use the following example to answer the following questions: Imagine that Stella deposits $25,000 in currency (which she had been storing in her closet) into her checking account at the bank.
Answers (1)
Barr Corp. started a long-term construction project in 20X0. The following data relate to this project: Contract price $4,200,000 Costs incurred in 20X0 $1,750,000 Estimated costs to complete $1,750,000 Progress billings $900,000 Collections on
Answers (1)
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.
Sign Up Forgot Password?