BUSINESS HIGH SCHOOL

At the end of the day, the cash register's record shows $2,050, but the count of cash in the cash register is $2,058. the correct entry to record the cash sales is

Answers

Answer 1
Answer: The correct entry to record the cash sales is 

Debit Cash $2058
       credit                   Cash Over and Short $  8
       credit                   Sales                            $2050

The cash over and short will record the amount of cash that is not recorded during the initial transaction. Almost all stores experience cash over and short daily, and usually will be taken monthly from an account set aside by the stores to cover the mistake by its employees.


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Guides to action that apply primarily to the process of managerial accounting
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