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.
The extra $5 collected will be treated as a miscellaneous revenue.
The Cash Over and Short account will be credited for $5.
The Cash account will be debited for $105.
The Sales account will be credited for $100.
The statements below and determine regarding this discrepancy are:
a) The extra $5 collected will be treated as a miscellaneous revenue.
b) The Cash Over and Short accounts are going to be credited for $5.
c) The brokerage account is going to be debited for $105.
d) The Sales account is credited for $100.
Sales account
The register and therefore the register encompasses a favorable variance of $5. It means cash has an over of $5.
In recording these transactions are, $5 is going to be treated as miscellaneous revenue.
it's immaterial revenue out of the traditional business activities.
The $5 is credited to the cash over and short accounts since it's a positive balance.
The day is recorded because it is within the till tape. The sales account is going to be credited with $100.
To balance the entry, the brokerage account is debited with $105.
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