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Vaselesa [24]
3 years ago
15

Cash sales rung up by cashiers totaled $120,500. Cash in the drawer was counted and found to be $126,000. The journal entry to r

ecord the day's sales would include a:
Business
2 answers:
Mama L [17]3 years ago
6 0

Answer:

credit to Cash Overage for $5,500.

Explanation:

When sales are made and cash is received, the normal entries to be passed are a debit to cash and a corresponding credit to sales revenue to recognise the revenue earned from sales.

However when there is an overage in cash the excess funds are moved to an overage account pending resolution of the discrepancy. When the error is identified reversal entries are passed to assign finds to correct source. If however the error cannot be detected the amount is considered an income.

The overage in this case is 126,000- 120,500= $5,500

So the entry to be passed is

Credit Cash Overage $5,500

Note Cash Overage is an income account.

blagie [28]3 years ago
3 0

Answer:

Credit to Cash Overage for $5,500

Explanation:

Revenue total is $120,500 so the revenue will be recorded by this amount and the cash is $126,000 so it will also recorded by the same amount. An additional credit entry will be placed to reflect the effect of this transaction.

The journal entry to record the day's sales would include

Debit     Cash                  $126,000

Credit    Cash Overage  $5,500

Credit    Sales                 $120,500

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https://wwwnc.cdc.gov/travel/page/travel-vaccines

Whenever I had to travel abroad, I’d go to a passport health Center.
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2 years ago
PandemicsPlus just paid a dividend of $1.00 per share and they consistently grown dividends at 4% annually. Investors require a
oee [108]

Answer:

$13

Explanation:

The current value of the stock can be determined using the constant growth dividend model

according to the constant dividend growth model

price = d1 / (r - g)

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(1 x 1.04) / (0.12 - 0.04) = 13

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3 years ago
When a recession end,
stich3 [128]

a recession is usually 9 to 18 months

7 0
3 years ago
A $63,000 machine with a 7-year class life was purchased 2 years ago. The machine will now be sold for $50,000 and replaced with
Free_Kalibri [48]

The incremental annual cash flow associated with the project is $12400

<h3>What is incremental annual?</h3>

Sales resulting from a higher volume of sales are known as incremental revenue. Establishing a baseline revenue level and comparing changes from that point onwards is required to calculate incremental revenue.

<h3>According to the given information :</h3>

Depreciation=[($63,000/7 years)-($75,000/5 years)

Depreciation=$9000-$15000

Depreciation=$6000

Now let calculate the Incremental annual cash flow

Incremental annual cash flow

={($16000-$6000) - [($16000-$6000)*34%]+$6000}

= {(10000)- [10000*34%]+6000}

= {(10000) - 3600+6000}

= {16000-3600}

= $12400

Incremental annual cash flow=$12400

Therefore the incremental annual cash flow associated with the project is $12400

To know more about the incremental annual visit:

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4 0
2 years ago
If you co-sign for a friend's credit card, what is the danger to you if your friend fails to pay? A. You might get secured credi
klasskru [66]

Answer:

The correct option is C

Explanation:

When the person who co- sign for a credit card of a friend, then the person will be in a danger of lowering its own credit score if the person's friend fails to pay for the payment.

Credit score is a expression in terms of numerics grounded on the level analysis of the credit files of the person and also represent the credit worthiness of the person. It is used by lenders for determining who qualifies for the loan and for credit limits.

7 0
3 years ago
Read 2 more answers
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