1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Whitepunk [10]
3 years ago
11

The Cash Over and Short account:Select one:a. Is used to record a credit balance in the cash account.b. Is an income statement a

ccount used for recording the income effects of cash overages and cash shortages from errors in making change and/or from errors in processing petty cash transactions.c. Is not necessary in a computerized accounting system.d. Can never have a debit balance.e. Can never have a credit balance.
Business
1 answer:
Katyanochek1 [597]3 years ago
8 0

Answer:

b. Is an income statement account used for recording the income effects of cash overages and cash shortages from errors in making change and/or from errors in processing petty cash transactions.

Explanation:

Cash over and short account, is not the actual cash account or something like that. In fact it is an expense account made which reports all the over-dues that is overages or short-dues that results from an imprest account, like petty cash.

This account records the difference created in between the expected value of cash and actual value of cash in imprest account.

Therefore the correct option in all the above is:

b. Is an income statement account used for recording the income effects of cash overages and cash shortages from errors in making change and/or from errors in processing petty cash transactions.

You might be interested in
On January 12, 2021, Jefferson Corporation purchased bonds of Rose Corporation for $52 million at par and classified the securit
sineoko [7]

Answer:

Transaction gain = $16 million

Explanation:

Given:

Purchase amount = $52 million

December 31, 2021, bonds value = $46 million

October 3, 2022, bonds sold = $62 billion

Computation:

Using multi-step approach

Transaction gain = October 3, 2022, bonds sold - December 31, 2021, bonds value

Transaction gain = $62 million - $46 million

Transaction gain = $16 million

5 0
2 years ago
If you cause a car accident, which type of insurance will require you to pay the least out of pocket? AHigh deductible plan BLow
Vesnalui [34]
A because if the person that you hit says you caused it for a reason
3 0
3 years ago
Read 2 more answers
On April 1, 2018, Owl Co. sold $2,000,000, 5% bonds at par, convertible to 18,000 common stock, but not converted in 2018. In 20
murzikaleks [220]

Answer:$4.44

Explanation:

Net income after tax is $600,00 less 20% =$480,000

Total shares for diluted eps 90,000+18,000= 108,000

Diluted eps= 480,000/108,000

= $4.44

.

3 0
2 years ago
Several years ago, Grant County was sued by a former County employee for wrongful discharge. Although it was to be contested by
vovangra [49]

Answer:

d) Debit Expenses $50,000 and Claims payable $100,000; Credit Cash $150,000.

Explanation:

As for the information provided,

There was this law suit against the company from past several years. Where the lawyers already estimated that liability on the company will arise amounting $100,000.

Thus, on the provisional basis such claims of $100,000 would have been provided ideally.

Now, after final judgement the court had cleared about the claim which is $150,000.

Thus, entry to record such claim of $150,000 will be:

Expenses A/c Dr.               $50,000

Claims Payable A/c Dr.      $100,000

    To Cash A/c                                             $150,000

7 0
2 years ago
Your book describes the increase in the money supply as being analogous to giving people more money. If the output of goods and
SOVA2 [1]

Answer:

<em>Purchasing power parity (PPP): </em>The principle suggests that if the purchasing powers are the same in two different countries, their exchange rates would be in equilibrium.

<em>Happening:</em> When inflation occurs in the US and it occurs more rapidly than in other nations, the currency, the dollar, will be less attractive to other nations. This means that the dollar's exchange rate with the currency of another nation will increase.

Explanation:

Suppose the rate of exchange between pound and dollar is 1 pound= 1.5 dollar before inflation. When inflation happens it may be 1 pound= 2 dollars.

If it has greater buying power, the currency will be demanded more. The US dollar was more requested before inflation, as 1 pound is spent on buying just $1.5. When inflation occurs, the dollar's buying power goes down and it gets less needed. 1 pound is already being spent on that time but to buy more dollars, 2 dollars.

4 0
3 years ago
Other questions:
  • A not-for-profit university operates its college book-store as an auxiliary enterprise. During the year the store has revenues o
    13·1 answer
  • A hurricane destroys 50% of the nation's oil refining capability. aggregate supply will
    6·1 answer
  • car wash services 200 customers in an hour on a lovely Saturday afternoon. The car wash employs 5 washers at​ $6 per hour and us
    14·1 answer
  • Red Mountain, Inc. bonds have a face value of $1,000. The bonds carry a 7 percent coupon, pay interest semiannual, and mature in
    9·1 answer
  • At the beginning of the current year, Snell Co. total assets were $264,000 and its total liabilities were $182,200. During the y
    6·1 answer
  • When an externality is present, the market equilibrium is a. efficient, and the equilibrium maximizes the total benefit to socie
    10·1 answer
  • Golf Guide sells imprinted clothing and accessories for golfers through a catalog. To find new customers, Golf Guide sends a sma
    15·1 answer
  • Assume that the interest rate in the home country of Currency X is a much higher interest rate than the U.S. interest rate. Acco
    6·2 answers
  • You are on your daily jog when a car negligently pulls in front of you. Unable to stop, you run
    6·1 answer
  • Rodriquez Company budgeted the following sales in units: January 30,000 February 20,000 March 40,000 Rodriquez's policy is to ha
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!