Question

At the end of the day, the cash register tape shows $1,300 in cash sales, but the count of cash in the register is $1,385. The proper entry to account for this excess is:_____.
A. Debit Cash $1.300; debit Cash over and short for $85: credit sales $1.385.
B. Debit Cash over and short $85; credit Cash $85.
C. Debit Cash $1, 385: credit sales $1, 300: credit Cash Over and Short $85.
D. Debit Cash $1.385; credit Sales $1.385.
E. Debit Cash $1.300; credit Sales $1.300.

Answer 1

Answer:

C. Debit Cash $1, 385: credit sales $1, 300: credit Cash Over and Short $85.

Explanation:

Based on the information given The proper entry to account for this excess is:

Debit Cash $1,385

Credit Sales $1,300

Credit Cash Over and Short $85

($1,385-$1,300)