Question

Item9 10 points Time Remaining 42 minutes 16 seconds00:42:16 PrintItem 9Item 9 10 points Time Remaining 42 minutes 16 seconds00:42:16 TB MC Qu. 06-99 At the end of the day... At the end of the day, the cash register's record shows $1,282, but the count of cash in the cash register is $1,261. The correct entry to record the cash sales is Multiple Choice Debit Cash $1,261; debit Cash Over and Short $21; credit Sales $1,282. Debit Cash Over and Short $21, credit Sales $21. Debit Cash $1,261; Credit Sales $1,261. Debit Cash $1,282; credit Sales $1,282. Debit Cash $1,282; credit Cash Over and Short $1,261; credit Sales $21.

Answer 1

Answer: Debit Cash $1,261; debit Cash Over and Short $21; credit Sales $1,282.

Explanation:

The total that is being shown by the cash register will be the sales for the day so $1,282 should be credited to the Sales account.

The actual cash in hand will be debited to the Cash account which means it will be debited by $1,261.

The difference between the sales and the actual cash on hand will be debited to an account called the Cash Over and Short amount which is an expense account used to account for differences in cash amounts.