Question

At the end of business on September 1, the total displayed on the cash register tape shows $1,059 of cash sales for the day. However, when the clerk and the supervisor count the cash in the register, the count reveals that $1,050 was actually collected from customers.
Complete the following journal entry by selecting the account names and dollar amounts from the drop-down menus.
Date Account Title Debit Credit
Sept. 1 select select select
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Answer 1

Answer:

Debit Cash for $1,050; Debit Cash over and short for $9; and Credit Sales for $1,059.

Explanation:

The journal entries will look as follows:

Date            Account Title                         Debit ($)             Credit ($)  

Sept 1          Cash                                           1,050

                   Cash over and short (w.1)               9

                   Sales                                                                      1,059

                   To record cash over and short for the day.                            

Working:

w.1:    Cash over and short = Cash recorded - Actual cash collected  = $1,059 - $1,050 = $9