At the end of the day,the cash register's record shows $1,050,but the count of cash in the cash register is $1,055.The correct entry to record the cash sales is
A)Debit Cash $1,055;credit Sales $1,055.
B)Debit Cash $1,055;credit Cash Over and Short $5;credit Sales $1,050.
C)Debit Cash $1,050;credit Sales $1050.
D)Debit Cash $1,050;debit Cash Over and Short $5;credit Sales $1,055.
E)Debit Cash Over and Short $5,credit Sales $5.

Question

Quizplus · Accepted Answer

The count of cash in the cash register is higher than the register's record, indicating a cash overage of $5. This should be recorded by debiting Cash $1,055 and crediting Cash Over and Short $5. The sales should be recorded by crediting Sales for the register's recorded amount of $1,050. Therefore, the correct entry is Debit Cash $1,055;credit Cash Over and Short $5;credit Sales $1,050.

At the End of the Day,the Cash Register's Record Shows