Video Buster had $62 in extra cash at the end of the day.The correct procedure is:
A) Credit Cash for $62.
B) Debit Cash for $62.
C) Credit Cash Over and Short for $62.
D) Debit Cash Over and Short for $62.
E) Debit Petty Cash for $62.

Question

Quizplus · Accepted Answer

The $62 in extra cash is considered a Cash Over and Short, which is a separate account used to record any discrepancies in the amount of cash expected versus the actual amount of cash counted. Therefore, the correct procedure is to credit Cash Over and Short for $62.

Video Buster Had $62 in Extra Cash at the End