At the end of the day, the cash register tape shows $1,000 in cash sales but the count of cash in the register is $1,035. The proper entry to account for this excess includes a:
A) Credit to Cash for $35.
B) Debit to Cash for $35.
C) Credit to Cash Over and Short for $35.
D) Debit to Cash Over and Short for $35.
E) Debit to Petty Cash for $35.

Question

Quizplus · Accepted Answer

The excess cash in the register is considered a cash overage, which is typically recorded by debiting the Cash Over and Short account.

At the End of the Day, the Cash Register Tape