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A little confused. Help is appreciated. Thanks! Which of the following statements is true regarding the cash over and short account? Select one a. It
A little confused. Help is appreciated. Thanks!
Which of the following statements is true regarding the cash over and short account? Select one a. It is impossible to have cash shortage or overage it employees are paid with cash rather than by cheque. b. If there is a small cash shortage, the entry to account for daily cash sales would include a credit to the cash over or short account C. A credit balance in a cash over or short account shall be considered a liability because the short changed customer will demand return of this amount. d. If the cash over or short account has a debit balance at the end of the accounting period it must be debited to a miscellaneous expense account Step by Step Solution
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