Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

If a cashier rang up sales totaling $5,098, but had $5,105 to deposit, which journal entry would be recorded? A debit to Cash for $5,105

If a cashier rang up sales totaling $5,098, but had $5,105 to deposit, which journal entry would be recorded?

A debit to Cash for $5,105 a credit to Cash Overage for $7 and a credit to Sales Revenue for $5,098.

A debit to Sales for $5,105 a debit to Cash Overage for $7 and a credit to Cash for $5,098

A debit to Cash for $5,098 a debit to Cash Shortage for $7 and a credit to Sales Revenue for $5,105.

A debit to Cash for $5,098 a debit to Cash Shortage for $7 and a credit to Unearned Revenue for $5,105.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Corporate Finance

Authors: Stephen Ross, Randolph Westerfield, Jeffrey Jaffe, Gordon Roberts, Hamdi Driss

8th Canadian Edition

01259270114, 9781259270116

More Books

Students also viewed these Finance questions

Question

Differentiate between marketing and sales functions. LO3

Answered: 1 week ago