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The accountant for Ye Olde Bookstore balanced out the cash register for the day. The company began the day with $125 and ended the day
The accountant for Ye Olde Bookstore balanced out the cash register for the day. The company began the day with $125 and ended the day with $1,150.25 in the cash drawer. That day's cash register tape shows $1,031.50 in cash sales. What is the effect on the financial statements of recording the day's sales and any related overage or shortage? Balance Sheet Income Statement = + A. B. C. Assets 1,150.25 1,031.50 1,025.25 1,025.25 Liabilities N/A N/A N/A N/A Stockholders' Equity 1,150.25 1,031.50 1,025.25 1,025.25 Revenue 1,150.25 1,031.50 1,031.50 1,025.25 Expense N/A N/A N/A N/A Net Income 1,150.25 1,031.50 1,025.25 1,025.25 Statement of Cash Flows 1,150.25 OA 1,031.50 OA 1,025.25 OA 1,025.25 FA D. Multiple Choice O Option A Option B O O Option C O Option D
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