Question

Question 5 (0.2 points) 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 $1,010. The proper entry to account for this excess is: Debit Cash $1.000; credit Sales $1.000. Debit Cash $1.010; credit Sales $1.010. Debit Cash $1,010: credit Sales $1.000: credit Cash Over and Short $10. Debit Cash $1,000; debit Cash Over and Short for $10: credit Sales $1.010. Debit Cash Over and Short $10: credit Cash $10.

Answer 1

(5): The answer will be the 3^rd option i.e. Debit cash $1,010; credit Sales $1,000; credit Cash over and short $10.

Explanation: Here there is excess cash to the amount of $10 (1010-1000) and so cash over and short account will be credited with the excess amount.

(6): The answer is $14,837.

Calculations:

Bank balance	14,237.00	Book balance	13,162.00
+ Deposit in transit	4,500.00	+Note receivable	1,725.00
-Outstanding checks	3,900.00	-Bank service fees	50.00
Adjusted balance	14,837.00	Adjusted balance	14,837.00