A credit balance in the Cash Short and Over account represents a shortage of cash and...
A credit balance in the Cash Short and Over account represents a shortage of cash and would be treated as an expense.
True or False
Homework Answers
Answer
--Cash Short and Over account is an EXPENSE account and hence its normal balance is a DEBIT.
--When cash is found to be short, the Cash short and Over account is debited.
--A credit balance in the Cash Short and Over account hence, DOES NOT MEAN a shortage of Cash. The Debit balance only represents a shortage of Cash.
--Hence, the statement is FALSE.
Add Answer to:
A credit balance in
the Cash Short and Over account represents a shortage of cash and...
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1. 2. an expense account normally has a credit balance - T / F ? 3....
1.
2. an expense account normally has a credit balance - T / F
?
3. The financial statement that summarizes how equity changes
over the reporting period is called the balance sheet. true or
false
4.
The Dividends account is normally closed by debiting it. - true
or false
Use the following information as of December 31 to determine equity. Cash Buildings Equipment Liabilities $ 57,000 175,000 206,000 141,000 Multiple Choice $57,000 O $141,000 $297,000. O $438,000. $579,000.
1. The debit balance in Cash Short and Over at the end of an accounting period is reported as
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13&14) Question 13 2 pts The debit balance in Cash Short and Over at the end...
13&14)
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If the Cash account has a credit balance, which of the following statements is true? 1...
If the Cash account has a credit balance, which of the following
statements is true?
1
An error has occurred and must be corrected before financial
statements can be prepared.
2
Debit postings exceed the credit postings for the accounting
period.
3
The account needs to be analyzed to determine the reason for the
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4
This is the normal balance for cash.
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A petty cash fund was established with a $575 balance. It currently has cash of $45...
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1.
2. an expense account normally has a credit balance - T / F
?
3. The financial statement that summarizes how equity changes
over the reporting period is called the balance sheet. true or
false
4.
The Dividends account is normally closed by debiting it. - true
or false
Use the following information as of December 31 to determine equity. Cash Buildings Equipment Liabilities $ 57,000 175,000 206,000 141,000 Multiple Choice $57,000 O $141,000 $297,000. O $438,000. $579,000.
13&14)
Question 13 2 pts The debit balance in Cash Short and Over at the end of an accounting period is reported as O an expense on the income statement income on the income statement an asset on the balance sheet a liability on the balance sheet Question 14 2 pts A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695. What entry is required in the company's accounts? debit...
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statements is true?
1
An error has occurred and must be corrected before financial
statements can be prepared.
2
Debit postings exceed the credit postings for the accounting
period.
3
The account needs to be analyzed to determine the reason for the
credit balance.
4
This is the normal balance for cash.
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