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1.On June 4, Marie Co. had cash sales rung up by cashiers totaling $163,800. Cash in...

1.On June 4, Marie Co. had cash sales rung up by cashiers totaling $163,800. Cash in the drawer was counted and found to be $165,000. The journal entry to record the day's sales would include a:

A) debit to Cash for $163,800.

B) credit to Cash Overage for $1,200.

C) credit to Sales Revenue for $165,000.

D) debit to Sales Revenue for $163,800.

2.Which of the following is one of the internal control functions performed by a cash register?

A) Comparison of cash in register with cash count sheet.

B) Document the amount charged for each item sold.

C) Ensure sales are properly recorded in the accounting system.

D) Perform the bank reconciliation.

3.Which of the following is a correct statement regarding the Cash Shortage account?

A) The account normally has a credit balance.

B) If the recorded cash exceeds the cash counted, a shortage exists.

C) It is reported as a miscellaneous revenue.

D) It is reported on the balance sheet.

Business   Accounting   
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Homework Answers

Answer #1

Answer:-1)- The journal entry to record the day's sales would include a: credit to Cash Overage for $1,200 (Option B).

Explanation:- Cash would be debited for $165000, sales credited for $163000, and cash overage credited for $1200.

2)- The following is one of the internal control functions performed by a cash register:- Document the amount charged for each item sold.

Explanation:- Internal control functions performed by a cash register:-

1. Document total cash sales

2. Document amount charged for each item sold

3. Restrict access

3)- The following is a correct statement regarding the Cash Shortage account:- If the recorded cash exceeds the cash counted, a shortage exists.

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