Question

The cash in a cash register equaled $100, but the record of cash receipts/sales equaled $102. Determine which of the following entries is correct to record cash sales and the shortage.

A. Debit Cash $102 and credit Sales $102.
B. Debit Cash $100; debit Cash Over and Short $2; and credit Sales $102.
C. Debit Cash $102; credit Cash Over and Short $2; and credit Sales $102.
D. Debit Cash $100; credit Cash Over and Short $2; and credit Sales $102.

Answer 1

Answer: B. Debit Cash $100; debit Cash Over and Short $2; and credit Sales $102.

Step-by-step explanation: