Suppose that company noted a discrepancy whereby the amount of cash deposited in the bank account exceeded the amount included as cash sales on the cash register tapes. This overage should be recorded as a(n):
A) debit to Cash Over and Short.
B) credit to Cash Over and Short.
C) increase in Petty Cash.
D) increase in Accounts Receivable.

Question

Quizplus · Accepted Answer

The overage should be credited to Cash Over and Short to account for the excess cash deposited compared to recorded sales.

Suppose That Company Noted a Discrepancy Whereby the Amount of Cash