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The cash register tape for Kingbird Industries reported sales of $10,032.30. Record the journal entry that would be necessary for each of the following situations. (a) Sales per cash register tape exceeds cash on hand by $74.90. (b) Cash on hand exceeds cash reported by cash register tape by $41.34

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Answer:

(a)

Dr Cash $10,032.30

Cr Cash Over and Short$74.90

Cr Sales Revenue $10,107.2

(b)

Dr Cash $10,148.54

CrSales Revenue$10,107.2

Cr Cash Over and Short$41.34

Explanation:

Kingbird Industries

(a)

Dr Cash $10,032.30

Cr Cash Over and Short$74.90

Cr Sales Revenue $10,107.2

($10,032.30+$74.90)

(b)

Dr Cash $10,148.54

(10,107.2+$41.34)

CrSales Revenue$10,107.2

Cr Cash Over and Short$41.34

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