At the end of the day, the cash register tape shows $1,000 in cash sales but the count of cash in the register is $1,010. the proper entry to account for this excess is:

Question

Business

Axel Choi

21 December, 00:24

At the end of the day, the cash register tape shows $1,000 in cash sales but the count of cash in the register is $1,010. the proper entry to account for this excess is:

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Eric Hampton · Answer 1

The proper entry to record this is Credit to Cash Over and Short for $10

Credit cash and over is an accounting account that created to anticipate the mistakes that happen during in cash management during company's operation.

Putting the amount of cash as $10 in credit will balance out the excess of the recorded cash.