WebThe 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. WebJun 29, 2024 · An accountant would say we are “debiting” the cash bucket by $300, and would enter the following line into your accounting system: Account. Debit. Credit. Cash. $300. When money flows out of a bucket, …
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WebMay 11, 2024 · Consumers increasingly are using credit or debit cards to pay even for low-cost purchases, such as a cup of coffee, surveys show, and apps such as Venmo and … WebIf a company has advance ticket sales totaling 2,000,000 for the upcoming soccer season, the receipt of cash would be journalized as: A: Debit cash, credit revenue B: Debit sales, credit unearned revenue C: Debit unearned revenue, credit sales D: Debit unearned revenue cash E: Debit Cash, credit Unearned Revenue This problem has been solved! metricon display homes vic
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WebApr 9, 2024 · In case of a journal entry for cash sales, a cash account and sales account are used. The person who owes the money is called a “debtor” and the amount owed … WebDebit and credit journal entry for cash sales In realistic terms, the total of the transaction will not all be the company’s revenue as it will also involve sales tax which is a liability. Therefore, a company must credit its sales … WebNov 25, 2024 · In this case the asset of cash has increased by 980 and the income statement has been credited with sales of 1,000 and credit card fees of 20. The 980 credit to the income statement increases the net … how to adjust a shotgun scope