On what statement would a credit balance in cash over and short be reported?

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Lera Steuber asked a question: On what statement would a credit balance in cash over and short be reported?
Asked By: Lera Steuber
Date created: Mon, May 17, 2021 7:22 AM
Date updated: Sat, Oct 1, 2022 11:51 AM

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Top best answers to the question «On what statement would a credit balance in cash over and short be reported»

Cash over and short appears on the income statement as a miscellaneous expense if the account has a debit balance or as a miscellaneous revenue if the account has a credit balance.

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11) A credit balance in the Cash Short and Over account appears on the: A) balance sheet as a current asset. B) income statement as other revenue. C) income statement as a miscellaneous expense. D) balance sheet as a current liability. 12) Cash sales for the day amount to $1,553.83. The cash count of the cash register amounts to $1,554.95.

When a company writes checks out totaling more than the amount of cash available, the cash account would have a credit balance. Deposits Not Recorded The company’s cash account might reflect a credit balance if a deposit made has not been recorded on the check register.

A credit balance in cash short and over represents a cash overage on certain cash fund, which is reported as part of the "Other Income"... See full answer below. Become a member and unlock all ...

The cash over and short account is an expense account, and so is usually aggregated into the "other expenses" line item in the income statement. The balance in the account tends to be quite small. A larger balance in the account is more likely to trigger an investigation, while it may not be cost-effective to investigate a small balance. Example of How the Cash Over and Short Account is Used

Solved Expert Answer to 31. A credit balance in Cash Over and Short is reported as a(n) (Points : 3) asset. liability. miscellaneous expense. miscellaneous revenue. Q

The account Cash Short and Over is an income statement account (within a company's general ledger) in which shortages or overages of cash are recorded. The Cash Short and Over account might be used by: A bank to record daily differences (if any) between a teller's actual cash at the end of the day versus the expected amount of cash based on checks cashed, deposits received, etc. A company to record unexplained differences arising when a company's petty cash fund is replenished; The account ...

A credit balance in the Petty Cash Cash Over and Short account is reported as from AA 1

The debit balance in cash short and over at the end of an accounting period is reported as. an expense on the income statement. income on the income statement. an asset on the balance sheet. a liability on the balance sheet. Answer+20.

The one-dollar difference goes to the cash over and short account. The journal entry to record this sale would debit cash for $101, credit sales for $100, and credit cash over short for one-dollar. The opposite is true about transactions that produce cash shortages.

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