multiple choice question the cash in a cash register equaled $100, but the record of cash receipts/sales…

multiple choice question the 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. debit cash $102 and credit sales $102. debit cash $102; credit cash over and short $2; and credit sales $100. debit cash $100; credit cash over and short $2; and credit sales $102. debit cash $100; debit cash over and short $2; and credit sales $102. need help? review these concept resources.

multiple choice question the 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. debit cash $102 and credit sales $102. debit cash $102; credit cash over and short $2; and credit sales $100. debit cash $100; credit cash over and short $2; and credit sales $102. debit cash $100; debit cash over and short $2; and credit sales $102. need help? review these concept resources.

Answer

Brief Explanations:

When recording cash sales, the actual cash received is debited. Here, the cash in the register is $100, so Cash is debited for $100. The sales amount is $102, so Sales is credited for $102. The difference of $2 ($102 - $100) is a cash shortage which is debited to the Cash Over and Short account.

Answer:

Debit Cash $100; debit Cash Over and Short $2; and credit Sales $102.