Asked by morgan lewallen on Jun 04, 2024
Verified
A debit balance in Cash Over and Short is reported as a
A) contra asset.
B) miscellaneous asset.
C) miscellaneous expense.
D) miscellaneous revenue.
Cash Over And Short
An account that records discrepancies between the actual amount of cash received and the expected amount based on sales records.
Miscellaneous Expense
Expenses that do not neatly fit into specific categories, often minor in nature and not regularly recurring.
Contra Asset
An account on a company's balance sheet that offsets against an asset account on the same balance sheet.
- Identify procedures for handling and recording cash transactions.
Verified Answer
Learning Objectives
- Identify procedures for handling and recording cash transactions.
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