Answer:
1.Dr Cash $430
Dr Cash Over and Short $10
Cr Sales $420
2.Dr Cash $980
Dr Cash Over and Short $8
Cr Sales $972
Explanation:
Preparation of the journal entry for Sales and for Cash Over and Short for each of the following separate situations.
1. Since the cash register's record already shows $420 of the cash sales in which the count of cash in the register was $430 this means we have to record the transaction as:
Dr Cash $430
Dr Cash Over and Short $10
($430-$420)
Cr Sales $420
2.. Since the cash register's record already shows $972 of the cash sales in which the count of cash in the register was $980 this means we have to record the transaction as:
Dr Cash $980
Dr Cash Over and Short $8
($980-$972)
Cr Sales $972
