On June 4, Marie Co. had cash sales rung up by cashiers totaling $163,800. Cash in the drawer was counted and found to be $165,000. The journal entry to record the day's sales would include a:

A. debit to Cash for $163,800.
B. debit to Sales Revenue for $163,800.
C. credit to Cash Overage for $1,200.
D. credit to Sales Revenue for $165,000.


Answer: C

Business

You might also like to view...

Historically, the only legal protection a consumer had against a seller that engaged in deceit during a sale was a common law suit for fraud.

Answer the following statement true (T) or false (F)

Business

African slaves made up what percentage of the population of the United States at its inception?

a. 5 percent b. 10 percent c. 15 percent d. 20 percent

Business

Describe referent power and give an example.

What will be an ideal response?

Business

The rate of return on common shareholders' equity

a. will exceed the rate of return on assets whenever the rate of return on assets exceeds the after-tax cost of borrowing and any dividends required for preferred shareholders. b. will not exceed the rate of return on assets whenever the rate of return on assets exceeds the after-tax cost of borrowing and any dividends required for preferred shareholders. c. will always exceed the rate of return on assets. d. will never exceed the rate of return on assets. e. none of the above

Business