At the End of the Day,the Cash Register Tape Shows

question 123

Multiple Choice

At the end of the day,the cash register tape shows $1,020 in cash sales but the count of cash in the register is $1,035.The proper entry to account for this excess is:

• A)Debit Cash $1,020;credit Sales $1,020.
• B)Debit Cash $1,035;credit Sales $1,035.
• C)Debit Cash $1,035;credit Sales $1,020;credit Cash Over and Short $15.
• D)Debit Cash $1,020;debit Cash Over and Short for $15;credit Sales $1,035.
• E)Debit Cash Over and Short $15;credit Cash $15.

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Definitions:

Monopolistic Competition

A market structure characterized by many firms selling products that are similar but not identical, allowing for slight differentiation and some price control.

Product Differentiation

The method of differentiating a product or service from its competitors in the marketplace to increase its appeal to a specific target audience.

Monopolistic Competitor

A firm operating in a monopolistic competition market, offering a unique product but competing with several other firms in terms of price, quality, and branding.

Elastic Demand Curve

A representation of the demand for goods or services that are very sensitive to changes in price, indicating that a small change in price leads to a large change in quantity demanded.