If a Cashier Rang Up Sales Totaling $5,096,but Had $5,100

question 187

Multiple Choice

If a cashier rang up sales totaling $5,096,but had $5,100 to deposit,which journal entry would be recorded?

• A) A debit to Cash for $5,100, a credit to Cash Overage for $4, and a credit to Sales Revenue for $5,096.
• B) A debit to Sales for $5,100, a debit to Cash Overage for $4, and a credit to Cash for $5,096.
• C) A debit to Cash for $5,096, a debit to Cash Shortage for $4, and a credit to Sales Revenue for $5,100.
• D) A debit to Cash for $5,096, a debit to Cash Shortage for $4, and a credit to Unearned Revenue for $5,100.

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Definitions:

Deficit

A financial situation where expenses exceed revenues, income, or assets for a certain period, often referring to government budgets.

Federal Budget Deficit

The financial situation where the government's expenditures exceed its revenues in a given fiscal year, leading to borrowing.

Fiscal Year

Budget year. U.S. federal budget fiscal year begins on October 1.

Automatic Stabilizers

Economic policies and programs, like unemployment benefits and progressive taxation, that automatically help stabilize economic fluctuations without direct governmental intervention.