If the Cash Register Tape at the End of the Shift

question 3

Short Answer

If the cash register tape at the end of the shift shows that the total sales recorded are $1,499 but the cash in the register is $1,425 the Cash Short and Over account is debited/credited with the difference of $74.

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Definitions:

Production Units

The measure of output from a production process, with each unit representing a completed item.

Plant Assets

Long-term tangible assets used in the operation of a business that are not intended for resale, such as machinery, buildings, and vehicles.

Capital Expenditures Budget

The capital expenditures budget outlines the planned spending on assets that have a long term impact on the company, such as buildings, machinery, and equipment.

Cash Budget

A financial plan that estimates cash inflows and outflows over a specified period, often used to assess liquidity.