An income statement account that is used to record cash overages and cash shortages arising from omitted petty cash receipts and from errors in making change is called the: Cash Lost account Bank Reconciliation account Petty Cash account Cash Over and Short account Cash Receivable account

Management Mar 23, 2021

An income statement account that is used to record cash overages and cash shortages arising from omitted petty cash receipts and from errors in making change is called the:

1. Cash Lost account
2. Bank Reconciliation account
3. Petty Cash account
4. Cash Over and Short account
5. Cash Receivable account

Expert Solution

Answer: d . Cash Over and Short account

Cash over and short account records the overages of cash as well as the shortages of cash. It helps to find out the differences in the petty cash when there is difference in actual cash and the expected amount.

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