babychanti
babychanti babychanti
  • 23-01-2021
  • Business
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3. Cash Short and Over is classified as a(n) (A) asset. (B) liability. (C) expense.
(D) equity.

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Samawati
Samawati Samawati
  • 25-01-2021

Answer:

(C) expense

Explanation:

Cash over and short are treated as business expenses. They are recorded in the cash and over the account.  It means businesses have cash and over an account in the General ledger.

Since the cash over and short account is an expenses account, cash over is debited, while a short is credited.

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