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Chapter 9-3

QuestionAnswer
Cash short A petty cash on hand amount that is less than a recorded amount
Cash over A petty cash on hand amount that is more than a recorded amount
When the petty cash box does not come out even (either over or under), this amount is recorded in what account? Cash short and over
Cash short and over account is what kind of account? Temporary-closed at the end of each month to income summary
What is the balance of Cash short and over account? It can be either but it is NORMALLY a debit balance because the petty cash is normally short as opposed to over
What is done to a special journal at the end of the month? It is proved and ruled
Created by: lbeddow