Level 3

Cash sales question over and under

sales over and under

Sales sheet comes in each day we record it something like this:

 

DR Sales Clearing 

CR Sales

When the money comes in 

DR bank

CR sales Clearing

-We record the cash sales however on a spreadsheet, so each day whatever the sales sheet shows us

is CASH we record it.  Then each day the CASH is deposited into the bank

So end of month we have a list of each cash sale and each deposit

If the cash deposited for the month is OVER what should the transaction be?

DR over n under

CR sales clearing?

 

If the Cash is under should it be?

DR sales clearing

DR over n under?

 

I"m confusing myself. 

Solved