Which of the following is not a correct statement regarding the Cash Shortage account?
A. It account normally has a debit balance.
B. It is reported on the balance sheet.
C. It is reported as a miscellaneous expense.
D. If the recorded cash exceeds the cash counted, a shortage exists.
Answer:B
Which of the following is not a correct statement regarding the Cash Shortage account?
A. It account normally has a debit balance. B. It is reported on the balance sheet. C. It is reported as a miscellaneous expense. D. If the recorded cash exceeds the cash counted, a shortage exists.