The cash register tape for marin industries reported sales of $8,795.50. record the journal entry that would be necessary for each of the following situations. (a) sales per cash register tape exceeds cash on hand by $64.96.(b) cash on hand exceeds cash reported by cash register tape by $36.24

The Journal entries are as follows:

(a)

Cash A/c [$8,795.50 - $64.96]     Dr. $8,730.54

Cash over and short A/c                Dr. $64.96

To sales revenue                                                     $8,795.50

(To record the cash shortage)

(b)

Cash A/c [$8,795.50 + $36.24]    Dr. $8,831.74

To sales revenue                                                     $8,795.50

To Cash over and short A/c                                    $36.24    

(To record the excess cash)          

answer; communication channel;

the answer is "b.the increased supply will create a surplus. "

the essential thought behind price controls is straightforward - utilize the power of law to modify the equilibrium of a market. for instance, the legislature may choose that the steel business needs to survive, and in this way pass a law to set a value floor on steel. this implies all steel sold must offer at or over the floor value, which must be set over the equilibrium cost for it to have any impact. the switch could likewise happen - the administration can choose that steel is excessively costly and set a value roof underneath its equilibrium value, with the goal that all steel must be sold at or beneath that ceiling.