Final answer:
The journal entry for a cashier who rang up $5,096 in sales but has $5,100 to deposit would include a debit to Cash for $5,100 and credits to Sales Revenue for $5,096 and Miscellaneous Income for the $4 overage, ensuring the ledger correctly reflects the deposit.
Step-by-step explanation:
If a cashier rang up sales totaling $5,096, but had $5,100 to deposit, the likely journal entry to record the transactions would involve two accounts: Cash and Sales Revenue. Since there is more cash than sales revenue, the difference would typically be recorded in an account that reflects overages or miscellaneous income. Here's how the entry might look:
Debit Cash $5,100 (because cash is an asset, and the asset increased)
Credit Sales Revenue $5,096 (to record the actual sales)
Credit Miscellaneous Income or Overages $4 (to balance the entry since we have $4 more in cash than what was made in sales)
In business, this scenario could happen due to reasons such as a cashier receiving tips included with payments or simply a recording mistake. The additional $4 should be accounted for properly to reflect accurate financial records. This entry ensures that the company's ledger correctly reflects the total amount of cash that should be deposited into the bank.