(I know that the balance in Cash Short and Over is reported on the income statement and if the balance is insignificant, the account balance will likely be reported as part of a miscellaneous expense...)
My Cash Short and Over account turned out to be insignificant, what should I do to make it a Misc. Expense on the Income Statement?
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|||It depends on whether you were over or short (you didn't say).
If you are short, you could:
Dr Miscellaneous Expense
Cr Over/Short
If you are over, you could:
Dr Over/Short
Cr Other Revenue
In either case the Over/Short account will be reduced to zero and either expenses or revenues will be increased.
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