Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Journalizing cash receipts, cash short or over, and posting to the general ledger. Hawaiian Gift Shop, a retail business, started business on April 25, 2019.
Journalizing cash receipts, cash short or over, and posting to the general ledger. Hawaiian Gift Shop, a retail business, started business on April 25, 2019. It keeps a $225 change fund in its cash register. The cash receipts for the period from April 25 to April 30, 2019, are below: INSTRUCTIONS 1. Open the general ledger account for Cash Short or Over, account number 620. 2. Record the cash receipts from April 25 to April 30, 2019, in a general journal. Start the general journal with page 1. 3. Post the amounts for cash short or over in the journal entries to the general ledger. DATE TRANSACTIONS Cash sales per the cash register tape, $1,400 Cash count, $1,624 April 25 26 Cash sales per the cash register tape, $1,050 Cash count, $1,276 Cash sales per the cash register tape, $1,270 Cash count, $1,492 Cash sales per the cash register tape, $1,182 Cash count,$1,411 Cash sales per the cash register tape, $1,092 Cash count,$1,318 27 28 29 30 Cash sales per the cash register tape, $1,217 Cash count, $1,445 Analyze: How will the balance in Cash Short or Over on April 30 be reported in the financial statements
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started