Question
Royal Jewels, a retail business, started business on June 25, 2019. It keeps a $300 change fund in its cash register. The cash receipts for
Royal Jewels, a retail business, started business on June 25, 2019. It keeps a $300 change fund in its cash register. The cash receipts for the period from June 25 to June 30, 2019 are below.
DATE | TRANSACTIONS | |
June | 25 | Cash sales per the cash register tape, $1,327. |
|
| Cash count, $1,621. |
| 26 | Cash sales per the cash register tape, $1,390. |
|
| Cash count, $1,682. |
| 27 | Cash sales per the cash register tape, $1,358. |
|
| Cash count, $1,663. |
| 28 | Cash sales per the cash register tape, $1,282. |
|
| Cash count, $1,574. |
| 29 | Cash sales per the cash register tape, $1,129. |
|
| Cash count, $1,431. |
| 30 | Cash sales per the cash register tape, $1,569. |
|
| Cash count, $1,860. |
Required:
Record the cash receipts from June 25 to June 30, 2019, in a general journal.
Post the amounts for Cash Short or Over in the journal entries to the general ledger.
Analyze: How will the balance in Cash Short or Over on June 30 be reported in the financial statements?
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