Question
In: Accounting
Royal Jewels, a retail business, started business on June 25, 2019. It keeps a $300 change...
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?
Solutions
ekkarill92 answered 2 years agoRelated Solutions
Royal Jewels, a retail business, started business on June 25, 2019. It keeps a $300 change...
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, $1,237.
Cash count, $1,527.
26
Cash sales per the cash register tape, $1,347.
Cash count, $1,638.
27
Cash sales per the cash register tape, $1,355.
Cash count, $1,659.
28
Cash sales per the...
Royal Jewels, a retail business, started business on June 25, 2019. It keeps a $300 change...
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, $1,222.
Cash count, $1,516.
26
Cash sales per the cash register tape, $1,335.
Cash count, $1,627.
27
Cash sales per the cash register tape, $1,343.
Cash count, $1,648.
28
Cash sales per the...
Royal Jewels, a retail business, started business on June 25, 2019. It keeps a $300 change...
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,
$1,231. Cash count, $1,523. 26 Cash sales per the cash register
tape, $1,341. Cash count, $1,634. 27 Cash sales per the cash
register tape, $1,352. Cash count, $1,655. 28 Cash sales per the...
Royal Jewels, a retail business, started business on June 25, 2019. It keeps a $300 change...
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, $1,226.
Cash count, $1,518.
26
Cash sales per the cash register
tape, $1,336.
Cash count, $1,629.
27
Cash sales per the cash register
tape, $1,347.
Cash count, $1,650.
28
Cash sales per the...
Royal Jewels, a retail business, started business on June 25, 2019. It keeps a $300 change...
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, $1,227.
Cash count, $1,517.
26
Cash sales per the cash register tape, $1,337.
Cash count, $1,628.
27
Cash sales per the cash register tape, $1,345.
Cash count, $1,649.
28
Cash sales per the...
The cash payments of The Aristocrats Jewels, a retail business, for June and the general ledger...
The cash payments of The Aristocrats Jewels, a retail business,
for June and the general ledger accounts used to record these
transactions appear below.
GENERAL LEDGER ACCOUNTS
101
Cash
$
46,740
Dr.
105
Petty Cash
Fund
129
Supplies
1,160
Dr.
201
Notes
Payable
4,200
Cr.
205
Accounts
Payable
19,880
Cr.
231
Sales Tax
Payable
5,200
Cr.
302
Larry Jennings,
Drawing
451
Sales Returns
and Allowances
504
Purchases
Discounts
611
Delivery
Expense
620
Rent
Expense
623
Salaries
Expense
626
Telephone
Expense...
In June 2001 the retail price of a 25-kilogram bag of cornmeal was $8 in Zambia;...
In June 2001 the retail price of a 25-kilogram bag of cornmeal
was $8 in Zambia; by December the price had risen to $11.† The
result was that one retailer reported a drop in sales from 14 bags
per day to 2 bags per day. Assume that the retailer is prepared to
sell 4 bags per day at $8 and 16 bags per day at $11. Find linear
demand and supply equations, and then compute the retailer's
equilibrium price.
In June 2001 the retail price of a 25-kilogram bag of cornmeal was $8 in Zambia;...
In June 2001 the retail price of a 25-kilogram bag of cornmeal
was $8 in Zambia; by December the price had risen to $11.† The
result was that one retailer reported a drop in sales from 14 bags
per day to 2 bags per day. Assume that the retailer is prepared to
sell 4 bags per day at $8 and 16 bags per day at $11. Find linear
demand and supply equations, and then compute the retailer's
equilibrium price.
X Company started business on June 1 and prepares monthly financial statements. The following were June...
X Company started business on June 1 and prepares monthly
financial statements. The following were June transactions:
received $45,000 from a group of investors
bought $8,413 of merchandise, $3,920 for cash and $4,493 on
account
sales were $42,400, of which $38,115 were for cash and $4,285
were on account; Cost of Goods Sold was $23,744
paid $3,785 to suppliers for merchandise previously bought on
account
collected $2,571 from customers on account
paid expenses totalling $8,222
4. What were total assets...
Retail operations and retail inventory ‘Splash Out The Back’ began business on 1 November 2019. The...
Retail operations and retail inventory ‘Splash Out The Back’
began business on 1 November 2019. The business has been set up as
a partnership between Mr. and Mrs. Fisher. It operates an online
store, selling inflatable swimming pools to the public, for use in
back yards. The business began by selling one particular model of
inflatable swimming pool but will look to expand the product lines
that it sells within the next year. The business is registered for
GST. The...
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