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 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 cash register tape, $1,278.
		Cash count, $1,571.
	29	Cash sales per the cash register tape, $1,123.
		Cash count, $1,428.
	30	Cash sales per the cash register tape, $1,364.
		Cash count, $1,657.

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?

General Journal, General Ledger, Analyze

Answer 1

Date	Accounts Title	Debit	Credit
25-Jun	Cash (bal fig)	$1,218.00
	Cash short or over (300+1226-1518)	$8.00
	Sales Revenue		$1,226.00
26-Jun	Cash (bal fig)	$1,329.00
	Cash short or over (300+1336-1629)	$7.00
	Sales Revenue		$1,336.00
27-Jun	Cash (bal fig)	$1,350.00
	Cash short or over (300+1347-1650)		$3.00
	Sales Revenue		$1,347.00
28-Jun	Cash (bal fig)	$1,271.00
	Cash short or over (300+1278-1571)	$7.00
	Sales Revenue		$1,278.00
29-Jun	Cash (bal fig)	$1,128.00
	Cash short or over (300+1123-1428)		$5.00
	Sales Revenue		$1,123.00
30-Jun	Cash (bal fig)	$1,357.00
	Cash short or over (300+1364-1657)	$7.00
	Sales Revenue		$1,364.00

ans 2	Cash Short or over	Account No 620
	Date	Debit	Credit	balance
	25-Jun	$8.00		$8.00
	26-Jun	$7.00		$15.00
	27-Jun		$3.00	$12.00
	28-Jun	$7.00		$19.00
	29-Jun		$5.00	$14.00
	30-Jun	$7.00		$21.00

As an Expense in Income statement

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