Royal Jewels, a retail business, started business
Question # 00662339
Posted By:
Updated on: 03/17/2018 07:06 AM Due on: 03/17/2018
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, $1,233. |
| Cash count, $1,524. | ||
| 26 | Cash sales per the cash register tape, $1,341. | |
| Cash count, $1,635. | ||
| 27 | Cash sales per the cash register tape, $1,354. | |
| Cash count, $1,656. | ||
| 28 | Cash sales per the cash register tape, $1,283. | |
| Cash count, $1,577. | ||
| 29 | Cash sales per the cash register tape, $1,130. | |
| Cash count, $1,434. | ||
| 30 | Cash sales per the cash register tape, $1,369. | |
| Cash count, $1,663. | ||
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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Rating:
/5
Solution: Royal Jewels, a retail business, started business