Journalizing cash receipts, cash short and over, and posting to the general ledger.
Western Gift Shop, a retail business, started business on April 26, 2010. It keeps a $175 change fund in its cash register. The cash receipts for the period from April 26 to April 30, 2010 are below.
INSTRUCTIONS
1. Open the general ledger account for Cash Short and Over, account number 620.
2. Record the cash receipts from April 26 to April 30, 2010, in a general journal. Start the general journal with page 1.
3. Post the amounts for Cash Short and Over in the journal entries to the general ledger.
DATE | TRANSACTIONS |
April 26 | Cash sales per the cash register tape, $1,300. |
| Cash count, $1,474. |
26 | Cash sales per the cash register tape, $1,050. |
| Cash count, $1,226. |
27 | Cash sales per the cash register tape, $1,230. |
| Cash count, $1,403. |
28 | Cash sales per the cash register tape, $1,182. |
| Cash count, $1,360. |
29 | Cash sales per the cash register tape, $1,082. |
| Cash count, $1,259. |
30 | Cash sales per the cash register tape, $1,217. |
| Cash count, $1,394. |
Analyze: How will the balance in Cash Short and Over on April 30 be reported in the financial statements?
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