Journalizing cash receipts, cash short and over, and posting to the general ledger.
Designer Jewelry Store, a retail business, started business on June 26, 2010. It keeps a $200 change fund in its cash register. The cash receipts for the period from June 26 to June 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 June 26 to June 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 |
June 25 | Cash sales per the cash register tape, $1,200. |
| Cash count, $1,398. |
26 | Cash sales per the cash register tape, $1,350. |
| Cash count, $1,545. |
27 | Cash sales per the cash register tape, $1,302. |
| Cash count, $1,503. |
28 | Cash sales per the cash register tape, $1,282. |
| Cash count, $1,480. |
29 | Cash sales per the cash register tape, $1,189. |
| Cash count, $1,390. |
30 | Cash sales per the cash register tape, $1,318. |
| Cash count, $1,515. |
Analyze: How will the balance in Cash Short and Over on June 30 be reported in the financial statements?
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