Royal Jewels, a retail business, started business on June 25, 2019. It keeps a $
ID: 1159341 • Letter: R
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, $1,221. Cash count, $1,513. 26 Cash sales per the cash register tape, $1,331. Cash count, $1,624. 27 Cash sales per the cash register tape, $1,342. Cash count, $1,645. 28 Cash sales per the cash register tape, $1,273. Cash count, $1,566. 29 Cash sales per the cash register tape, $1,118. Cash count, $1,423. 30 Cash sales per the cash register tape, $1,359. Cash count, $1,652. 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?
Need general journal, General ledger, and Analyze
Explanation / Answer
Date Accounts Title Dr Cr 25-Jun Cash (bal fig) $1,217 Cash short or over (300+1227-1517) 10 Sales Revenue $1,227 26-Jun Cash (bal fig) $1,328 Cash short or over (300+1337-1628) 9 Sales Revenue $1,337 27-Jun Cash (bal fig) $1,349 Cash short or over (300+1345-1649) 4 Sales Revenue $1,345 28-Jun Cash (bal fig) $1,270 Cash short or over (300+1279-1570) 9 Sales Revenue $1,279 29-Jun Cash (bal fig) $1,428 Cash short or over (300+1126-1427) 1 Sales Revenue $1,427 30-Jun Cash (bal fig) $1,356 Cash short or over (300+1365-1656) 9 Sales Revenue $1,365 ans 2 Cash Short or over Account No 620 Date Dr Credit balance 25-Jun 10 10 26-Jun 9 19 27-Jun 4 15 28-Jun 9 24 29-Jun 1 23 30-Jun 9 32 ans
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