Royal Jewels, a retail business, started business on June 25, 2019. It keeps a $

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, $1,237. Cash count, $1,530.
June 26: Cash sales per the cash register tape, $1,351. Cash count, $1,641.
June 27: Cash sales per the cash register tape, $1,361. Cash count, $1,662.
June 28:   Cash sales per the cash register tape, $1,293. Cash count, $1,583.
June 29 Cash sales per the cash register tape, $1,137. Cash count, $1,440. June 30 Cash sales per the cash register tape, $1,379. Cash count, $1,669.
Required: 2. Record the cash receipts from June 25 to June 30, 2019, in a general journal. 3. 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? 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, $1,237. Cash count, $1,530.
June 26: Cash sales per the cash register tape, $1,351. Cash count, $1,641.
June 27: Cash sales per the cash register tape, $1,361. Cash count, $1,662.
June 28:   Cash sales per the cash register tape, $1,293. Cash count, $1,583.
June 29 Cash sales per the cash register tape, $1,137. Cash count, $1,440. June 30 Cash sales per the cash register tape, $1,379. Cash count, $1,669.
Required: 2. Record the cash receipts from June 25 to June 30, 2019, in a general journal. 3. 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? 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, $1,237. Cash count, $1,530.
June 26: Cash sales per the cash register tape, $1,351. Cash count, $1,641.
June 27: Cash sales per the cash register tape, $1,361. Cash count, $1,662.
June 28:   Cash sales per the cash register tape, $1,293. Cash count, $1,583.
June 29 Cash sales per the cash register tape, $1,137. Cash count, $1,440. June 30 Cash sales per the cash register tape, $1,379. Cash count, $1,669.
Required: 2. Record the cash receipts from June 25 to June 30, 2019, in a general journal. 3. 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? Cumecthineducation.com/flow/connect.html Student Success T...Mac File help Daily Tarot Reading.. Imported From Safari Microsoft Office Ho... QBusine ignment Saved General Journal General Ledger Analyze Record the cash receipts in a general journal View transaction list Journal entry worksheet Cash sales per the cash register tape, $1,237. Cash count, $1,530. Note: Enter debits before credits Date Debit Credit Jun 25, 2019 Record entry Clear entry View general journal

Explanation / Answer

Date Accounts Title Dr Cr 25-Jun Cash (bal fig) $1,230 Cash short or over (300+1237-1530) 7 Sales Revenue $1,237 26-Jun Cash (bal fig) $1,341 Cash short or over (300+1351-1641) 10 Sales Revenue $1,351 27-Jun Cash (bal fig) $1,362 Cash short or over (300+1361-1662) 1 Sales Revenue $1,361 28-Jun Cash (bal fig) $1,283 Cash short or over (300+1293-1583) 10 Sales Revenue $1,293 29-Jun Cash (bal fig) $1,140 Cash short or over (300+1137-1440) 3 Sales Revenue $1,137 30-Jun Cash (bal fig) $1,369 Cash short or over (300+1379-1669) 10 Sales Revenue $1,379 ans 2 Cash Short or over Account No 620 Date Dr Credit balance 25-Jun 7 7 26-Jun 10 17 27-Jun 1 16 28-Jun 10 26 29-Jun 3 23 30-Jun 10 33 ans It is reported as an expense on income statement 33

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