Candys Cupcakes, a retail business, started business on June 25, 20X1. It keeps a $300 change fund
Question:
Candy’s Cupcakes, a retail business, started business on June 25, 20X1. It keeps a $300 change fund in its cash register. The cash receipts for the period from June 25 to June 30, 20X1, are below.
INSTRUCTIONS
1. Open the general ledger account for Cash Short or Over, account number 620.
2. Record the cash receipts from June 25 to June 30, 20X1, in a general journal. Start the general journal with page 1.
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?
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Related Book For
College Accounting A Contemporary Approach
ISBN: 9781260780352
5th Edition
Authors: David Haddock, John Price, Michael Farina
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