The Aristocrat’s Jewels, a retail business, started business on June 25, 2016. It keeps a $300 change fund in its cash register. The cash receipts for the period from June 25 to June 30, 2016 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, 2016, 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.

DATETRANSACTIONS

June 25Cash sales per the cash register tape, $1,227.

Cash count, $1,521.

26Cash sales per the cash register tape, $1,340.

Cash count, $1,632.

27Cash sales per the cash register tape, $1,348.

Cash count, $1,653.

28Cash sales per the cash register tape, $1,282.

Cash count, $1,574.

29Cash sales per the cash register tape, $1,129.

Cash count, $1,431.

30Cash sales per the cash register tape, $1,368.

Cash count, $1,660.

Analyze:

How will the balance in Cash Short or Over on June 30 be reported in the financial statements?