Western Gift Shop, a retail business, started business on April 25, 2016. It keeps a $22 Change
Question:
Western Gift Shop, a retail business, started business on April 25, 2016. It keeps a $22 Change fund in its cash register. The cash receipts for the period from April 25 to April 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 April 25 to April 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
April 25Cash sales per the cash register tape, $1,300.
Cash count, $1,524.
26Cash sales per the cash register tape, $1,050.
Cash count, $1,276.
27Cash sales per the cash register tape, $1,230.
Cash count, $1,452.
28Cash sales per the cash register tape, $1,182.
Cash count, $1,411.
29Cash sales per the cash register tape, $1,082.
Cash count, $1,308.
30Cash sales per the cash register tape, $1,217.
Cash count, $1,444.
Analyze:
How will the balance in Cash Short or Over on April 30 be reported in the financial statements?
Step by Step Answer:
College Accounting A Contemporary Approach
ISBN: 978-0077639730
3rd edition
Authors: David Haddock, John Price, Michael Farina