Royalty Jewelry Store, a retail business, started business on June 25, 2013. It keeps a $300 change fund in its cash register. The cash receipts for the period from June 25 to June 30, 2013 are below:
INSTRUCTIONS
1. Open the general ledger account for Cash Short and Over, account number 620.
2. Record the cash receipts from June 25 to June 30, 2013, in a general journal. Start the general journal with page 1.
3. Post the amounts for Cash Short and Over in the journal entries to the general ledger.
DATE TRANSACTIONS
June 25............Cash sales per the cash register tape, $1,220. Cash count, $1,511.
26..................Cash sales per the cash register tape, $1,330. Cash count, $1,622.
27..................Cash sales per the cash register tape, $1,342. Cash count, $1,643.
28..................Cash sales per the cash register tape, $1,272. Cash count, $1,564.
29..................Cash sales per the cash register tape, $1,119. Cash count, $1,421.
30..................Cash sales per the cash register tape, $1,358. Cash count, $1,650.
Analyze:
How will the balance in Cash Short and Over on June 30 be reported in the financial statements?