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, $1,221. Cash count, $1,513. 26 Cash sales per the cash register tape, $1,331. Cash count, $1,624. 27 Cash sales per the cash register tape, $1,342. Cash count, $1,645. 28 Cash sales per the cash register tape, $1,273. Cash count, $1,566. 29 Cash sales per the cash register tape, $1,118. Cash count, $1,423. 30 Cash sales per the cash register tape, $1,359. Cash count, $1,652. Required: Record the cash receipts from June 25 to June 30, 2019, in a general journal. 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?

Journal Entry

Explanation:

The Journal Entry is given below:-

1. Cash Dr,                             $1,213

   Cash short or over Dr,       $8

($300 + $1,221 - $1,513)

         To Sales revenue                $1,221

(Being Cash receipts is recorded)

2. Cash Dr,                             $1,324

   Cash short or over Dr,       $7

($300 + $1,331 - $1,624)

         To Sales revenue                $1,331

(Being Cash receipts is recorded)

3. Cash Dr,                             $1,325

       To Cash short or over           $3

($300 + $1,342 - $1,645)

         To Sales revenue                 $1,342

(Being Cash receipts is recorded)

4. Cash Dr,                             $1,266

   Cash short or over Dr,       $7

($300 + $1,273 - $1,566)

         To Sales revenue                $1,273

(Being Cash receipts is recorded)

5. Cash Dr,                             $1,123

      To Cash short or over                $5

($300 + $1,118 - $1,423)

         To Sales revenue                     $1,118

(Being Cash receipts is recorded)

6. Cash Dr,                             $1,352

   Cash short or over Dr,       $7

($300 + $1,359 - $1,652)

         To Sales revenue                $1,359

(Being Cash receipts is recorded)

b. Cash short or over                 Account number

Date                                       Debit     Credit    Balance

25 June                                  $8                          $8

26 June                                   $7                          $15

27 June                                                $3             $12

28 June                                   $7                          $19

29 June                                                $5             $14

30 June                                   $7                           $21

c. It is shown as an expense on income statement

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