Royalty Jewelry Store a retail business started business

on June #6118
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:INSTRUCTIONS1. 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 TRANSACTIONSJune 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?View Solution:
Royalty Jewelry Store a retail business started business on June

ANSWER
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