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College Accounting 2nd Edition by David Haddock, John Price,Michael Farina
Edition 2ISBN: 978-0073396958College Accounting 2nd Edition by David Haddock, John Price,Michael Farina
Edition 2ISBN: 978-0073396958 Exercise 24
Journalizing cash receipts, cash short and over, and posting to the general ledger.
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.
Analyze: How will the balance in Cash Short and Over on June 30 be reported in the financial statements?
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.
Analyze: How will the balance in Cash Short and Over on June 30 be reported in the financial statements?
Explanation
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Journalizing cash receipts, cash short a...
College Accounting 2nd Edition by David Haddock, John Price,Michael Farina
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