Problem 9.1A (Static) Journalizing cash receipts, cash short or over, and posting to the general ledger. LO 9-1Candy’s Cupcakes, a retail business, started business on June 25, 20X1. It keeps a $300 change fund in its cash register. The cash receipts for the period from June 25 to June 30, 20X1, are below. DATETRANSACTIONSJune25Cash sales per the cash register tape, $1,238. Cash count, $1,529. 26Cash sales per the cash register tape, $1,346. Cash count, $1,640. 27Cash sales per the cash register tape, $1,359. Cash count, $1,661. 28Cash sales per the cash register tape, $1,288. Cash count, $1,582. 29Cash sales per the cash register tape, $1,135. Cash count, $1,439. 30Cash sales per the cash register tape, $1,374. Cash count, $1,668. Required:Record the cash receipts from June 25 to June 30, 20X1, 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?

Solution:- 1)Preparation of the cash receipts from June 25 to June 30, 20X1, in a general journal as…

Answered: Problem 9.1A (Static) Journalizing cash…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Problem 9.1A (Static) Journalizing cash receipts, cash short or over, and posting to the general ledger. LO 9-1

Candy’s Cupcakes, a retail business, started business on June 25, 20X1. It keeps a $300 change fund in its cash register. The cash receipts for the period from June 25 to June 30, 20X1, are below.

DATE	TRANSACTIONS
June	25	Cash sales per the cash register tape, $1,238.
		Cash count, $1,529.
	26	Cash sales per the cash register tape, $1,346.
		Cash count, $1,640.
	27	Cash sales per the cash register tape, $1,359.
		Cash count, $1,661.
	28	Cash sales per the cash register tape, $1,288.
		Cash count, $1,582.
	29	Cash sales per the cash register tape, $1,135.
		Cash count, $1,439.
	30	Cash sales per the cash register tape, $1,374.
		Cash count, $1,668.

Required:

Record the cash receipts from June 25 to June 30, 20X1, 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?

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