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ACC 291 Week 3 Apply Connect Assignment
1

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, $1,226.
Cash count, $1,518.
26 Cash sales per the cash register tape, $1,336.
Cash count, $1,629.
27 Cash sales per the cash register tape, $1,347.
Cash count, $1,650.
28 Cash sales per the cash register tape, $1,278.
Cash count, $1,571.
29 Cash sales per the cash register tape, $1,123.
Cash count, $1,428.
30 Cash sales per the cash register tape, $1,364.
Cash count, $1,657.
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?

2

On August 31, 2019, the balance in the checkbook and the Cash account of the Dry Creek Bed and Breakfast was $12,199. The balance shown on the bank statement on the same date was $13,152.



Notes

The firm’s records indicate that a $1,360 deposit dated August 30 and a $692 deposit dated August 31 do not appear on the bank statement.
A service charge of $7 and a debit memorandum of $275 covering an NSF check have not yet been entered in the firm’s records. (The check was issued by Art Corts, a credit customer.)
The following checks were issued but have not yet been paid by the bank: