# The cash register tape for June 30 showed cash receipts of $876, and the cash in the register drawer was$1,070. A change fund of $200 is maintained. Prepare the journal entry for service fees and cash short and over at June 30. BuyFindarrow_forward ### College Accounting, Chapters 1-27 ... 22nd Edition James A. Heintz + 1 other Publisher: Cengage Learning ISBN: 9781305666160 #### Solutions Chapter Section BuyFindarrow_forward ### College Accounting, Chapters 1-27 ... 22nd Edition James A. Heintz + 1 other Publisher: Cengage Learning ISBN: 9781305666160 Chapter 7, Problem 4CE Textbook Problem 4 views ## The cash register tape for June 30 showed cash receipts of$876, and the cash in the register drawer was $1,070. A change fund of$200 is maintained.Prepare the journal entry for service fees and cash short and over at June 30.

To determine

Prepare journal entry to record service fees and cash short and over at June 30.

### Explanation of Solution

Cash short and over: Cash short and over is an income statement (expense or revenue) account used to record shortage or overage of cash. The increase (overage) is credited and recorded as Revenue, and decrease (shortage) is debited and recorded as Expense.

Prepare journal entry to record service fees and cash short and over.

 Date Account titles and Explanation Debit Credit June 30 Cash $870 Â Â Cash Short and Over$6 Â Â Â Â Â Â  Service Fees Â $876 Â (To record service fees and cash shortage) Â Â Table (1) • Cash is a current asset, and it is increased. Therefore, debit cash account for$870.
• Cash short and over is a current asset, and it is increased. Therefore, debit cash short and over is a current asset for \$6.
• Service fees are a component of stockholdersâ€™ equity, and it is increases the expense account...

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