Final answer:
To establish the petty cash fund, debit the Petty Cash account and credit the Cash account for the amount of the fund. Analyze the discrepancy in cash sales by comparing actual cash received with cash sales according to the cash register records. Reconcile the petty cash fund at the end of June by comparing the remaining cash with the amount recorded in the petty cash account.
Step-by-step explanation:
a) Record the entry to establish the petty cash fund:
To establish the petty cash fund, you would debit the Petty Cash account and credit the Cash account for the amount of the fund. In this case, you would debit the Petty Cash account for $1,360 and credit the Cash account for $1,360.
b) Analyze the discrepancy in cash sales:
To analyze the discrepancy in cash sales, you would compare the actual cash received with the cash sales according to the cash register records. If there is a difference, it could be due to errors, theft, or other reasons. You would need to investigate further to determine the cause of the discrepancy.
c) Reconcile the petty cash fund at the end of June:
To reconcile the petty cash fund at the end of June, you would count the remaining cash in the petty cash fund and compare it to the amount recorded in the petty cash account. If there is a difference, you would adjust the petty cash account to match the actual cash on hand.
d) Calculate the amount of cash short or over at the end of June:
To calculate the amount of cash short or over at the end of June, you would subtract the actual cash on hand in the petty cash fund from the amount recorded in the petty cash account. If the result is negative, it represents a cash shortage. If the result is positive, it represents a cash overage.