Question

Exercise 7-11 The following information pertains to Ivanhoe Company. 1. 2. 3. 4. 5. 6. Cash balance per bank, July 31, $7,482. July bank service charge not recorded by the depositor $43. Cash balance per books, July 31, $7,568. Deposits in transit, July 31, $3,053. $1,720 collected for Ivanhoe Company in July by the bank through electronic funds transfer. The accounts receivable collection has not been recorded by Ivanhoe Company. Outstanding checks, July 31, $1,290.

Answer 1

Solutions:

wn o vo Ivanhoe Company Bank Reconciliation Statement At July 31 Balance as Per Bank Statement Add: Deposits in transit $7,482 $3,053 $10,535 $1,290 $9,245 10 Less: Outstanding Checks Adjusted Bank Balance 13 14 Balance as per books Add: Collection of Electronic fund Transfer $7,568 $1,720 $9,288 $43 $9,245 Less: bank service charges Adjusted Balance per books 20 21 | 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 Sheet36 (10) Sheet364 Sheet349 Sheet363 She

Credit Journal Entries Date Particulars 31-Jul Cash Accounts receivable (To record electronic fund transfer received by bank) Debit $1,7201 $1,720 $43 31-Jul Miscellaneous Expenses Cash (To record bank service charges) $43 13 17 18 19 20 21 22 24 27 28 29 36 38 Sheet36 (10) Sheet364 Sheet349 Sheet363 She