Question

The following information pertains to Crane Company. 1. Cash balance per bank, July 31, $7,388. 2. July bank service charge not recorded by the depositor $41. 3. Cash balance per books, July 31, $7,424. 4. Deposits in transit, July 31, $2,760. 5. $2,076 collected for Crane Company in July by the bank through electronic funds transfer. The collection has not been recorded by Crane Company. 6. Outstanding checks, July 31, $689.

Answer 1

Credit Debit $2,076 Date Account titles and Explanation July.31 Cash Accounts Receivables (To record electronic funds transfer received by bank ) $ 2,076 $ 41 July.31 Bank service Charges Cash (To record bank service charge) $ 41