Solution:
Crane Company | ||
Bank Reconciliation Statement | ||
For the month of July | ||
Particulars | Amount | |
Balance on bank statement | $7,795.80 | |
Additions: | ||
Outstanding Deposits | $1,307.30 | |
Total Additions | $1,307.30 | |
$9,103.10 | ||
Deductions: | ||
Outstanding checks | $1,965.10 | |
Total Deductions | $1,965.10 | |
Adjusted bank balance | $7,138.00 | |
Balance in books | $6,245.00 | |
Additions: | ||
EFT Collection | $1,625.00 | |
Total Additons | $1,625.00 | |
$7,870.00 | ||
Deductions: | ||
Service Charge | $16.00 | |
Incorrect recording of check 2480 | $36.00 | |
NSF Check | $680.00 | |
Total Deductions | $732.00 | |
Adjusted book balance | $7,138.00 |
Journal Entries - Crane Company | |||
Date | Particulars | Debit | Credit |
31-Jul | Cash Dr | $1,625.00 | |
To Accounts receivables | $1,625.00 | ||
(To record EFT collection | |||
31-Jul | Accounts receivables Dr | $680.00 | |
To Cash | $680.00 | ||
(To record NSF check from customer) | |||
31-Jul | Accounts payable | $36.00 | |
To Cash | $36.00 | ||
(To correct error in recording check) | |||
31-Jul | Miscellenous Expenses Dr | $16.00 | |
To Cash | $16.00 | ||
(Being service charges debited by bank) |
On July 31, 2019, Crane Company had a cash balance per books of $6,245.00. The statement...
On July 31, 2017, Sheridan Company had a cash balance per books of $6,325.00. The statement from Dakota State Bank on that date showed a balance of $7,875.80. A comparison of the bank statement with the Cash account revealed the following facts. 1. The bank service charge for July was $16.00. 2. The bank collected $1,705.00 for Sheridan Company through electronic funds transfer. 3. The July 31 receipts of $1,387.30 were not included in the bank deposits for July. These...
On July 31, 2020, Crane Company had a cash balance per books of $6,190.00. The statement from Dakota State Bank on that date showed a balance of $7,700.00. A comparison of the bank statement with the Cash account revealed the following facts. 1. The bank service charge for July was $25. 2. The bank collected $1,500 for Keeds Company through electronic funds transfer. 3. The July 31 receipts of $1,200.00 were not included in the bank deposits for July. These...
On July 31, 2022, Cullumber Company had a cash balance per books of $6,250.00. The statement from Dakota State Bank on that date showed a balance of $7,800.80. A comparison of the bank statement with the Cash account revealed the following facts. 1. The bank service charge for July was $20.00. 2. The bank collected $1,630.00 from a customer for Cullumber Company through electronic funds transfer. 3. The July 31 receipts of $1,308.30 were not included in the bank deposits...
On July 31, 2022, Cullumber Company had a cash balance per books of $6,250.00. The statement from Dakota State Bank on that date showed a balance of $7,800.80. A comparison of the bank statement with the Cash account revealed the following facts. 1. The bank service charge for July was $20.00. 2. The bank collected $1,630.00 from a customer for Cullumber Company through electronic funds transfer. 3. The July 31 receipts of $1,308.30 were not included in the bank deposits...
On July 31, 2022, Pharoah Company had a cash balance per books of $6,320.00. The statement from Dakota State Bank on that date showed a balance of $7.870.80.A comparison of the bank statement with the Cash account revealed the following facts. 1. The bank service charge for July was $21.00. 2. The bank collected $1,700.00 from a customer for Pharoah Company through electronic funds transfer. 3. The July 31 receipts of $1,377.30 were not included in the bank deposits for July. These receipts...
need to find adjusted cash balance per books. Progrem A On July 31, 2017, Crane Company had a cash balance per books of $6,245.00. The statement from Dakota State Bank on that date showed a balance of $7,795.30. A comparison of the bank statement with the Cash account revealed the following facts 1. The bank service charge for July was $16.00 2. The bank collected $1,625.00 for Crane Company through electronic Funds transfer 3. The July 31 receipts of $1.307.30...
Problem 8-04A a-b On July 31, 2020, Sunland Company had a cash balance per books of $6,002.00. The statement from Dakota State Bank on that date showed a balance of $7,730.20. A comparison of the bank statement with the Cash account revealed the following facts. 1. The bank service charge for July was $25. 2. The bank collected $1,770 for Keeds Company through electronic funds transfer. 3. The July 31 receipts of $1,270.00 were not included in the bank deposits...
Problem 7-3A On July 31, 2017, Ivanhoe Company had a cash balance per books of $5.255.00. The statement from Dakota State Bank on that date showed a balance of $7,805 80. A comparison of the bank statement with the Cash account revealed the following facts 1. The bank service charge for July was $22.00 2. The bank collected $1,635.00 for Ivanhoe Company through electronic funds transfer 3. The July 31 receipts of $1,311.30 were not included in the bank deposits...
On July 31, 2022, Pharoah Company had a cash balance per books of $6,320.00. The statement from Dakota State Bank on that date showed a balance of $7,870.80. A comparison of the bank statement with the Cash account revealed the following facts. 1. The bank service charge for July was $21.00. 2. The bank collected $1,700.00 from a customer for Pharoah Company through electronic funds transfer. 3. The July 31 receipts of $1,377.30 were not included in the bank deposits...
On July 31, 2022, Cullumber Company had a cash balance per books of $6,250.00. The statement from Dakota State Bank on that date showed a balance of $7,800.80. A comparison of the bank statement with the Cash account revealed the following facts. 1. The bank service charge for July was $20.00. 2. The bank collected $1,630.00 from a customer for Cullumber Company through electronic funds transfer. 3. The July 31 receipts of $1,308.30 were not included in the bank deposits for July. These...