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On July 31, 2019, Crane Company had a cash balance per books of $6,245.00. The statement from Dakota State Bank on that dateCRANE COMPANY Bank ReconciliationDate. Account Titles and Explanation Debit Credit July 31. (To record electronic funds transfer received by bank) 31. (To rec

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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)
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