(Back to Messages 7:47 PM 62% edugen.wileyplus.com Exercise 7-11 The following i

Question

(Back to Messages 7:47 PM 62% edugen.wileyplus.com Exercise 7-11 The following information pertains to Crane Video Company. 1. Cash balance per bank, July 31, $7,263. July bank service charge not recorded by the depositor $28. 3. Cash balance per books, July 31, $7,284. 4. Deposits in transit, July 31, $1,300. . Bank collected $700 note for Crane in July, plus interest $36, less fee $20. The collection has not been recorded by Crane, and no interest has been accrued. 6. Outstanding checks, July 31, $591. Prepare a bank reconciliation at July 31. (List items that increase cash balance first.) CRANE VIDEO COMPANY Bank Reconciliation July 31 Journalize the adjusting entries at July 31 on the books of Crane Video Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) uly 31

Explanation / Answer

bank reconciliation statement:

balance as per cash account book $7284

+amount received in bank not reflected in cash book 716

+ outstanding cheque 591

- deposit in transit (1300)

- bank charges (228)

balance as per bank pass book 7263

Journal entries:

1. Bank A/c Dr. 716

fee A/c dr. 20

to note receivable a/c 700

to interest a/c 36

2.

Bank a/c dr. 591

to account receivable a/c 591

3.

bank a/c dr. 1300

to deposit in transit. a/c 1300

4.

bank charges a/c dr. 28

to bank a/c 28

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