Answer all parts. Show all work Instructions the reconciliation procedure, list

Question

Answer all parts. Show all work Instructions the reconciliation procedure, list the outstanding checks at May 31. Using Step in Prepare ban 11 The following information pertains to Crane Video Company. and adjust Cash balance per bank, July 31, $7,263. (LO 3) 2 July bank service charge not recorded by the depositor $28. 3 Cash balance per books, July 4 Deposits in transit, July 31, $1,300. The collection Bank collected $700 note for Crane in July, plus interest $36, less fee $20. XLS has not been recorded by Crane, and no interest has been accrued. 6 Outstanding checks, July 31, $591.

Explanation / Answer

Bank Reconcilitation Statement of Crane Video Company As of July 31 Amounts Amounts Balance as per Bank Book       7,263 Less: Direct Collection of Note by Bank including Interest         736 Checks Outstanding         591       1,327 Add: Deposite in Transit      1,300 Bank Service Charges Not recorded by Depositor           28 Bank Fee on Direct collection of Notes           20       1,348 Balance as per Cash Book       7,284 Journol entries Debit Credit 31-Jul Bank Service Charges expenses             28 To Cash            28 (Being Service charges not recorded in cash book) 31-Jul Bank Fee           20 To Cash            20 (Being Bank Fee not recorded in cash book) 31-Jul Cash Account         700 Interest Account           36 To Notes Receivable Accounts          736 (Being Notes recivalble and Intt. Collected by Bank)

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