Exercise 7-8 The following information pertains to C arla Vista Company, 1. 2. 3

Question

Exercise 7-8 The following information pertains to C arla Vista Company, 1. 2. 3. 4. 5. 6. Cash balance per bank, July 31, $7,738 July bank service charge not recorded by the depositor $48 Cash balance per books, July 31, $7,774. Deposits in transit, July 31, $3,110 $2,426 collected for Carla Vista Company in July by the bank through electronic funds transfer. The collection has not been recorded by Carla Vista Company. Outstanding checks, July 31, $696. Your answer is correct. Prepare a bank reconciliation at July 31, 2017. (List items that increase balance as per bank & books first.) CARLA VISTA COMPANY Bank Reconciliation uly 31, 2017 7738 Cash balance per bank statement Add posits in transit 3110 0848 Less tstanding checks 696 10152 Adjusted cash balance per bank 7774 Cash balance per books Add Electronic funds transfer received 2426 10200 Less ank service charge 48 10152 Adjusted cash balance per books SHOW LIST OF ACCOUNTS LINK TO TEXT Your answer is partially correct. Try again. Journalize the adjusting entries at July 31 on the books of Carla Vista Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation July 31 Debit Credit To record electronic funds transfer received by bank) July 31 To record bank service charge)

Explanation / Answer

Adjusting entry :

Date account titles and explanation debit Credit July 31 Cash 2426 Account receivable 2426 (To record electronic fund transfer received by bank) July 31 Bank Service charges 48 Cash 48 (To record bank service charge)

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