Accounting Level 1 - Bank Reconcilliation Statements

Brief Exercise 7-11 The following information relates to Sandhill Limited's Cash account. The reconciled cash balance from June's bank reconciliation is $18,720. During the month of July, Sandhill recorded cash receipts of $22,920 and cash payments of $23,360 in the general ledger Cash account. At July 31, Sandhill Limited had an reconciled cash balance of $16,590. An examination of the company's July bank statement shows a balance of $19,530 on July 31; outstanding cheques $3,900; deposits in transit $1,720; EFT collections on account that were not yet recorded on the books $2,189; NSF cheque $1,251; NSF fee $69; and bank services charges $109. Prepare the necessary journal entries required on July 31 for Sandhill. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit July 31 (To record EFT collections on account) (To record bank service charges) (To record NSF cheque and fee)