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Brief Exercise 7-11 The following information relates to Crane Limited's Cash account. The reconciled cash balance from June's bank reconciliation is $18,620. During the month
Brief Exercise 7-11 The following information relates to Crane Limited's Cash account. The reconciled cash balance from June's bank reconciliation is $18,620. During the month of July, Crane recorded cash receipts of $21,210 and cash payments of $24,220 in the general ledger Cash account. At July 31, Crane Limited had an reconciled cash balance of $16,630. An examination of the company's July bank statement shows a balance of $19,570 on July 31; outstanding cheques $3,940; deposits in transit $1,760; EFT collections on account that were not yet recorded on the books $2,191; NSF cheque $1,249; NSF fee $71; and bank services charges $111. Prepare the necessary journal entries required on July 31 for Crane. (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 o for the amounts.) Date Account Titles and Explanation Debit Credit July 31 Cash Accounts Receivable (To record EFT collections on account) Bank Charges Expense Cash (To record bank service charges) Accounts Receivable Cash (To record NSF cheque and fee) SHOW LIST OF ACCOUNTS LINK TO TEXT
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