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Crane Video Company has the following activity in July: 1. Cash balance per bank July 31 is $7200 2. July bank service charge is $30
Crane Video Company has the following activity in July: 1. Cash balance per bank July 31 is $7200 2. July bank service charge is $30 3. Cash balance per books July 31 is $6,900 4. Deposits in transit July 31 are $1,500 5. Bank collected $1,000 note for Crane in July, plus interest $30, less service fee of $20. 6. Outstanding checks for July were $820. What would be the true adjusted cash balance: The entry to record the bank service charge would be: a. Cash (Debit) 30 Misc Expense (Credit) b. no entry required c. Misc Expense (Debit) Cash (Credit) Od. Cash (Debit) Misc Payable (Credit) 30 30 30 30 30 30 30 30 30
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