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Help me finish this exercise, correct me if anything is wrong. Exercise 8-11 The following information pertains to Crane Video Company. 1. Cash balance per
Help me finish this exercise, correct me if anything is wrong.
Exercise 8-11 The following information pertains to Crane Video Company. 1. Cash balance per bank, July 31, $8,203. 2. July bank service charge not recorded by the depositor $37. 3. Cash balance per books, July 31, $8,224. 4. Deposits in transit, July 31, $1,970 5. Bank collected $1,370 note for Crane in July, plus interest $45, less fee $29. The collection has not been recorded by Crane, and no interest has been accrued. 6. Outstanding checks, July 31, $600. Prepare a bank reconciliation at July 31. (List items that increase cash balance first.) CRANE VIDEO COMPANY Bank Reconciliation July 31 Cash balance per bank statement 8203 Add Deposits in transit 1970 10173 Less Outstanding checks 600 9573 Adjusted cash balance per bank 8224 Cash balance per books Add Collection of note receivable Journalize the adjusting entries at July 31 on the books of Crane Video Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Account Titles and Explanation Credit No. July 31 (To record the collection of the note.) July 31 (To record the bank service charge.)Step by Step Solution
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