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On July 31, Crane Ltd. had a cash balance of $17,330 in its general ledger. The bank statement from the Caisse Populaire on that date
On July 31, Crane Ltd. had a cash balance of $17,330 in its general ledger. The bank statement from the Caisse Populaire on that date showed a balance of $29,136. A comparison of the bank statement with the Cash account revealed the following:
1. | The bank statement included service charges and debit and credit card processing fees of $154. | |
2. | The bank statement included electronic collections from customers on account totalling $7,020. Crane had not recorded the EFT. | |
3. | A deposit of $4,150 made by another company was incorrectly added to Cranes account by the Caisse Populaire. | |
4. | Salaries of $5,620 were paid electronically during the month. The company has already recorded these. | |
5. | Cheques outstanding on June 30 totalled $3,680. Of these, $2,890 worth cleared the bank in July. All cheques written in July cleared the bank in July.
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CRANE LTD. Bank Reconciliation July 31 $ $ $ $ Prepare any journal entries required from the reconciliation. (List all debit entries before credit entries. 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 for the amounts.) Debit Credit Date Account Titles and Explanation July 31 (To record EFT collections) 31 (To record bank service charge) NUVender 12. ZUZI
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