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Problem 2-5 On July 31, Ivanhoe Ltd. had a cash balance of $12.094 in its general ledger. The bank statement from the Caisse Populaire on
Problem 2-5 On July 31, Ivanhoe Ltd. had a cash balance of $12.094 in its general ledger. The bank statement from the Caisse Populaire on that date showed a balance of $21,520. A comparison of the bank statement with the Cash account revealed the following: 1. The bank statement included service changes and credit card foes of s109. 2. The bank statement included electronic collections from customers on account totalling $5,238. Ivanhoe had not recorded the EFT, 3. A deposit of $3,130 made by another company was incorrectly added to ivanhoc's account by the Caisse Populaire. 4. Salaries of 54,167 were paid electronically during the month. The company has already recorded these 5. Cheques outstanding on June 30 totalled $2,749. Of these, s2,182 wurth cleared the bank in July. All cheques written in July cleared the bank in July Prepare the bank reconciliation at July 31. (List items that increase balance as per bank & books first.) IVANHOE LTD. Bank Reconciliation Duly 31 SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare any Journal entries required from the reconciliation. (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.) Debat Credit Date Account Titles and Explanation July 31 (Ta recand EFT collections) 31 (Ta record lank sarvke charge) List Of Accounts Problem 7-5A Accounts Payable Accounts Receivable Accumulated Depreciation - Equipment Bank Charges Expense Bank Loan Payable Cash Common Shares Cost of Goods Sold Depreciation Expense Equipment Income Tax Expense Income Tax Payable Interest Expense Interest Payable Interest Receivable Interest Revenue Inventory No Entry Notes Receivable Retained Earnings Salaries Expense Salaries Payable Sales Supplies Supplies Expense Unearned Revenue Utilities Expense
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