Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Problem 7-3A (Part Level Submission) On July 31, 2017, Ivanhoe Company had a cash balance per books of $6,255.00. The statement from Dakota State Bank
Problem 7-3A (Part Level Submission) On July 31, 2017, Ivanhoe Company had a cash balance per books of $6,255.00. The statement from Dakota State Bank on that date showed a balance of $7,805.80. A comparison of the bank statement with the Cash account revealed the following facts 1. The bank service charge for July was $22.00. 2. The bank collected $1,635.00 for Ivanhoe Company through electronic funds transfer. 3. The July 31 receipts of $1,311.30 were not included in the bank deposits for July. These receipts were deposite the company a Na t e ost au t n ua 4. Company check No. 2480 issued to L. Taylor, a creditor, for $374.00 that cleared the bank in July was incorrectly entered in the cash payments journal on July 10 for $347.00 naenant ahowesn tor a check received by the cempany from W Knuepe: s customer, on account. 6. On July 31, the bank statement showed an NSF charge of $690.00 for a check received by the company from W. Krueger, a customer, on account. Your answer is correct. Prepare the bank reconciliation as of July 31. (List items that increase balance as per bank & books first.) IVANHOE COMPANY Bank Reconciliationn July 31, 2017 Cash balance per bank statement 7805.80 Deposits in transit 1311.30 9117.10 Less Outstanding checks 1966.10 7151 Adjusted cash balance per bank Cash balance per books 6255 Add Electronic funds transfer received $ 1635 7890 Less Bank service charge NSF check 690 Error in recording check No. 2480 27 739 7151 Adjusted cash balance per books ; Click if you would like to Show Work for this question: Open Show Work Prepare the necessary adjusting entries at July 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Date. Account Titles and Explanation July 31. Debit Credit (To record electronic funds transfer received by bank) 31. To record NSF check) 31. (To correct error in recording check) 31. (To record bank service charge) Click if you would like to Show Work for this question: Open Show Work
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started