Question 1 2,52/4,5 View Policies Show Attempt History Current Attempt in Progress On July 31, 2017, Cullumber Company had a cash balance per books of $6,360.00. The statement from Dakota State Bank on that date showed a balance of $7,910.80. A comparison of the bank statement with the Cash account revealed the following facts. The bank service charge for July was $17.00. The bank collected $1,635.00 for Cullumber Company through electronic funds transfer. The July 31 receipts of $1,316.30 were not included in the bank deposits for July. These receipts were deposited by the company in a night deposit vault on July 31 Company check No. 2480 issued to L. Taylor, a creditor, for $384.00 that cleared the bank in July was incorrectly entered in the cash payments journal on July 10 for $348.00. Checks outstanding on July 31 totaled $1,975.10. 1. 2. 3. 4. 5. 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. 6. Your answer is partially correct. Prepare the bank reconciliation as of July 31. (List items that increase balance as per bank&books first.) CULLUMBER COMPANY Bank Reconciliation July 31, 2017 Cash balance per bank statement Add Deposits in transit Less Outstanding checks Prepare the bank reconciliation as of July 31. (List items that increase balance as per bank & books first.) CULLUMBER COMPANY Bank Reconciliation July 31, 2017 Cash balance per bank statement Add Deposits in transit Less Outstanding checks Adjusted cash balance per bank Cash balance per books Add Electronic funds transfer received Less Error in recording check No. 2480 Bank service charge NSF check Adjusted cash balance per books 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 Debit Credit July 31 Cash (To record electronic funds transfer received by bank) 31 Accounts Receivable Cash (To record NSF check) 31. Accounts Payable Cash (To correct error in recording check) 31 Bank Charges Expense Cash (To record bank service charge)