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The following information pertains to Pharoah Company. 1. Cash balance per books, August 31, $ 7,424. 2. Cash balance per bank, August 31, $ 7,388.
The following information pertains to Pharoah Company.
1. | Cash balance per books, August 31, $ 7,424. | |
2. | Cash balance per bank, August 31, $ 7,388. | |
3. | Outstanding checks, August 31, $ 693. | |
4. | August bank service charge not recorded by the depositor $ 45. | |
5. | Deposits in transit, August 31, $ 2,960. |
In addition, $ 2,276 collected for Pharoah Company in August by the bank through electronic funds transfer. The accounts receivable collection has not been recorded Pharoah Company.
E (b) Journalize the adjusting entries at August 31 on the books of Pharoah Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 31 (To record electronic funds transfer received by bank) July 31 (To record bank service charge) eTextbook and Media PHAROAH COMPANY Bank Reconciliation August 31, 2022 Cash balance per bank statement $ 7388 Add V: Deposits in transit 2960 10348 Less Outstanding checks 693 i Adjusted cash balance per bank $ ta 9655 Cash balance per books $ 7424 Add V: Collection on electronic funds transfer 2276 9700 Less V: Bank service charge 45 i Adjusted cash balance per books $ 9655Step by Step Solution
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