Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following information relates to Oriole Limited's Cash account. The reconciled cash balance from June's bank reconciliation is $23,810. During the month of July, Oriole

image text in transcribed

The following information relates to Oriole Limited's Cash account. The reconciled cash balance from June's bank reconciliation is $23,810. During the month of July, Oriole recorded cash receipts of $26,790 and cash payments of $15,580 in the general ledger Cash account. At July 31, Oriole Limited had an reconciled cash balance of $35,020. An examination of the company's July bank statement shows a balance of $19,590 on July 31; outstanding cheques $3,960; deposits in transit $1,780; EFT collections on account that were not yet recorded on the books $2,190; NSF cheque $1,250; NSF fee $70; and bank service charges $110. Prepare the necessary journal entries required on July 31 for Oriole. (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 O for the amounts.) Date Account Titles and Explanation Debit Credit July 31 (To record EFT collections on account) (To record bank service charges) (To record NSF cheque and fee)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

ISE Fundamentals Of Cost Accounting

Authors: William N. Lanen, Shannon Anderson, Michael W. Maher

7th Edition

1265117705, 9781265117702

More Books

Students also viewed these Accounting questions

Question

7 Name at least three selection methods.

Answered: 1 week ago

Question

9 What is meant by the processual approach?

Answered: 1 week ago