Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following information relates to Crane Limited's Cash account. The reconciled cash balance from June's bank reconciliation is $17,790. During the month of July, Crane

image text in transcribed
The following information relates to Crane Limited's Cash account. The reconciled cash balance from June's bank reconciliation is $17,790. During the month of July, Crane recorded cash receipts of $19.930 and cash payments of $15,160 in the general ledger Cash account. At July 31, Crane Limited had an reconciled cash balance of $22,560. An examination of the company's July bank statement shows a balance of $19,535 on July 31; outstanding cheques $3,905; deposits in transit $1,725, EFT collections on account that were not yet recorded on the books $2.191: NSF cheque $1,249; NSF fee $71; and bank service charges $111. Prepare the necessary journal entries required on July 31 for Crane. (List al 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 for the amounts.) Debit Credit Date Account Titles and Explanation July 31 To record EFT collections on account) To record bank service charges To Record NSF cheque and feel

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

Accounting And Finance For Non-Specialists

Authors: Eddie McLaney, Peter Atrill

11th Edition

1292244011, 9781292244013

More Books

Students also viewed these Accounting questions

Question

What is double taxation?

Answered: 1 week ago

Question

How did Spinoza and Descartes challenge beliefs in witchcraft?

Answered: 1 week ago