E7-11 Prepare bank reconciliation and adjusting entries The following information pertains to Crane Video Company. 1 Cash balance per bank, July 31, $7,263. 2 July bank service charge not recorded by the depositor $28. 3 Cash balance per books, July 31, $7,284. 4 Deposits in transit, July 31, $1,300. 5 Bank collected $700 note for Crane in July, plus interest $36, less fee $20. The collection has not been recorded by Crane, and no interest has been accrued. 6 Outstanding checks, July 31, $591. Instructions (a) Prepare a bank reconciliation at July 31. (b) Journalize the adjusting entries at July 31 on the books of Crane Video Company. NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?". (a) CRANE VIDEO COMPANY Bank Reconciliation July 31 Cash balance per bank statement Value Add: Value ? Less: Value Adjusted cash balance per bank? Cash balance per books Value Add: Value ? Less: Value Adjusted cash balance per books ? (b) Jul 31 Account Value Account Value Account Value Account Value 31 Account Value Account Value After you have completed the requirements of E7 - 11, consider these additional questions. Answers are on the other tab in this file. 1. Suppose deposit in transit changed to $1,600. What would be the new adjusted cash balance per bank? 2 Suppose cash balance per books changed to $7,584, what would be the new adjusted cash balance per books?
E7-11 Prepare bank reconciliation and adjusting entries The following information pertains to Crane Video Company. 1 Cash balance per bank, July 31, $7,263. 2 July bank service charge not recorded by the depositor $28. 3 Cash balance per books, July 31, $7,284. 4 Deposits in transit, July 31, $1,300. 5 Bank collected $700 note for Crane in July, plus interest $36, less fee $20. The collection has not been recorded by Crane, and no interest has been accrued. 6 Outstanding checks, July 31, $591. Instructions (a) Prepare a bank reconciliation at July 31. (b) Journalize the adjusting entries at July 31 on the books of Crane Video Company. NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?". (a) CRANE VIDEO COMPANY Bank Reconciliation July 31 Cash balance per bank statement Value Add: Value ? Less: Value Adjusted cash balance per bank? Cash balance per books Value Add: Value ? Less: Value Adjusted cash balance per books ? (b) Jul 31 Account Value Account Value Account Value Account Value 31 Account Value Account Value After you have completed the requirements of E7 - 11, consider these additional questions. Answers are on the other tab in this file. 1. Suppose deposit in transit changed to $1,600. What would be the new adjusted cash balance per bank? 2 Suppose cash balance per books changed to $7,584, what would be the new adjusted cash balance per books?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![E7-11 Prepare bank reconciliation and adjusting entries The following information pertains to Crane Video Company. 1
Cash balance per bank, July 31, $7,263. 2 July bank service charge not recorded by the depositor $28. 3 Cash balance
per books, July 31, $7,284. 4 Deposits in transit, July 31, $1,300. 5 Bank collected $700 note for Crane in July, plus
interest $36, less fee $20. The collection has not been recorded by Crane, and no interest has been accrued. 6
Outstanding checks, July 31, $591. Instructions (a) Prepare a bank reconciliation at July 31. (b) Journalize the adjusting
entries at July 31 on the books of Crane Video Company. NOTE: Enter a number in cells requesting a value; enter either a
number or a formula in cells with a "?". (a) CRANE VIDEO COMPANY Bank Reconciliation July 31 Cash balance per
bank statement Value Add: Value ? Less: Value Adjusted cash balance per bank? Cash balance per books Value Add:
Value ? Less: Value Adjusted cash balance per books ? (b) Jul 31 Account Value Account Value Account Value Account
Value 31 Account Value Account Value After you have completed the requirements of E7 - 11, consider these additional
questions. Answers are on the other tab in this file. 1. Suppose deposit in transit changed to $1,600. What would be
the new adjusted cash balance per bank? 2 Suppose cash balance per books changed to $7,584, what would be the
new adjusted cash balance per books?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0b0e2559-3b08-4de8-b570-8b980cb5e1a5%2Fcf4fb7bc-e440-476c-a1ad-bc9b4ad36af0%2Fr06dun_processed.jpeg&w=3840&q=75)
Transcribed Image Text:E7-11 Prepare bank reconciliation and adjusting entries The following information pertains to Crane Video Company. 1
Cash balance per bank, July 31, $7,263. 2 July bank service charge not recorded by the depositor $28. 3 Cash balance
per books, July 31, $7,284. 4 Deposits in transit, July 31, $1,300. 5 Bank collected $700 note for Crane in July, plus
interest $36, less fee $20. The collection has not been recorded by Crane, and no interest has been accrued. 6
Outstanding checks, July 31, $591. Instructions (a) Prepare a bank reconciliation at July 31. (b) Journalize the adjusting
entries at July 31 on the books of Crane Video Company. NOTE: Enter a number in cells requesting a value; enter either a
number or a formula in cells with a "?". (a) CRANE VIDEO COMPANY Bank Reconciliation July 31 Cash balance per
bank statement Value Add: Value ? Less: Value Adjusted cash balance per bank? Cash balance per books Value Add:
Value ? Less: Value Adjusted cash balance per books ? (b) Jul 31 Account Value Account Value Account Value Account
Value 31 Account Value Account Value After you have completed the requirements of E7 - 11, consider these additional
questions. Answers are on the other tab in this file. 1. Suppose deposit in transit changed to $1,600. What would be
the new adjusted cash balance per bank? 2 Suppose cash balance per books changed to $7,584, what would be the
new adjusted cash balance per books?
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