The following information relates to Sunland Limited's Cash account. The reconciled cash balance from June's bank reconciliation is $25,100. During the month of July, Sunland recorded cash receipts of $28,260 and cash payments of $15,670 in the general ledger Cash account. At July 31, Sunland Limited had an reconciled cash balance of $37,690. An examination of the company's July bank statement shows a balance of $19,547 on July 31; outstanding cheques $3,917; deposits in transit $1,737; EFT collections on account that were not yet recorded on the books $2,189; NSF cheque $1,251; NSF fee $69; and bank service charges $109. Prepare the necessary journal entries required on July 31 for Sunland. (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)

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The following information relates to Sunland Limited's Cash account. The reconciled cash balance from June's bank reconciliation is
$25,100. During the month of July, Sunland recorded cash receipts of $28,260 and cash payments of $15,670 in the general ledger
Cash account. At July 31, Sunland Limited had an reconciled cash balance of $37,690. An examination of the company's July bank
statement shows a balance of $19,547 on July 31; outstanding cheques $3,917; deposits in transit $1,737; EFT collections on account
that were not yet recorded on the books $2,189; NSF cheque $1,251; NSF fee $69; and bank service charges $109.
Prepare the necessary journal entries required on July 31 for Sunland. (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)
Transcribed Image Text:View Policies Current Attempt in Progress The following information relates to Sunland Limited's Cash account. The reconciled cash balance from June's bank reconciliation is $25,100. During the month of July, Sunland recorded cash receipts of $28,260 and cash payments of $15,670 in the general ledger Cash account. At July 31, Sunland Limited had an reconciled cash balance of $37,690. An examination of the company's July bank statement shows a balance of $19,547 on July 31; outstanding cheques $3,917; deposits in transit $1,737; EFT collections on account that were not yet recorded on the books $2,189; NSF cheque $1,251; NSF fee $69; and bank service charges $109. Prepare the necessary journal entries required on July 31 for Sunland. (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)
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