On July 31, 2022, Crane Company had a cash balance per books of $6,245.00. The statement from Dakota State Bank on that date showed a balance of $7,795.80. A comparison of the bank statement with the Cash account revealed the following facts. 1. The bank service charge for July was $16.00. 2. The bank collected $1,625.00 from a customer for Crane Company through electronic funds transfer. 3. The July 31 receipts of $1,307.30 were not included in the bank deposits for July. These receipts were deposited by the company in a night deposit vault on July 31. 4. Company check No. 2480 issued to L. Taylor, a creditor, for $284.00 that cleared the bank in July was incorrectly entered in the cash payments journal on July 10 for $245.00. 5. Checks outstanding on July 31 totaled $1,965.10. 6. On July 31, the bank statement showed an NSF charge of $680.00 for a check received by the company from W. Krueger, a customer, on account. Prepare the necessary adjusting entries at July 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date. Account Titles and Explanation Debit Credit July 31. enter an account title to record electronic funds transfer received by bank enter a debit amount enter a credit amount enter an account title to record electronic funds transfer received by bank enter a debit amount enter a credit amount (To record electronic funds transfer received by bank) 31. enter an account title To record NSF check enter a debit amount enter a credit amount enter an account title To record NSF check enter a debit amount enter a credit amount (To record NSF check) 31. enter an account title for the adjusting entry to correct error in recording check enter a debit amount enter a credit amount enter an account title for the adjusting entry to correct error in recording check enter a debit amount enter a credit amount (To correct error in recording check) 31. enter an account title to record bank service charge enter a debit amount enter a credit amount enter an account title to record bank service charge enter a debit amount enter a credit amount (To record bank service charge)

On July 31, 2022, Crane Company had a cash balance per books of $6,245.00. The statement from Dakota State Bank on that date showed a balance of $7,795.80. A comparison of the bank statement with the Cash account revealed the following facts. 1. The bank service charge for July was $16.00. 2. The bank collected $1,625.00 from a customer for Crane Company through electronic funds transfer. 3. The July 31 receipts of $1,307.30 were not included in the bank deposits for July. These receipts were deposited by the company in a night deposit vault on July 31. 4. Company check No. 2480 issued to L. Taylor, a creditor, for $284.00 that cleared the bank in July was incorrectly entered in the cash payments journal on July 10 for $245.00. 5. Checks outstanding on July 31 totaled $1,965.10. 6. On July 31, the bank statement showed an NSF charge of $680.00 for a check received by the company from W. Krueger, a customer, on account. Prepare the necessary adjusting entries at July 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date. Account Titles and Explanation Debit Credit July 31. enter an account title to record electronic funds transfer received by bank enter a debit amount enter a credit amount enter an account title to record electronic funds transfer received by bank enter a debit amount enter a credit amount (To record electronic funds transfer received by bank) 31. enter an account title To record NSF check enter a debit amount enter a credit amount enter an account title To record NSF check enter a debit amount enter a credit amount (To record NSF check) 31. enter an account title for the adjusting entry to correct error in recording check enter a debit amount enter a credit amount enter an account title for the adjusting entry to correct error in recording check enter a debit amount enter a credit amount (To correct error in recording check) 31. enter an account title to record bank service charge enter a debit amount enter a credit amount enter an account title to record bank service charge enter a debit amount enter a credit amount (To record bank service charge)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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1.		The bank service charge for July was $16.00.
2.		The bank collected $1,625.00 from a customer for Crane Company through electronic funds transfer.
3.		The July 31 receipts of $1,307.30 were not included in the bank deposits for July. These receipts were deposited by the company in a night deposit vault on July 31.
4.		Company check No. 2480 issued to L. Taylor, a creditor, for $284.00 that cleared the bank in July was incorrectly entered in the cash payments journal on July 10 for $245.00.
5.		Checks outstanding on July 31 totaled $1,965.10.
6.		On July 31, the bank statement showed an NSF charge of $680.00 for a check received by the company from W. Krueger, a customer, on account.

Prepare the necessary adjusting entries at July 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date.	Account Titles and Explanation	Debit	Credit
July 31.	enter an account title to record electronic funds transfer received by bank	enter a debit amount	enter a credit amount
	enter an account title to record electronic funds transfer received by bank	enter a debit amount	enter a credit amount
	(To record electronic funds transfer received by bank)
31.	enter an account title To record NSF check	enter a debit amount	enter a credit amount
	enter an account title To record NSF check	enter a debit amount	enter a credit amount
	(To record NSF check)
31.	enter an account title for the adjusting entry to correct error in recording check	enter a debit amount	enter a credit amount
	enter an account title for the adjusting entry to correct error in recording check	enter a debit amount	enter a credit amount
	(To correct error in recording check)
31.	enter an account title to record bank service charge	enter a debit amount	enter a credit amount
	enter an account title to record bank service charge	enter a debit amount	enter a credit amount
	(To record bank service charge)

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