The following information pertains to Lily Video Company. 1. Cash balance per bank, July 31, $8,183. 2. July bank service charge not recorded by the depositor $35. 3. Cash balance per books, July 31, $8,204. 4. Deposits in transit, July 31, $1,960. Bank collected $1,360 note for Lily in July, plus interest $43, less fee $27. The collection has not been recorded by Lily, and no interest has been accrued. 5. 6. Outstanding checks, July 31, $598. (b) Journalize the adjusting entries at July 31 on the books of Lily Video Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
The following information pertains to Lily Video Company. 1. Cash balance per bank, July 31, $8,183. 2. July bank service charge not recorded by the depositor $35. 3. Cash balance per books, July 31, $8,204. 4. Deposits in transit, July 31, $1,960. Bank collected $1,360 note for Lily in July, plus interest $43, less fee $27. The collection has not been recorded by Lily, and no interest has been accrued. 5. 6. Outstanding checks, July 31, $598. (b) Journalize the adjusting entries at July 31 on the books of Lily Video Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![The following information pertains to Lily Video Company.
1.
Cash balance per bank, July 31, $8,183.
2.
July bank service charge not recorded by the depositor $35.
3.
Cash balance per books, July 31, $8,204.
4.
Deposits in transit, July 31, $1,960.
Bank collected $1,360 note for Lily in July, plus interest $43, less fee $27. The collection has not been recorded by Lily, and
no interest has been accrued.
5.
6.
Outstanding checks, July 31, $598.
(b)
Journalize the adjusting entries at July 31 on the books of Lily Video Company. (Credit account titles are automatically indented
when amount is entered. Do not indent manually.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7471c05d-56b1-4227-a1a2-d8202668a8aa%2F7c4b939f-1c24-4735-bc87-4b45f0570fec%2Fhxnnmll_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The following information pertains to Lily Video Company.
1.
Cash balance per bank, July 31, $8,183.
2.
July bank service charge not recorded by the depositor $35.
3.
Cash balance per books, July 31, $8,204.
4.
Deposits in transit, July 31, $1,960.
Bank collected $1,360 note for Lily in July, plus interest $43, less fee $27. The collection has not been recorded by Lily, and
no interest has been accrued.
5.
6.
Outstanding checks, July 31, $598.
(b)
Journalize the adjusting entries at July 31 on the books of Lily Video Company. (Credit account titles are automatically indented
when amount is entered. Do not indent manually.)
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