The following information relates to Ivanhoe Limited's Cash account. The reconciled cash balance from June's bank reconciliation is $18,650. During the month of July, Ivanhoe recorded cash receipts of $20,910 and cash payments of $15,220 in the general ledger Cash account. At July 31, Ivanhoe Limited had an reconciled cash balance of $24,340. An examination of the company's July bank statement shows a balance of $19,550 on July 31; outstanding cheques $3,920; deposits in transit $1,740; EFT collections on account that were not yet recorded on the books $2,187; NSF cheque $1,253; NSF fee $67; and bank service charges $107. Prepare the necessary journal entries required on July 31 for Ivanhoe. (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 0 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)

The following information relates to Ivanhoe Limited's Cash account. The reconciled cash balance from June's bank reconciliation is $18,650. During the month of July, Ivanhoe recorded cash receipts of $20,910 and cash payments of $15,220 in the general ledger Cash account. At July 31, Ivanhoe Limited had an reconciled cash balance of $24,340. An examination of the company's July bank statement shows a balance of $19,550 on July 31; outstanding cheques $3,920; deposits in transit $1,740; EFT collections on account that were not yet recorded on the books $2,187; NSF cheque $1,253; NSF fee $67; and bank service charges $107. Prepare the necessary journal entries required on July 31 for Ivanhoe. (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 0 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)

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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