The following information relates to Ivanhoe Limited's Cash account. The reconciled cash balance from June's bank reconciliation is $16,300. During the month of July, Ivanhoe recorded cash receipts of $18,650 and cash payments of $20,910 in the general ledger Cash account. At July 31, Ivanhoe Limited had an reconciled cash balance of $14,040. An examination of the company's July bank statement shows a balance of $16,529 on July 31; outstanding cheques $3,110; deposits in transit $1,250; EFT collections on account that were not yet recorded on the books $1,860; NSF cheque $1,110; NSF fee $43; and bank service charges $78. 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 July 31 31 31 (To record EFT collections on account) (To record bank service charges) (To record NSF cheque and fee) Debit Credit DO DO
The following information relates to Ivanhoe Limited's Cash account. The reconciled cash balance from June's bank reconciliation is $16,300. During the month of July, Ivanhoe recorded cash receipts of $18,650 and cash payments of $20,910 in the general ledger Cash account. At July 31, Ivanhoe Limited had an reconciled cash balance of $14,040. An examination of the company's July bank statement shows a balance of $16,529 on July 31; outstanding cheques $3,110; deposits in transit $1,250; EFT collections on account that were not yet recorded on the books $1,860; NSF cheque $1,110; NSF fee $43; and bank service charges $78. 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 July 31 31 31 (To record EFT collections on account) (To record bank service charges) (To record NSF cheque and fee) Debit Credit DO DO
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
am 400.
Transcribed Image Text:The following information relates to Ivanhoe Limited's Cash account. The reconciled cash balance from June's bank reconciliation is
$16,300. During the month of July, Ivanhoe recorded cash receipts of $18,650 and cash payments of $20,910 in the general ledger
Cash account. At July 31, Ivanhoe Limited had an reconciled cash balance of $14,040. An examination of the company's July bank
statement shows a balance of $16,529 on July 31; outstanding cheques $3,110; deposits in transit $1,250; EFT collections on account
that were not yet recorded on the books $1,860; NSF cheque $1,110; NSF fee $43; and bank service charges $78.
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
July 31
31
31
(To record EFT collections on account)
(To record bank service charges)
(To record NSF cheque and fee)
Debit
Credit
DO DO
AI-Generated Solution
AI-generated content may present inaccurate or offensive content that does not represent bartleby’s views.
Unlock instant AI solutions
Tap the button
to generate a solution
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education