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

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter11: Current Liabilities And Payroll

Section: Chapter Questions

Problem 3CPP

See similar textbooks

Similar questions

The following information relates to Cullumber Limited's Cash account. The reconciled cash balance from June's bank reconciliation is $24,490. During the month of July, Cullumber recorded cash receipts of $27,680 and cash payments of $31,200 in the general ledger Cash account. An examination of the company's July bank statement shows a balance of $24, 446 on July 31; outstanding cheques $4, 580; deposits in transit $1,880; EFT collections on account that were not yet recorded on the books $2,700; NSF cheque NSF fee $64; and bank service charges $120. Determine the cash balance per Cullumber Limited's books. Cash balance Prepare the bank reconciliation at July 31. (List items that increase balance as per bank & books first.) CULLUMBER LIMITED Bank Reconciliation July 31
The following information relates to Oriole Limited's Cash account. The reconciled cash balance from June's bank reconciliation is $19,590. During the month of July, Oriole recorded cash receipts of $21,400 and cash payments of $24,300 in the general ledger Cash account. An examination of the company's July bank statement shows a balance of $19,630 on July 31; outstanding cheques $4,000; deposits in transit $1,820; EFT collections on account that were not yet recorded on the books $2,192; NSF cheque $1,248; NSF fee $72; and bank service charges $112. Determine the cash balance per Oriole Limited's books. Cash balance Prepare the bank reconciliation at July 31. (List items that increase balance as per bank & books first.) Add Cash balance per bank Bank service charge Reconciled cash balance per bank Deposits in transit NSF cheque and fee Outstanding cheques EFT collections on account Oriole Limited Bank Reconciliation July 31 $
The cash records of Crane Company show the following.For July: 1. The June 30 bank reconciliation indicated that deposits in transit total $780. During July, the general ledger account Cash shows deposits of $18,780, but the bank statement indicates that only $15,830 in deposits were received during the month. 2. The June 30 bank reconciliation also reported outstanding checks of $905. During the month of July, Crane Company books show that $17,980 of checks were issued, yet the bank statement showed that $16,350 of checks cleared the bank in July. For September: 3. In September, deposits per bank statement totaled $27,430, deposits per books were $26,210, and deposits in transit at September 30 were $2,880. 4. In September, cash disbursements per books were $23,680, checks clearing the bank were $24,480, and outstanding checks at September 30 were $2,310. There were no bank debit or credit memoranda, and no errors were made by either the bank or Crane…
On July 31, Cullumber Ltd. had a cash balance of $10,870 in its general ledger. The bank statement from the Caisse Populaire on that date showed a balance of $18,276. A comparison of the bank statement with the Cash account revealed the following: 1. The bank statement included service charges and debit and credit card processing fees of $94. 2. The bank statement included electronic collections from customers on account totalling $4,400. Cullumber had not recorded the EFT. 3. A deposit of $2,600 made by another company was incorrectly added to Cullumber’s account by the Caisse Populaire. 4. Salaries of $3,520 were paid electronically during the month. The company has already recorded these. 5. Cheques outstanding on June 30 totalled $2,310. Of these, $1,810 worth cleared the bank in July. All cheques written in July cleared the bank in July. PART A) Prepare the bank reconciliation at July 31. (List items that increase balance as per bank & books first.)…
Brangelina Adoption Agency’s general ledger shows a cash balance of $11,663. The balance of cash in the March-end bank statement is $7,345. A review of the bank statement reveals the following additional information: deposits outstanding of $2,803, bank service fees of $85, and unrecorded electronic funds transfer for utilities of $1,430. Calculate the correct balance of cash at the end of March. (Amounts to be deducted should be indicated with a minus sign.)
Egrane, Incorporated's monthly bank statement showed the ending balance of cash of $20,400. The bank reconciliation for the period showed an adjustment for a deposit in transit of $2,450, outstanding checks of $3,900, an NSF check of $2,600, bank service charges of $125 and the EFT from a customer in payment of the customer's account of $3,400. What was the cash balance on the Egrane's books (before the adjustments for items on the bank reconciliation)?
Gray Corporation controls its cash by depositing receipts on a daily basis and making all disbursements by cheque. After all the posting for the month of August 2020 was completed, the cash balance in the general ledger account at the end of the month was $10,475. The bank statement for the month end received from the First National Bank showed the balance to be $18,000. The following data are available for the purpose of reconciling these balances: a. Cash receipts collected on August 31 amounting to $3,000 have been placed in the night depository and do not appear on the bank statement. b. Bank memos previously not available to the company are included with the bank statement. A memo for an NSF cheque, originally received as payment for an account receivable of $3,000, is included. A memo for bank charges of $75 for the NSF cheque is also included. Another memo advises the company that $2,000 Note Receivable has been collected by the bank, ($1,950 deposit and a bank charge of $50).…
The cash records of the Dillon Company show the following:1. The July 31 bank reconciliation indicated that deposits in transit totaled $390. During August thegeneral ledger account, Cash shows deposits of $11,800, but the bank statement indicates that only$9,540 in deposits were received during the month.2. The July 31 bank reconciliation also reported outstanding checks of $850. During the month ofAugust, the Dillon Company books show that $11,670 of checks were issued, yet the bank statementshowed that $10,500 of checks cleared the bank in August.There were no bank debit or credit memoranda and no errors were made by either the bank or theDillon Company.(a) What were the deposits in transit at August 31?
Shalimar Group of Industries reports the following information concerning cash balances and cash transactions for the month of April:A Cash balance per bank statement as of April 30 was $22,992.50a. Two debit memoranda accompany the bank statement: one for $9 was for service charges for the month; the other for $62.50 was attached to an NSF check from Rizwan.b. Included with the bank statement was $3123.25 credit memorandum for interest earned on the bank account in April.c. The paid checks returned with the April bank statement disclosed an error in Shalimarcash records. Check no.751 for $67.35 for telephone expense had erroneously been listed in the cash payments journal as $76.35.d. A collection charge for $25 (not applicable to Daytona) was erroneously deducted from the account by the bank. Notice that this was the bank’s error.e. Cash receipts of April 30 amounting to $484.75 were mailed to the bank too late to be included in the April bank statement.f. Checks outstanding as of…
The bank statement for Farmer Co. indicates a balance of $7,735.00 on June 30. After the journal entries for June had been posted, the cash account had a balance of $4,098.00. Prepare a bank reconciliation on the basis of the following reconciling items: a. Cash sales of $742 had been erroneously recorded in the cash receipts journal as $724. b. Deposits in transit not recorded by bank, $425. c. Bank debit memo for service charges, $35. d. Bank credit memo for note collected by bank, $2,475 including $75 interest. e. Bank debit memo for $256 NSF (not sufficient funds) check from Janice Smith, a customer. f. Checks outstanding, $1,860. Farmer Co. Bank Reconciliation June 30 Cash balance according to bank statement Adjustments: Total adjustments Adjusted balance Cash balance according to company's records Adjustments: Total adjustments Adjusted balance
On July 31, 2022, Ivanhoe Company had a cash balance per books of $6,310.00. The statement from Dakota State Bank on that date showed a balance of $7,860.80. A comparison of the bank statement with the Cash account revealed the following facts. The bank service charge for July was $18.00. The bank collected $1,690.00 for Ivanhoe Company through electronic funds transfer. The July 31 cash receipts of $1,370.30 were not included in the bank statement for July. These receipts were deposited by the company in a night deposit vault on July 31. 1. 2. 3. Company check No. 2480 issued to L. Taylor, a creditor, for $354.00 that cleared the bank in July was incorrectly recorded as a cash payment on July 10 for $345.00. Checks outstanding on July 31 totaled $2,003.10. On July 31, the bank statement showed an NSF charge of $745.00 for a check received by the company from W. Krueger, a- 4. 5. 6. customer, on account. (a) Prepare the bank reconciliation as of July 31. (List items that increase…
In the process of reconciling its bank statement for April, Donahue Enterprises' accountant compiles the following information: Cash balance per company books on April 30 Deposits in transit at month-end Outstanding checks at month-end Bank charge Note collected by bank on Donahue's behalf A check paid to Donahue during the month by a customer is returned by the bank as NSF The adjusted cash balance per the books on April 30 is: $6,275 $1,300 $ 620 $ 45 $770 $ 480