Journalize the adjusting entries at July 31 on the books of Crane Video Company.

Question

Journalize the adjusting entries at July 31 on the books of Crane Video Company.The following information pertains to Crane Video Company.

Outstanding checks, July 31, $600.

1. Cash balance per bank, July 31, $7,923. 2. July bank service charge not recorded by the depositor $37. 3. Cash balance per books, July 31, $7,944. 4. Deposits in transit, July 31, $1,830. 5. Bank collected $1,230 note for Crane in July, plus interest $45, less fee $29. The collection has not been recorded by Crane, and no interest has been accrued. 6.

Outstanding checks, July 31, $600.

Explanation / Answer

To record bank service charges

bank fees expense debit $ 37

Cash credit $ 37

To record the transaction of notes receivable

Cash debit $ 1246

Bank fees expense debit $ 29

Notes Receivable credit $ 1230

Interest Income credit $ 45

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