Exercise 8-11 CRANE VIDEO COMPANY Bank Reconciliation July 31 SHOW LIST OF ACCOU
ID: 2581338 • Letter: E
Question
Exercise 8-11
CRANE VIDEO COMPANY
Bank Reconciliation
July 31
SHOW LIST OF ACCOUNTS
No.
Account Titles and Explanation
Debit
Credit
(To record the collection of the note.)
(To record the bank service charge.)
Exercise 8-11
The following information pertains to Crane Video Company.1. Cash balance per bank, July 31, $8,243. 2. July bank service charge not recorded by the depositor $36. 3. Cash balance per books, July 31, $8,264. 4. Deposits in transit, July 31, $1,990. 5. Bank collected $1,390 note for Crane in July, plus interest $44, less fee $28. The collection has not been recorded by Crane, and no interest has been accrued. 6. Outstanding checks, July 31, $599.
Explanation / Answer
Answer:
1
Cash balance as per bank statement
8243
Add: Deposited in transits
1990
less: Outstanding checks
-599
Adjusted cash balance as per bank
9634
Cash balance as per bank Book.
8264
Add: collection N/R
(1390+44-28 )
1406
less: Bank Service charge
-36
Adjusted cash balance as per bank
9634
_____________________________
2
No.
Account Titles and Explanation
Debit
Credit
31-Jul
Cash
1398
Miscellaneous Expanses
36
1390
Notes Receivable
44
interest revenue
(To record the collection of the note.)
31-Jul
Miscellaneous Expanses
36
Cash
36
(To record the bank service charge.)
a
Cash balance as per bank statement
8243
Add: Deposited in transits
1990
less: Outstanding checks
-599
Adjusted cash balance as per bank
9634
Cash balance as per bank Book.
8264
Add: collection N/R
(1390+44-28 )
1406
less: Bank Service charge
-36
Adjusted cash balance as per bank
9634
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.