Exercise 7-11 The following information pertains to Crane Video Company. 1. Cash

Question

Exercise 7-11 The following information pertains to Crane Video Company. 1. Cash balance per bank, July 31, $8,003. 2. July bank service charge not recorded by the depositor $36. 3. Cash balance per books, July 31, $8,024. 4. Deposits in transit, July 31, $1,870. 5. Bank collected $1,270 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. Journalize the adjusting entries at July 31 on the books of Crane Video Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Explanation / Answer

Date General Journal Debit Credit July 31 Cash $1,286 Miscellaneous Expense $28 Notes Receivable $1,270 Interest Revenue $44 July 31 Miscellaneous Expense $36 Cash $36

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